Author: Ferhat Celik

Letter Of Credit Types

What is a Letter of Credit? A letter of credit is a financial document provided by a third party, typically a bank or a financial institution, that guarantees the payment of funds for goods and services to the seller, once the seller has submitted required documents. The third party has no interest in the transaction. Banks and other creditworthy financial institutions, such as insurance companies and mutual funds, may issue letters of credit. When one of these financial institutions chooses to issue a letter of credit, it is normal for a bank to offer it. In such cases, the...

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This Blockchain Thing Is Really Happening – Time to Learn What It Is

In 1903, the Wright brothers invented the airplane. It was hard to imagine then that today, there would be over 500,000 people traveling in the air at any point in time. In 2008, Satoshi Nakamoto invented bitcoin and the blockchain. “For the first time in history his invention made it possible to send money around the globe without banks, governments, or any other intermediaries.” Satoshi is a mystery character, and just like the Wright brothers, he solved an unsolvable problem. Whenever this happens, it inspires incredible innovation. The concept of the blockchain is not very intuitive, but many people...

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Business Alliances in the Shipping Industry

Logistics alliances are becoming commonplace business arrangements, and now they are spreading, as a way of lowering distribution and storage operating costs. For many manufacturers and vendors, these ventures offer opportunities to dramatically improve the quality of customer service. There are different types of alliances, such as arrangements between two service providers, and those between two product marketers. The outsourcing of transportation or warehousing requirements to a specialist is, of course, a common everyday standard. What is unusual about the relationships described here is the parties combine their operations to obtain mutual benefits. A typical format for an alliance is...

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Unmanned Vessels – Navigation Through Intelligence in Networks

Unmanned cargo ships are ships without a human captain and crew that are navigated remotely by a shore-based command and control center. This trend has existed for long time in aviation, and both bus and large, land-based transportation companies are in the development stages to implement unmanned vessels. In the future, we expect shipping companies will increasingly focus on business management and utilization of an unmanned fleet of cargo ships. In the near future, ship navigation and movement during sea-passages will be performed without a crew on-board, with automation and remote control monitoring to ensure all systems on board are...

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Nuclear Powered Merchant Vessels

Ship development throughout history has been erratic, having been extremely slow during some periods and surprisingly fast at other times. Resistance to technological advances has delayed many ship improvements. The United States throughout its maritime history has shown great foresight with innovations and technological improvements, but then failed to carry on their development, leaving others to reap the advantages of these developments. The nation has failed to provide the merchant marine the steady attention it should receive. Their impressive periods were those when circumstances seemed most severe and unfavorable. Their too frequent lapses have been caused not by opposition,...

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