Forex Trading

Federal Register :: Interpretive Rule on Demurrage and Detention Under the Shipping Act

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Ocean carriers and marine terminal operators further urge the Commission to reaffirm that notwithstanding the rule, the principle of “once-in-demurrage, always-in-demurrage” still governs. According to these commenters, under this principle shippers “bear the risk of any disability that arises after free time has ended.” In other words, once free time ends, it would not be unreasonable to impose demurrage on a shipper even if the shipper is unable to retrieve the container due to circumstances outside the shipper’s, or anyone’s, control. Conversely, other commenters request that the Commission expressly overrule the once-in-demurrage, always-in-demurrage principle.

II. NPRM and Summary of Comments

When property lies at rest on a pier after free time has expired, and consignees, through reasons beyond their control, are unable to remove it, the penal element of demurrage charges assessed against such property has no effect in accelerating clearance of the pier. To the extent that such charges are—penal, i.e., in excess of a compensatory level—they are a useless and consequently unjust burden upon consignees, and a source of unearned revenue to carriers. WSC at 17 (“In addition, the Commission does not acknowledge or address the fact-specific nature of all dispute resolution policies, which are created by each individual carrier.”). CV Int’l at 2 (“Accelerated D/D charges should not be permitted for cargo under government hold.”); Meat Import Council of Am. At 3; John S. Connor Global Logistics at 5 (“e do not believe it is appropriate for the carriers and/or MTO operators to escalate charges (i.e., impose penalty demurrage) in these situations.”).

P4-16, guidance will help regulated entities avoid incurring liability under section and will encourage shippers, intermediaries, and truckers to examine their practices as well. Leaders Ass’n at (“Similarly, where shippers and carriers have agreed to credit terms as a part of an existing, contracted business relationship, there is no basis for requiring advance payment of all charges prior to release of cargo”). Notice of cargo availability. In assessing the reasonableness of demurrage practices and regulations, the Commission may consider whether and how regulated entities provide notice to cargo interests that cargo is available for retrieval.


The Commission is capable of distinguishing between a regulated entity simply changing its terminology, which would in most cases would not raise any issues, and a regulated entity using its own terminology inconsistently. Likewise, regulated entities are free to use terminology that differs from that used in a particular port or the U.S. trade generally, so long as they make it clear what the terms mean. While the commenters do not explain how operational differences between, say, marine terminal operators, would result in different definitions of demurrage and detention, the proposed guidance does not mean that the Commission would ignore such differences if raised in a case. The Commission’s point was that disputes about demurrage and detention might be resolved more efficiently if a shipper or trucker knows in advance what type of documentation or other evidence an ocean carrier or marine terminal operator needs to see to grant a free time extension or waiver. If an ocean carrier or marine terminal operator provides things like trouble tickets or log records to its customers or their agents, so much the better. Dispute resolution policies that contain guidelines on corroboration will weigh favorably in the totality of the reasonableness analysis.

While that may have been the case at the port forums in 2014, the record in Fact Finding No. 28 suggested that demurrage and detention collections have only increased since then, Interim Report at 7-8, and shipper complaints have not abated. 120.E.g., Letter from 67 Organizations to Michael A. Khouri, Chairman, Fed. Comm’n (Mar. 16, 2020) (“urg the Commission to promptly adopt the rule as published which will assist the maritime industry in evaluating the fairness of these charges and resolving potential disputes”). Nat’l Retail Sys.

Interpretive Rule on Demurrage and Detention Under the Shipping Act

AgTC at 7; see also IMC Companies (“In turn, ocean carriers on carrier haulage should bill their shippers for detention/per diem directly given motor carriers are not party to the service contract. Motor carriers are also not party to service contract exceptions on merchant haulage moves, and therefore any exceptions under service contract should require billing by ocean carrier directly to their shipper.”); J. Shippers, intermediaries, and truckers do not necessarily oppose ocean carriers and marine terminal operators recovering, in certain circumstances, legitimate costs. Mohawk Global Logistics at 6 (noting that in government hold situations, “here should be compensation to both the terminals and the carriers in these cases.”); Agregar Consultoria at 1. Nor do most of them deny that demurrage and detention have a necessary place in ocean commerce. E.g., Mohawk Global Logistics at 2.

