Ocean freight forwarding, a process of shipments of freight from one location to another location with safely and effectively. Ocean transport is one of the important factors for strong supply chain management across the globe. The growth in cloud-based collaboration platform, connected shippers and advent of blockchain technology revolutionise the future of freight forwarding market globally.According to AMA, the market for Ocean Freight Forwarding is expected to register a CAGR of 3.1% during the forecast period to 2024. This growth is primarily driven by Increasing Cross-Border E-Commerce Globally, Rise in Seaborne Trade at the Global Level and The Growth in the Development of Port Infrastructure in Developing Economies.
Globally, a noticeable market trend is evident Adoption of IoT and Cloud-Based Collaboration Technology
. Major Manufacturers, such as Kuehne + Nagel (Switzerland), DHL Group (Germany), DB Schenker Logistics (Germany), GEODIS (France), Panalpina (Switzerland), DSV A/S (Denmark), Bolloré Logistics (France), Expeditors (United States), Nippon Express (Japan), CEVA Logistics (Switzerland), Pantos Logistics (South Korea), Agility Logistics (Switzerland), Hellmann Worldwide Logistics (Germany), Damco (Denmark) and Kintetsu World Express, Inc. (KWE) (Japan) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
The basic requirements for licensing as an Ocean Transportation Intermediary Freight Forwarder are covered in 46 C.F.R. 515 and the application process is completed by filing a Form FMC-18 in either paper format (typewritten and in duplicate) or electronically.
- Increasing Cross-Border E-Commerce Globally
- Rise in Seaborne Trade at the Global Level
- The Growth in the Development of Port Infrastructure in Developing Economies
- Adoption of IoT and Cloud-Based Collaboration Technology
- Increasing Adoption of Blockchain to Revolutionise the Entire Freight Industry
- Ocean Freight Forwarding Consumes More Transport Duration
Growing Internet Penetration and Increasing PPP in Developing Economies and Increase in Local and Zonal Shipments Have Potentially Increase Speed to Product Deliveries
Operational Difficulties Due to Country-Wise Regulations
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