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Who Does a Better Job in Ocean Freight Risk Mitigation?

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Who Does a Better Job in Ocean Freight Risk Mitigation?

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The function of shipping, freight and supply chain is exposed to several forms of risks including natural disasters, war, piracy, terrorism, delayed delivery and more. Our recent social media survey asked, “Who does a better job in risk mitigation between carriers, OTIs (forwarders and NVOCCs) or Online Marketplace.

The function of shipping, freight and supply chain is exposed to several forms of risks including natural disasters, war, piracy, terrorism, delayed delivery and more. Our recent social media survey asked, “Who does a better job in risk mitigation between carriers, OTIs (forwarders and NVOCCs) or Online Marketplace.

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Who Does a Better Job in Ocean Freight Risk Mitigation?

  1. 1. [SURVEY SAYS] WHO DOES A BETTER JOB IN OCEAN FREIGHT RISK MITIGATION?
  2. 2. JOINTHE CONVERSATION ONTWITTER @XENETA_AS
  3. 3. ABOUT XENETA At Xeneta we believe there is an untapped potential for everyone in the industry, to systematically learn from our individual and collective efforts. We hold true that "if you cannot measure it, you cannot improve it". That’s why we think actionable metrics is the key to continuously evolve for every business, and ultimately the entire industry. Rethinking global logistics is the vision of Xeneta. With international experience from the logistics industry, we have first-hand knowledge of the challenges related to high volatility and lack of transparency in the ocean freight market. By combining logistics background and information technology expertise, we found the solution to these challenges. WE ARE TRANSFORMING GLOBAL LOGISTICS
  4. 4. ARE YOU PAYING THE RIGHT CONTAINER FREIGHT RATES? DISCOVER SAVINGS POTENTIAL IN REAL TIME. CONTACT US.
  5. 5. THE FUNCTION OF SHIPPING, FREIGHT AND SUPPLY CHAIN IS EXPOSED TO SEVERAL FORMS OF RISKS INCLUDING NATURAL DISASTERS,WAR, PIRACY,TERRORISM, DELAYED DELIVERY AND MORE.
  6. 6. OUR RECENT SOCIAL MEDIA SURVEY ASKED, “WHO DOES A BETTER JOB IN RISK MITIGATION BETWEEN CARRIERS, OTIS (FORWARDERS AND NVOCCS) OR ONLINE MARKETPLACE.
  7. 7. THE RESULTS OF THE SURVEY ARE THE FOLLOWING: 18% FELT CARRIERS DO A BETTER JOB IN RISK MITIGATION. 82% FELT OTIS (76% FREIGHT FORWARDERS AND 6% NVOCCS) DO A BETTER JOB IN RISK MITIGATIONONLINE MARKETPLACES - 0%
  8. 8. WE’RE NOT SURE WHY ‘ONLINE MARKETPLACE’ DID NOT RECEIVE ANY VOTES. PERHAPS IT IS BECAUSE THE MARKET/SHIPPERS ARE NOT AWARE OF WHAT AN ONLINE MARKETPLACE IS AND WHAT IT DOES.
  9. 9. TOP 10 BUSINESS RISKS
  10. 10. CUSTOMERS MAY BECOME VICTIMS OF ANY RISK UNWITTINGLY IF THEY DO NOT HAVE A COMPREHENSIVE RISK MANAGEMENT STRATEGY. THE RELIABILITY AND DEPENDABILITY OF THE VARIOUS LAYERS OF SERVICE PROVIDERS INVOLVED IN THE WHOLE SUPPLY CHAIN IS A MAJOR RISK FACING CUSTOMERS ESPECIALLY IF THE SERVICE PROVIDERS ARE NOT EVALUATED FOR WEAKNESSES IN THEIR SERVICE CAPABILITY, CAPACITY, FINANCIAL HEALTH AND OVERALL
  11. 11. RISKS MANAGEMENT
  12. 12. THERE ARE DIFFERENT METHODS FOR MITIGATING RISK. FOR EXAMPLE, RISKS SUCH AS PIRACY AND NATURAL DISASTERS REQUIRE A PHYSICAL APPROACH. WHILE OTHER RISKS, SUCH AS CUSTOMER INSOLVENCY REQUIRES A FINANCIAL APPROACH WHILE RISKS ASSOCIATED WITH INCORRECT ORDER PLACEMENTS AND DELAYED DELIVERY REQUIRES AN ANALYTICAL APPROACH.
  13. 13. REPUTATIONAL DAMAGE
  14. 14. HANJIN SHIPPING IS A PRIME EXAMPLE OF THE CONSEQUENCES OF A FINANCIAL AND ANALYTICAL RISK, ONE THAT SHOULD HAVE BEEN EVIDENT FROM THEIR PERFORMANCE AND FINANCIAL INDICATORS. THESE RISKS DO NOT SEEM TO HAVE BEEN MANAGED PROPERLY BY THE COMPANY WHICH EVENTUALLY LED TO ITS COLLAPSE.
  15. 15. CLOSE ON THE HEELS OF HANJIN, THERE WERE NEWS ITEMS IN THE PRESS ABOUT K-LINE ALSO FACING BANKRUPTCY WHICH WAS EVENTUALLY CONFIRMED TO BE JUST A RUMOR. THERE NOW ALSO A RUMOR OF HAMBURG SÜD SHOPPING FOR A BUYER.
  16. 16. THIS COULD ALSO EXPLAIN THE MERE 18% VOTE THE CARRIERS RECEIVED AS OPPOSED TO THE 82% OF THE OTIS IN TERMS OF THE RISK MITIGATION CAPABILITIES.
  17. 17. BE VIGILANT
  18. 18. AS CAN BE SEEN, SHIPPING, FREIGHT AND SUPPLY CHAIN INDUSTRY IS ONE FRAUGHT WITH VARIOUS TYPES OF RISKS, ANY OF WHICH COULD HIT THE INDUSTRY AT ANY TIME. WHILE IT MAY NOT BE POSSIBLE TO ELIMINATE RISKS COMPLETELY FROM THE SUPPLY CHAIN PROCESS, ALL COMPANIES MUST HAVE AN INCLUSIVE RISK MITIGATION STRATEGY THAT ALLOWS THE COMPANY TO FORESEE THE RISKS AND TAKE NECESSARY PRECAUTIONS TO ENSURE MINIMUM DISRUPTIONS IN THEIR SUPPLY CHAINS.
  19. 19. USE DATATO MITIGATE RISKS WATCH WEBINAR
  20. 20. LEARN HOW XENETA CAN HELP YOU GET INSIGHT AND INTELLIGENCE INTOYOUR GLOBAL OCEAN FREIGHT PRICES AND CHANGEYOUR LOGISTICS BUSINESS: REQUEST DEMO NOW

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