Author: Mary Huang

Customs Bonds and Its Relevance, Explained

A customs bond, or customs surety bond, is a form of insurance to protect the U.S. Treasury, in the event that an importer fails to pay taxes, fees, duties, and/or fines to the U.S. on imports, guaranteeing their payment. Per U.S. Customs & Border Protections, a customs bond’s primary purpose is “to protect the revenue of the United States, and to assure compliance with any pertinent law, regulation or instruction.” The parties involved in the bond contract are the principal (importer), surety company and obligee (U.S. CBP.) The customs bond guarantees U.S. Customs & Border Protection that if they...

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A Collaboration that will Elevate the Asia-Pacific Supply Chain

In recent news, Malaysia’s capital is the site for the Asia-Pacific region’s first cross-border e-commerce fulfillment agreement. Malaysia’s major postal company, POS Malaysia Berhad, has teamed up with Tigers Global Logistics Sdn Bhd, and finalized an agreement that could revolutionize, and provide business solutions, to the Asia-Pacific supply chain. Representatives of both companies were present during the signing. Tigers Ltd Group was represented by Managing Director and Chief Executive Officer Andrew Jillings. POS Malaysia Group was represented by Chief Executive Officer Datuk Mohd Shukrie Mohd Salleh, who stated that “Under the collaboration, Tigers would be responsible for the continuous...

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The IMO’s Regulations to Reduce Pollution

In 2015, the International Maritime Organization (IMO) set 2020 as the year in which a new rule will apply to ship fuel globally. The rule requires all ships to use marine fuel with a sulfur content of 0.5%, in an effort to reduce CO2 emissions This is a decrease from the current requirement of using fuel with less than a 3.5% sulfur content. As the implementation date grows closer, the container shipping industry has not discussed a strategy for meeting and complying with the International Maritime Organization’s requirements. The shipping industry is concerned with how they can achieve their...

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Anti-Dumping and Countervailing Duties

In the United States, there has been a long standing policy to conduct fair trade within the international market. An important aspect of conducting fair trade is ensuring that the domestic economy will not suffer due to bad foreign trade practices that end up benefiting the exporter. While some American firms may be displeased with the duties associated with purchasing imported products, they are deliberately set to protect both the consumer and the economy from practices such as dumping by imposing anti-dumping and countervailing duties. Dumping is a form of predatory pricing in which manufacturers export a product to...

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Container Weight Verification Methods

In recent news, the U.S. Coast Guard approves two alternative Container Weight Verification Methods. New international regulations on weight verification for carriers have resulted in two options for obtaining certified container weights. The two groups responsible for these new methods are agricultural shippers and the South Carolina Ports Authority. The announcement for the latest alternatives comes just 62 days before the SOLAS amendment goes into effect on July 1st, 2016. In a letter sent to the International Maritime Organization, the US Coast Guard repeated its views on the multiple ways to meet the new SOLAS rule mandating that no...

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