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On the open sea cargo losses happen. Every year, 100s of millions of cargo containers carrying goods valued into the trillions of dollars crisscross the ocean on ships. Transporting these goods safely requires proper packing, stowage, container weight, and securing of containers, but even when all these measures are carried out to perfection, containers get lost at sea. Severe weather and rough seas along with rare events such as ship groundings, structural failures, and collisions can cause significant losses. 2021 World Shipping Council “Containers Lost at Sea” Report The WSC in its report noted an usually high number of weather-related […]
As featured in Forward Magazine At the AirCargo 2022 conference, a question was posed to the audience: Who has cyber insurance? Only 20% of the audience raised their hands! This is concerning because cyber-related crime is at an all-time high and still growing fast. The current data around cybercrime is alarming. By April of 2021, cyberattacks against the supply chain had risen an estimated 42% in the U.S. according to research by the Identity Theft Resource Center (ITRC). If you’re in the logistics industry, you’ll want to read this article, featured recently in Forward Magazine: “How Vulnerable is Your Company […]
Glenn Patton, Managing Director – Canada and Patrice Lafayette, Vice President at Roanoke along with Pat Fosberry, Director of Export Compliance at John S. James Co. and Cameron Roberts, Partner at Roberts & Kehagiaras LLP participated recently in a risk management panel at the NCBFAA Annual Conference. The session was aptly titled “One Thing After Another” and focused on, international shipping concerns, cyber-attacks, bond insufficiencies, CBP deadlines and suggestions for mitigating your risk as a logistics service provider. Below is a recording of the discussion. There are a multitude of strategies, tools and insurance products that can help you protect […]
In 2021, the evolving supply chain landscape, characterized by a pandemic, an opening up of the economy, and shifting cargo crime, cumulatively forced companies to solidify their ability to adapt to new challenges. As goods travel through global trade hubs, like Los Angeles and Yantian, they are susceptible to a variety of cargo crime risks, including theft, insider participation, fictitious pickups, pilferage, and counterfeiting, to name a few. As global trade rebounds and freight rates stifle, volume increases, adding yet another layer of risk to companies transporting goods throughout last year and carrying into 2022. In this report, BSI and […]
As of May 1, 2022, Vietnam has become the seventy-ninth member country to accept ATA Carnets for the temporary, duty-and tax-free importation of various types of goods, per an announcement provided by the United States Council for International Business (USCIB). USCIB Senior Vice President and Chief Financial Officer Declan Daly, said, “ATA Carnets will allow American and other foreign companies to explore the market and conduct business deals with the country, while enabling Vietnamese businesses easier access and exploration to the U.S. and other global markets.” Dating back to the start of the U.S. – China “Trade Wars” of 2019, tariffs […]
Cargo thieves are poised to strike as you look forward to relaxing by the lake or beach during the upcoming Memorial Day weekend. Cargo theft increases during extended holiday weekends because cargo is typically left unattended for longer periods. However, you can stay ahead of these opportunistic thieves and reduce exposure by following these best practices to secure your supply chain. Premise Inspection and Security Check Check that all security equipment is in working order Perform alarm tests and check your CCTV for functionality Does the alarm and CCTV work during a power outage? If not, you will need a […]
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