by Danya Rielly | Jun 8, 2023 | Glossary
GLOSSARY General Rate Increase What is GRI in shipping? A General Rate Increase (GRI) refers to an across-the-board increase in freight rates imposed by shipping lines or carriers. It’s a common practice in the shipping industry to adjust rates periodically to...
by Danya Rielly | Jun 8, 2023 | Glossary
GLOSSARY Customs Duties What are customs duties? Customs duties are taxes imposed by the government on goods that are imported or exported. These duties are usually based on the value, quantity, or weight of the goods and are collected to generate revenue, protect...
by Danya Rielly | Jun 2, 2023 | Glossary
GLOSSARY Schedule B Number The Schedule B number, also known as the Harmonized System (HS) code, is an internationally recognized numerical code used to classify products for import and export purposes. It facilitates the smooth flow of goods across borders by...
by Danya Rielly | Dec 20, 2022 | Glossary
GLOSSARY VMI: Vendor Managed Inventory Vendor Managed Inventory (VMI) is an inventory control system used by manufacturers, wholesalers and retailers that simplifies the supply chain process. It’s designed to move inventory as efficiently and cost effectively as...
by Danya Rielly | Dec 20, 2022 | Glossary
GLOSSARY TEU: Twenty Foot Equivalent Unit A Twenty foot Equivalent Unit (TEU) is a standard measure for cargo containers. This standardized size has made it possible for different box sizes to be accommodated in loading and transport processes. It was devised based on...
by Danya Rielly | Dec 19, 2022 | Glossary
GLOSSARY Straight Bill of Lading A straight bill of lading, also known as a nonnegotiable bill of lading, is a commonly used document in the shipping and freight industry. It is a contract between an exporter and a carrier that proves ownership of the goods being...
