October 9, 2020 General 387

Jack Dorsey’s Square purchases $50 million worth of bitcoinpermalink

www.theblockcrypto.com
  • Square, Twitter CEO Jack Dorsey’s payment company, has purchased $50 million worth of bitcoin.
  • The investment represents approximately 1% of Square’s total assets as of Q2 2020.
  • Square has become the second publicly-listed company after MicroStrategy to invest in bitcoin.

Every time the bored Twitter CEO, makes a statement on Bitcoin, I respond back with a chart. Apparently year 2017 had the happiest Christmas ever., when the value of Bitcoin reached an all-time high of $19650 as recorded on 15th Dec 2017. And exactly a year later on 15 Dec 2018 it dropped to $3183, I’d like everyone to draw their conclusions.

Unless Bitcoin becomes a commonly accepted utility, it will probably remain in this price range, as a volatile digital commodity.


October 8, 2020 General 291

Ten days on and CMA CGM is still struggling to get all its systems back onlinepermalink

splash247.com

In the 10th day since CMA CGM was hit by ransomware the company has yet to get its eBusiness functions back online and is now resorting to Twitter to engage with clients. The ecommerce websites for CMA CGM, APL, ANL and CNC remain unavailable. In their place, the French liner has installed an online booking link for existing eCommerce accounts, which will be directly processed in the group’s system and confirmed by email by a local agency. This alternative service is available for dry containers and port-to-port. CMA CGM is also directing clients to a manual booking form as well as INTTRA’s platform to book shipments. With updates in short supply and clients increasingly irritated at the lack of communication on the IT outage, CMA CGM has taken to answering customer questions via direct messages over Twitter in the last 24 hours.The attack on CMA CGM means that all four of the world’s largest carriers have been subjected to cyber attacks over the last three years.

I am not gonna reveal, how did we place our recent bookings with CMACGM in the aftermath of their cyberattack, however It was the most secure method. A little old school though.


October 4, 2020 Informative 1,581

FCL LCL CY CFS CY/CFS CFS/CY CY/CY Definitions

The respective meaning of the terms FCL, LCL, CY and CFS is as follows:

  1. FCL – full container load or full carload
  2. LCL – less than container load, loose container load, less than carload or loose carload
  3. CY – container yard
  4. CFS – container freight station
  5. FCL versus LCL

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October 3, 2020 General 209

IMO hit with cyberattack; CMA CGM suspects data breachpermalink

www.freightwaves.com

The International Maritime Organization (IMO) has confirmed its IT systems have been compromised, although there has been no evidence provided to indicate the service interruption is related to this week’s ransomware attack on CMA CGM. The interruption of service was caused by a cyberattack against our IT systems,” the IMO tweeted Thursday, adding that it was working with United Nations “IT and security experts to restore systems as soon as possible, identify the source of the attack and further enhance security systems to prevent recurrence. The IMO said Friday that service had been restored to the GISIS database, IMODOCS and virtual publications. “Service will be restored to other web-based services as soon as possible and as safe as possible,” it said. The secretariat takes its responsibilities for cyber-risk management and information-security management extremely seriously and has acted immediately to address the cyberattack and to implement measures to ensure the risk of recurrence is minimized,” the IMO said. Shipping analyst Lars Jensen wrote on LinkedIn on Thursday that “most likely” there is no connection between the IMO cyberattack and Monday’s CMA CGM takedown.

The irony isn’t lost on me, how a few days earlier, IMO was emphasizing on data security against cyberattacks. Probably their advice didn’t go well, with the said hacking group.


October 2, 2020 Informative 358

What is a Freight Forwarder – The Complete Guide

Freight Forwarders are companies that specialize in all arranging the shipping and logistics of goods from the start to finish of the supply chain. Because the International supply chain involves so many different processes and parties in different countries, freight forwarders specialize in connecting services to streamline freight movements around the world. Freight forwarding companies are experts that have industry experience and understanding of all of the complex transport and logistics arrangements involved in global trade. They will act on the behalf of shippers to arrange services ranging from export documentation, international seafreight charges, customs clearance procedures, import duties/taxes, port handling fees, local trucking and marine insurance.

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October 2, 2020 Informative 329

Incoterms 2020 DAP

International Commercial Terms, also known as Incoterms, are updated every 10 years. In 2020, new rules for international commercial transactions will come into force, specifying the obligations and costs incurred by sellers and buyers. These terms are divided into several groups. D group includes a DAP rule, which stands for Delivered at Place.

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October 2, 2020 General 40

Uber Freight Raises $500 Million in Funding From Greenbriar Equity Group to Transform Logistics

Series A investment by Greenbriar will accelerate Uber Freight’s broad market adoption and expand reach

SAN FRANCISCO – Uber Technologies, Inc. (NYSE: UBER) and Greenbriar Equity Group, L.P. (Greenbriar), a New York-based investment firm and one of the leading investors in the logistics space, announced today that an investor group led by Greenbriar has committed to invest $500 million in a Series A preferred stock financing for Uber Freight, the logistics arm of Uber, valuing the unit at $3.3 billion on a post-money basis. Uber will maintain majority ownership in Uber Freight and will use the funds to continue to scale its logistics platform and accelerate product innovation to equip shippers with technology to power their supply chains.

