Ports and Shipping Indonesia

In 2010, the International Chamber of Commerce (ICC) updated the previous version of INCOTERMS (2000) in order to adapt these commercial tools to the new global and computerized economy as well as to evolutions of transport and logistics. These rules have been applied since January 1st, 2011. INCOTERMS (International Commercial Terms) define the seller and buyer’s obligations in a commercial transaction. They aim to fix some international and homogeneous rules by inserting contractual dispositions mainly used in external trade contracts. We can therefore avoid or at least significantly limit uncertainties surrounding controversial interpretations of some clauses in different countries. These rules have been created by the ICC in 1936 and have been then regularly updated according to the use. Whether these rules are not mandatory, they are valuable assets to international commerce operators. INCOTERMS indicate precisely the obligations, distribution of expenses and risks relevant to...

From 1 January 2020 all imports and exports are regulated by the new Incoterms 2020 rules. Incoterms are a set of internationally recognised and accepted rules covering the conditions of sale and establishing the rights and responsibilities of both buyer and seller in international trade. Since their inception, Incoterms have been periodically revised and updated to keep them relevant and to adapt them to changes in international trade. Changes in Incoterms 2020 The main changes in Incoterms 2020 with respect to Incoterms 2010 are: The Incoterm DAT (Delivered at Terminal) is replaced by DPU (Delivered at Place Unloaded). Although this may appear to be merely a name change as the obligations and responsibilities remain the same, in fact, the new DPU covers delivery to any agreed place including, but not limited to, delivery at terminal. There are new insurance requirements under Incoterms CIF and CIP. In shipping, under the Incoterm FCA the buyer can ask the shipping company o...

ARA - Antwerp/Rotterdam/Amsterdam. Major coal importing ports in northwest Europe. Ballast - (a) the material (usually water in ballast tanks) used to stabilise a vessel when partially loaded or empty, (b) In Ballast - term to describe vessel sailing empty to next loading port. BENDS - Abbreviation for 'both ends'. Used when any loading and discharging term for a vessel is the same for both loading and discharging operations. BFI - Baltic Freight Index - an index reflecting a composite number of routes, issued on a daily basis. BIFFEX - Baltic International Freight Futures Exchange -exchange on which freight future contracts are traded and the BFI is published. Bill of Lading (B/L) - Document serving three functions: (1) receipt for cargo prepared by the shipper and signed by the carrier; (2) 'document of title' to the cargo i.e. proof of ownership; and (3) provides evidence of terms and conditions of the contract of carriage of cargo by sea. Brokerage -...