CAF (Currency Surcharge)
When the cargo is payable in foreign currency and this currency is subject to major exchange rate fluctuations, the shipping company sometimes levies a currency surcharge or CAF (Currency Adjustment Factor) so as to compensate for those exchange rate risks. It is often charged on the basic sea freight as a percentage.
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Cargo (or freight) is goods or produce transported, generally for commercial gain, by ship, aircraft, train, van or truck. In modern times, containers are used in most intermodal long-haul cargo transport.
Clean on board
A clean Bill of Lading is issued with the added term clean on board. This means that the goods have been received in good order and in a good condition, as far as the shipping company can see. This is an old term, dating back to times when every shipment was physically loaded by the crew. In those days it was possible to physically check the cargo for discrepancies. Because of todays containerisation, it is often not possible to check the condition of the goods. That is why from a legal point of view, the term shipped on board is often used, along with said to contain (stc) and shippers load, stowage and count. As such, the shipping company covers itself against any shortages and damage to shipments.
Due to all sorts of port-related problems, it is possible that the processing of incoming and outgoing vessels is delayed. This is referred to as congestion. In some ports, this delay is of such a structural nature, that the mooring time of vessels in these ports brings on additional costs. To compensation for those costs, an additional surcharge is levied on the sea freight.
Consolidation occurs when the shipping company or carrier of the containers also accepts to transport consignments of goods that are smaller than the capacity of a container in terms of volume. The carrier will cluster various smaller consignments (LCL) until he can fill one container.
Customs duties or import duties are taxes imposed by countries to protect their domestic markets against foreign products. They serve as a trade restriction to provide domestic products with a head start. Import duties on goods are levied on the basis of the statistics code, the country of origin and statistical value or, in case of some agricultural products, per unit (of weight). Please contact your Embassy Freight contact person in order to establish the correct import duty factor.
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