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The National Motor Freight Classification ( NMFC) is a North American voluntary standard that provides a comparison of commodities moving in interstate, intrastate and international commerce via freight shipment. The standard is developed and maintained by the Freight Classification Development Council (FCDC) and published by the National Motor ...
Freight rate. A freight rate (historically and in ship chartering simply freight[ 1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport ( truck, ship, train, aircraft ), the weight of the cargo, and the distance to the delivery destination.
The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar. This rate is almost two times different from the illegal black market exchange rate. The Black-Market exchange rate of the naira to the U.S. dollar is approximately ₦752.50 per 1 US dollar.
The twenty-foot equivalent unit (abbreviated TEU or teu) is a general unit of cargo capacity, often used for container ships and container ports. [ 1 ] It is based on the volume of a 20-foot-long (6.1 m) intermodal container, a standard-sized metal box that can be easily transferred between different modes of transportation, such as ships ...
An example illustrates why. Fred buys auto parts and resells them. In 2008, Fred buys $100 worth of parts. He sells parts for $80 that he bought for $30, and has $70 worth of parts left. In 2009, he sells the remainder of the parts for $180. If he keeps track of inventory, his profit in 2008 is $50, and his profit in 2009 is $110, or $160 in total.
From 2008 to 2009, new container ship prices dropped by 19–33%, while prices for 10-year-old container ships dropped by 47–69%. [64] In March 2010, the average price for a geared 500-TEU container ship was $10 million, while gearless ships of 6,500 and 12,000 TEU averaged prices of $74 million and $105 million respectively. [65]
A forward freight agreement ( FFA) is a financial forward contract that allows ship owners, charterers and speculators to hedge against the volatility of freight rates. It gives the contract owner the right to buy and sell the price of freight for future dates. FFAs are built on an index composed of a shipping route for tanker or a basket of ...
Zone 5 uses eight 2-digit codes (51–58) and two sets of 3-digit codes (50x, 59x) to serve South and Central America. Zone 6 uses seven 2-digit codes (60–66) and three sets of 3-digit codes (67x–69x) to serve Southeast Asia and Oceania. Zone 7 uses an integrated numbering plan; two digits (7x) determine the area served: Russia or Kazakhstan.
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