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Bunker Adjustment Factor
Bunker adjustment factor, bunker surcharge or BAF refers to the floating part of sea freight charges which represents additions due to oil prices The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Refe .... BAF charges used to be determined by Carrier Conferences to be applicable for a certain period on a certain trade route. The European Commission banned Carrier Conferences as of October 17, 2008. The shipping lines now set their own independent BAF rates. They will be closely monitored by the EC to ensure that no collusion is taking place. Fluctuations in oil prices will alter rates depending on any of a wide variation in applications... References International trade {{International-trade-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ship Transport
Maritime transport (or ocean transport) and hydraulic effluvial transport, or more generally waterborne transport, is the transport of people ( passengers) or goods ( cargo) via waterways. Freight transport by sea has been widely used throughout recorded history. The advent of aviation has diminished the importance of sea travel for passengers, though it is still popular for short trips and pleasure cruises. Transport by water is cheaper than transport by air, despite fluctuating exchange rates and a fee placed on top of freighting charges for carrier companies known as the currency adjustment factor. Maritime transport accounts for roughly 80% of international trade, according to UNCTAD in 2020. Maritime transport can be realized over any distance by boat, ship, sailboat or barge, over oceans and lakes, through canals or along rivers. Shipping may be for commerce, recreation, or military purposes. While extensive inland shipping is less critical today, the major ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Prices
The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century. This changed in the 1970s, with a significant increase in the price of oil globally. There have been a number of structural drivers of global oil prices historically, including oil supply, demand, and storage shocks, and shocks to global economic growth affecting oil prices. Notable events driving significant price fluctuations include the 1973 OPEC oil embargo targeting nations that had supported Israel during the Yom Kippur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Route
A trade route is a logistical network identified as a series of pathways and stoppages used for the commercial transport of cargo. The term can also be used to refer to trade over bodies of water. Allowing goods to reach distant markets, a single trade route contains long-distance arteries, which may further be connected to smaller networks of commercial and noncommercial transportation routes. Among notable trade routes was the Amber Road, which served as a dependable network for long-distance trade. Maritime trade along the Spice Route became prominent during the Middle Ages, when nations resorted to military means for control of this influential route. During the Middle Ages, organizations such as the Hanseatic League, aimed at protecting interests of the merchants and trade became increasingly prominent. In modern times, commercial activity shifted from the major trade routes of the Old World to newer routes between modern nation-states. This activity was sometimes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body of about 32,000 European civil servants. The Commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to a Commissioner. There is one member per member state, but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen) is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament. The Council of the European Union then nominates the other members of the Commission in agreement with the nominated President, and the 27 members as a team are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
