The target of 50% of all bills of lading to be electronic within the next decade has been set by the Digital Container Shipping Association (DCSA) in an announcement made last week. The international freight transport insurer, TT Club welcomes the commitment by the group of container shipping lines that together operate nearly 70% of the world's capacity.
While many of the Western consumer economies tentatively explore the easing of social restrictions, the global supply chain environment remains significantly disrupted and operators continue to face many challenges. International freight insurer, TT Club seeks to guide them with advice for turbulent times.
Effective communications are the lifeblood of every relationship, whether personal or corporate. In the global supply chain, this inevitably extends to every counterparty, including those with differing interests, cultures, languages and time zones. COVID-19 has made life exponentially more complex.
Despite being designated as essential services in many countries, in accordance with local government and World Health Organization (WHO) guidance, many businesses within the global logistics sector have had to change their work practices. In some cases, this includes leaving premises unoccupied for an extended, indefinite period.
There is probably a common expectation that the supply chain operates 24/7 on pretty much a global basis. Such a commercial reality usually requires shift work and a workforce operating during unnatural hours – something that is only accentuated in our ‘global village’ with the requirement to provide a service across time zones.
As consumer demand and manufacturing production slows in many parts of the world, cargo, either in containers or stripped from transport units, is building up in warehouses, port terminals and inland depots. International freight and logistics insurer, TT Club warns of the additional risk this is bringing operators.
In these extraordinary times, on behalf of the Chairman, the Board of Directors and the management team we wish all Members and their brokers, and their families and friends good health through this pandemic crisis. This is a very difficult time for all Club Members and the Club will do what it can to assist as you strive to manage your businesses.
As millions of people are now working from home, we thought that a more personal approach might be of value. Here is a personal perspective, providing some key areas to consider when managing your work/life balance effectively.
Stakeholders in the international supply chain can find themselves unwittingly exposed to many types of fraud during the normal course of business. Connectedness provides fraudsters greater ease to transact and a lower risk of apprehension. The current pandemic-induced dislocation and additional logistics challenges simply increase the risks. Be alert!
UN portable tanks (tank containers) have been used in the international supply chain to distribute bulk cargoes for many years. Having such a deep heritage in the insurance of the maritime containers, naturally TT Club has intimate understanding of the tank container sector, with a current insurable interest in around 53% of the global tank container fleet.
The latest coronavirus outbreak in 2019 has had a wide and profound impact on citizens of a growing number of countries across the globe. The effects of the outbreak has witnessed disruption to many normal business operations in many countries. Even short periods of interruption to the manufacturing industry will inevitably give rise to various challenges through the international supply chain.
As of Wednesday 18 March all our UK and Mainland European offices, Hong Kong and Shanghai, and US-based offices will be working remotely. We will still be providing the same high levels of service our members have come to expect from the TT Club.