Trade Tech News

NVOCCs are caught in the middle of the Ocean Shipping Reform Act of 2022 requirements for reporting demurrage and detention; FMC needs to pump the brakes and allow the industry to catch upThe Ocean Shipping Reform Act of 2022, passed by Congress without industry input and signed into law on June 16, has left the industry in a difficult position regarding how to comply with the new requirements for invoicing demurrage and detention (D&D) charges.At issue is the Container Availability Date…

UK shipping technology sector will grow to become a GBP 12.8 billion (USD 16.5 bln ) market by 2030 from the current level of  GBP 3.7 billion, revealed a study.A new report commissioned by UK venture fund and think-tank PUBLIC estimated the growth will be fuelled largely by digitalisation of the industry, with technologies such as big data, blockchain, and artificial intelligence creating a new market for digitally enabled maritime services.For the purposes of this report,  shipping technology is defined as the technology that can be applied to make maritime trade processes more efficient and reduce bottlenecks in the flow of goods around the world. For the purposes of market-sizing, this means digital and IT spend (though not exclusively).

Trade Tech, a major supplier of web-based supply chain and transportation applications and service solutions, has created a full-service Importer Security Filing (ISF) solution designed specifically for customs house brokers to solve all challenges associated with the new time-sensitive data reporting regulations enacted by U.S. Customs and Border Protection’s 10+2 Rule. “The key issue for ISF this year will be on-boarding the more than 300,000 importers in the United States and the more than one million corresponding exporters that work with them around the world,” said Bryn Heimbeck, Trade Tech’s CEO. “It’s an issue of time. Through Trade Tech’s workflow management tools…