The Suez Canal Blockade and the Effect on Your Supply Chain
March 23rd was a day everybody in supply chain and logistics will remember for a long time. The Ever Given, a 400-meter long container ship, ran aground in the Suez Canal. The Ever Given is a Gold-class container ship with a capacity of 20,000 containers. What caused the vessel to run aground is still under investigation, but the heavy winds were a factor for sure.
Incoterms Explained: Free on Board (FOB)
When goods are bought or sold “Free on Board” (FOB) it means that the seller delivers the goods to a ship at a port previously agreed to by the seller and the buyer. The seller loads the goods onto the ship. The buyer then takes care of the import formalities and transportation to the final destination. Free on Board is one of the oldest Incoterms. It dates back to when goods were carried by sailing ships and it was one of the terms when the Incoterms were first released in 1936. It is also one of the most used commercial terms.
Export: Türkiye increases import restrictions even further
Two weeks ago the Turkish government announced that import taxes were increased on products ranging from chemicals to machinery. It was a response to the recession caused by the COVID-19 pandemic. The government is trying to protect the country’s industrial producers.
Supply Chain challenges: Medical Supplies
The whole world is affected by the coronavirus pandemic. This means that the demand for medical supplies has been higher than ever before. At the same time, global supply chains are being hampered by restrictions in air freight and ocean freight capacity due to grounded planes and blanked sailings.