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The Maersk and Hapag-Lloyd sales reps will be out in the field in force over ...
By Mike Wackett
Ocean carriers are tightening up their credit terms with thousands of smaller NVOCCs [non-vessel-owning common carriers] due to mounting fears that many could go bust due to Covid-19.
Since the banning of shipping conferences, when credit indiscipline was considered an internal fineable breach of the terms of the rate-setting cartels, many carriers have granted generous credit facilities as an incentive to attract customers.
Indeed, before its collapse in August 2016, Hanjin Shipping was not only granting forwarders 120-plus day credit terms but ...
Comment on this article
PHILLIOU PHIL
June 18, 2020 at 1:33 pmThe extension of credit by the ocean shipping lines and cargo airlines is often misunderstood and fraught with issues and costs. Ocean shipping lines and cargo airlines have enormous amounts of capital and expense tied up in artificial loans to customers. https://theloadstar.com/rising-demand-for-short-term-credit-as-covid-drives-down-cash-flow/