Month: September, 2020

September 30, 2020 Informative 889

Incoterms® 2020 Explained – The Complete Guide

Incoterms® 2020 Explained, how they will affect global trade.

The International Chamber of Commerce have published new Incoterms® 2020 that have come into effect from the 1st of January 2020.  The ICC originally published Incoterms® in 1936 and have continually made updates to reflect the changes to the Global Trade environment.  It’s important that all parties involved in trade clearly understand the changes and how they apply to global supply chains.

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September 30, 2020 Informative 437

Incoterms 2020 CIP

In order to import goods, one should be familiar with the Incoterms rules. International Trade Rules are divided into several groups, which indicate the means of transport as well as the division of risk and costs. In group C, the basic costs of transport and insurance are paid by the seller.

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September 30, 2020 General 296

Latest 29.09 Customer Advisory Global Update - CMA CGM Group

The CMA CGM Group is currently dealing with a cyber-attack. We have decided to temporarily suspend all access to our eCommerce websites to protect our customers. Our teams are fully mobilized and access to our information systems is gradually resuming.

All communications to and from the CMA CGM Group are secure, including emails, transmitted files and electronic data interchange (EDI) interfaces.

Maritime and port activities are fully operational.

Regarding your bookings:

    1. All bookings confirmed before Sunday, September 27th 3.00 pm (CEST) are secured and will be attended to.
    2. For new bookings after this date:
      • If you use a direct EDI connection or a platform such as INTTRA / GT Nexus / CargoSmart: please continue to follow the usual process.
      • If you use the CMA CGM Group’s eCommerce platforms, we offer you the following 2 alternatives to place your bookings.

It appears to be a lot deeper trouble than it seemed. There is no ‘restoration’ of system to original state, in sight. What has made me curious, ‘Ragnar Locker’ attack works on Windows machines only, Did it only effect their IT team’s workstations, or may god-forbid they run their web server on ‘Windows’ too, If they are restored I will tried to find it out, or maybe, it’s their LAN Windows server that got effected.

Few Lessons:

  1. Always use Linux or Mac OSX especially for your IT teams, Windows being the most popular OS, is a lot more vulnerable to hacking than any other Operating system.[2]
  2. I have not used ASP dot net, But I think it can run on any web server operating system (Linux), avoid Windows Server. EVEN if you have to use ASP over ROR etc. [1]

[1] You can use Mono to run ASP.NET applications on Apache/Linux, however it has a limited subset of what you can do under Windows. As for “they” saying Windows is more vulnerable to attack – it’s not true. IIS has had less security problems over the last couple of years that Apache, but in either case it’s all down to the administration of the boxes – both OSes can be easily secured. These days the attack points are not the OS or web server software, but the applications themselves. (StackOverflow)

[2] Windows I am not implying is ‘less’ secure, it is just too much vulnerable due to its market share.

September 26, 2020 Informative 371

Startup Funding Rounds

Phase 1 – Starting the Company

  • Pre-seed/friends and family funding: The usual step before angel funding or VCs, where the founder or founders just have a set of skills and an idea to begin their company, and either themselves or close friends and family fund it.
  • Incorporation/Corporation: Allows the founders and the investor to agree on the terms of ownership and decision-making. It provides a layer of protection, for example, in case the company gets sued. A Delaware C-Corporation is the most standard type of legal structure you can use, and most investors in the US will want that.
  • Shares: This is what corporations are made of. Company ownership is represented in an integer number of shares. People own a given amount of shares of the business, which therefore represents a percentage of the total shares the company has issued.
  • Valuation: This is how much the business is worth. If the startup just has an idea or a code, the valuation is an agreement on something that feels fair to the investor and the founders.
  • Vesting: An agreement that says that each founder will only own their assigned shares after a certain period of time.

Phase 2 – Seed Round

  • Seed funding/capital/round: The first funding (outside friends and family) a startup obtains to create its business and make it grow enough. Angel investors, accelerators, incubators, and even some venture capital firms could act here.
  • Angel investor: A -very rich- individual, usually outside of the friends and family circles, who normally funds a startup in the early stages.
  • Convertible notes: If founders and investors have no way of agreeing in valuation, they can use a convertible note to hold off on the decision of how much the business is worth. With a convertible note, investors can come in, the company can grow, and the conversion to stock occurs later. A convertible note works much like a loan, except that it’s designed to be paid back in stock instead of cash. They are also known as bridge funding.
  • Stock option pool: In the startup world, it’s quite common to offer shares of stock to the first employees in the company; this is done with a stock option pool. It is a defined amount of shares that are ‘set aside’ to be issued to employees. The shares on the stock option pool are not given to employees because of tax purposes.

Phase 3 – Series A Funding

  • Series A Funding: After gaining enough traction, a startup can go to a venture capital firm and apply for a Series A round. This normally involves negotiations in terms of the company’s valuation and the position of the investors in the board of directors.
  • Board: The board of directors has control over crucial company aspects. It abides by the company bylaws, which is a sort of rulebook. The board makes most company decisions with a simple majority.
  • Preferred shares: Investors will also want to protect themselves in case the company goes down. If things don’t go right, it might file for bankruptcy or it might be acquired/absorbed for a small amount. In that case, investors might request that if that happens, they get paid first. Special rules like that make what we call ‘preferred stock.’
September 23, 2020 Statistics 3,122

Top 25 Freight Forwarders by US Imports from Asia 2020

US Import from Asia, Jan-Aug 2020

The JOC Top 25 Non-Vessel-Operating Common Carriers (NVOs) in the eastbound trans-Pacific trade handled 49.4 percent of the nearly 4.73 million TEU in US imports from Asia transported by NVOs during the first eight months of 2020.

Rank
NVOCC
TEU Jan-Aug 2020
1
Apex Group
238,940
2
Expeditors International
220,255
3
C.H. Robinson
210,180
4
OEC Group
185,148
5
Honour Lane Shipping
166,254
6
Kuehne + Nagel International
160,886
7
The Topocean Group
128,664
8
Hecny Shipping
106,177
9
DHL
75,675
10
China International Freight Co
69,447
11
De Well
69,290
12
Orient Star Transport International Ltd.
67,796
13
SeaMaster Logistics, Inc.
65,902
14
MCL Multi Container Line
60,898
15
UPS Supply Chain Solutions Inc.
58,795
16
Flexport
55,808
17
DT Logistics (Hong Kong) Ltd
55,168
18
DB Schenker
54,839
19
Safround logistics
48,448
20
DFDS Group
44,868
21
Pudong Prime International Logistics
39,981
22
Cohesion Freight (H.K.)
39,195
23
Translink Shipping
38,702
24
FedEx Trade Networks
38,454
25
Joosung Sea & Air Co.
37,115
JOC Rankings: Top 25 Asia-US import NVOs www.joc.com