In connection with the investment, Michael Weiss and Jill Raker, Managing Partners of Greenbriar, will join the Uber Freight Board of Directors. With a combination of more than 40 years of investing experience in logistics, Mr. Weiss and Ms. Raker have been actively involved in many successful investments across the space, and will additionally draw on the counsel of the firm’s investment team and highly regarded network of operating partners in support of management’s vision for growth.

Uber Freight launched in 2017 with a mission to simplify the movement of goods to help communities thrive. Since then, the company has built one of the world’s largest digitally enabled carrier networks and transformed logistics management for thousands of shippers. Uber Freight’s driver-first carrier tools enable trucking companies and their drivers to book loads as seamlessly as they would book an Uber ride, while the company’s suite of on-demand logistics solutions, APIs, and software integrations provide shippers with the ability to seamlessly plan, budget, tender, and track their freight, no matter their procurement needs. During the early days of the COVID-19 pandemic, Uber Freight was able to leverage its technology to effectively and efficiently rebalance supply and demand and keep businesses moving and shelves stocked with essential goods.

“We are tremendously proud of what we have accomplished in a few short years. We have led the industry with technology, transforming dated and analog processes to ensure that both shippers and carriers are equipped to succeed in a rapidly changing industry,” said Lior Ron, Head of Uber Freight. “We are thrilled to be moving into the next chapter with Greenbriar by our side as a partner with deep expertise and a shared passion for simplifying logistics. We will continue to leverage Uber’s leading marketplace technology, global reach, and cross-platform capabilities to accelerate our growth and continue to lead the industry forward.”

“We are excited to support Uber Freight in the next stage of its development with both our financial investment and our industry-leading experience in logistics,” said Michael Weiss, a Managing Partner of Greenbriar. “Uber Freight has created an innovative and effective approach to logistics technology that we believe is highly scalable in the coming years. In particular, we believe that carriers and shippers will be increasingly attracted to the convenience and simplicity that Uber Freight offers in a complex marketplace. We are eager to share the extensive knowledge and expertise we have built through our decades-long involvement in the logistics sector.”

The Series A funding comes on the heels of several months of significant momentum for Uber Freight. Alongside signing new API integration partnerships with some of the largest cloud TMS providers, including SAP, Blue Yonder, BluJay, MercuryGate, and Oracle, Uber Freight also expanded its enterprise software offering with the launch of Uber Freight Enterprise and Uber Freight Link, both of which put Uber’s technical power directly into the hands of large shippers and provide a central point of control for logistics operations. Carriers in the Uber Freight network were able to utilize new load bundling technology to reduce deadhead by as much as 23% as well as take advantage of dedicated lanes, a feature that lets carriers lock in regular loads across 1,000-plus lanes and plan their operations up to 3 months in advance, giving them more flexibility and time to focus on running their business.

The initial closing of the transaction is expected to occur in October 2020, subject to customary closing conditions.


October 1, 2020 General 608

IAG Cargo launches new direct service to Lahore, Pakistan

This is definitely going to ease out capacity, transit times and airfreight pricing for Europe and North America from LHE .. Currently we have to rely on ‘Middle Eastern Airlines’, and they go via DOH AUH or DXB. Where as IAG is going to be direct flight between LHE and LHR with a frequency of four times a week.

  • IAG Cargo announces a new direct service from the UK to Lahore, Pakistan with regular flights commencing four times a week from October 2020
  • New route will give businesses access to important manufacturing hubs in the region and connect Lahore with Europe, the United States, Canada and beyond

IAG Cargo today announces a new direct service from the UK to Lahore, Pakistan, starting from October 2020. The service will run year-round, four times per week from London Heathrow. The new service will strengthen IAG Cargo’s existing presence in Pakistan, which since 2019 has also included flights to Islamabad, which resumed service on 14 September 2020 operating daily between the two capital cities.

IAG Cargo’s extensive global network will allow customers seeking to transport essential goods from the region, such as textiles, leather, and surgical goods, access to key markets in Europe, the United States, Europe, Canada and elsewhere. The new route will be operated by British Airways B787-8 wide-body aircraft.

Shameer Nasarulla, Area Commercial Manager for Middle East, Pakistan & Bangladesh, IAG Cargo, said: “We’re very pleased to be opening this new route and to add Lahore to our network of over 350 destinations. Lahore is home to many manufacturers of important goods and is an important market for computer equipment, electrical machinery and auto spares parts from Europe and the US. IAG Cargo will now also be able to play a bigger part in the Mango harvesting season – an important moment in the year for Pakistani exporters.”

The British High Commissioner to Pakistan, Dr Christian Turner, said: “The first ever British Airways flights to Lahore is a sign of confidence in Pakistan, and the deepening ties between our two countries. I hope it will open up even more opportunities for business links, people-to-people ties and tourism.”

Source theloadstar.com

 


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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