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Incoterms Explained: What They Are and Why They Are Useful (Chart Included)

Posted by Mihlfeld & Associates on Mar 11, 2019 9:45:00 AM
Incoterms Explained

What are Incoterms?

The INternational COmmerce Terms (Incoterms) were created by the International Chamber of Commerce (ICC) in 1936. The latest version of Incoterms, released in 2010 includes 11 separate codes for various modes of transportation. The terms are anticipated to undergo revision in 2020.

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Topics: Logistics Management, Freight Rates

A Quick Guide to Freight Classifications and How to Use Them

Posted by Mihlfeld & Associates on Jan 2, 2019 2:45:00 PM
A Quick Guide to Freight Classifications and how to use them

What Is Freight Class?

When determining the price necessary for shipping freight Less-Than-Truckload (LTL), all carriers abide by the standard Freight Classification System established by the National Motor Freight Traffic Association (NMFTA) and published by the National Motor Freight Classification (NMFC).

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Topics: Logistics Management, Freight Rates

Does Your Company Need a Freight Brokerage?

Posted by Mihlfeld & Associates on Dec 19, 2018 1:00:00 PM
Freight Brokerage

In a market punctuated by increasing demand, increasing production, and decreasing carrier availability, shippers are in a race to find carriers to ship their freight. Problems often arise when contracting out carriers due to 1) the shipper’s lack of a carrier network and 2) limited market information.

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Topics: Outsourcing, Freight Rates

Are You Getting the Best Freight Rates?

Posted by Mihlfeld & Associates on Nov 27, 2018 7:45:00 AM
Are you getting the best freight rates

With all the uncertainty revolving around the logistics industry there is one thing that is constant – freight rates are rising. According to a report issued by Bloomberg midway through this year, spot rates have increased by 28% compared to 2017. Trans4cast reports that rates continue to make new record highs with no end in sight. It is projected that rate hikes will slow down in 2019; however, with a slew of new tariffs coming into effect in January, and FedEx and UPS announcing rate increases of 4.9%, it is clear that shippers will not be able to catch a break any time soon.

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Topics: Cost Reduction, Logistics Management, Freight Rates

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