  • NAWE at 3-4 (“Because the NPRM would have the effect of specifying those regulations and practices which are reasonable and those which are not, it is beyond the scope of the Commission’s authority under the Shipping Act and would be unlawful.”); WSC at 10-11.
  • Two commenters point out that some of the practices mentioned in the NPRM regarding notice would require “significant additional sharing of information between the terminal and the carriers and clear guidelines as to who bears what responsibility.” Ocean Network Express at 2; WSC at 16.
  • Executive Order 13777, like Executive Order 12866, is not binding on the Commission.
  • For purposes of the rule, demurrage and detention includes any charges, including “per diem,” assessed by ocean common carriers, marine terminal operators, or ocean transportation intermediaries (“regulated entities”) related to the use of marine terminal space (e.g., land) or shipping containers, not including freight charges.
  • Set caps on the levels of, or total amount of, demurrage or detention that may be charged.

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B. Notice of Proposed Rulemaking and Comments

The Commission cannot assume that in this preferred scenario that ocean carriers would have to absorb their equipment costs. Rather, they presumably recover their equipment costs in other ways, such as in their freight rate. Government inspections. In assessing the reasonableness of demurrage and detention practices in the context of government inspections, the Commission may consider the extent to which demurrage financial models for equity research and detention are serving their intended purposes and may also consider any extenuating circumstances. The main thrust of the rule is that although demurrage and detention are valid charges when they work, when they do not, there is cause to question their reasonableness. It appears from ocean carrier and marine terminal operator comments, however, that some may have misunderstood the nature of the proposed rule.

Consequently, the final rule includes a new paragraph confirming that nothing in the rule precludes the Commission from considering other factors, arguments, and evidence in addition to the ones specified. PMSA is an association of marine terminal operators and ocean carriers. Incentive principle— General. In assessing the reasonableness of demurrage and detention practices and regulations, the Commission will consider the extent to which demurrage and detention are serving their intended primary purposes as financial incentives to promote freight fluidity. Finally, it is worth highlighting comments about “carrier haulage,” because, while not specifically the subject of the Commission’s rule, the topic was mentioned by several commenters.


Sheriff’s Return on A Bench Warrant (Changes case management status, see Note 1 below.) Cases with this code display in JIS case history with a warrant status of N . Order Quashing Warrant Of Arrest (Changes case management status, see Note 1 below.) Cases with this code display in JIS case history with a warrant status of N . Order Quashing Bench Warrant (Changes case management status, see Note 1 below.) Cases with this code display in JIS case history with a warrant status of N .

In promulgating this final rule and as discussed below, the Commission has considered all comments filed on or before the comment deadline of October 31, 2019, as well as all comments filed between November 1, 2019 and March 31, 2020. Although we received additional comments in April 2020, it was not possible to consider these comments given the drafting schedule for the final rule. For chassis availability or the interests of chassis lessors, none argued that the scope of the rule should be enlarged to include charges imposed by chassis owners.

The Commission, based on the Fact Finding Officer’s reports, noted in the NPRM that these were potentially valuable ideas, but they were not intended to be the only ideas. The second application of the incentive principle discussed in the rule is empty container return. The rule states that absent extenuating circumstances, practices and regulations that provide for imposition of detention when it does not serve its incentivizing purposes, such as when empty containers cannot be returned, are likely to be found unreasonable. The Commission explained that such practices, absent extenuating circumstances, weigh heavily in favor of a finding of unreasonableness, because if an ocean carrier directs a trucker to return a container to a particular terminal, and that terminal refuses to accept the container, no amount of detention can incentivize its return. In addition to refusal to accept empty containers, the Commission listed additional situations where imposition of detention might weigh toward unreasonableness, such as uncommunicated or untimely communicated changes in container return, or uncommunicated or untimely communicated notice of terminal closures for empty containers.

Climate Change

Merchant Shipping Ass’n at 13-15; WSC at 17 (“The Commission’s interpretation of reasonable billing practices would require separate invoices by MTOs and carriers.”). 3 U.S.M.C. at 96; id. at 99 (“As regarding either commodity, the sampling is not an operation required in connection with delivery by the carriers. Therefore, it can provide no valid ground to contend that free time allowed is unjust or unreasonable.”). 315.NYI, 3 U.S.M.C. at 96, 99; id. at 101 (holding that “the carriers, in determining the duration of free time, are not obliged to take account of delays in the removal of cargo which arise from the causes hereinabove discussed.”). PMSA at (noting that few industry players use push notifications because existing technology does not accommodate them.”); PONYNJSSA (“he NPRM suggests that if such a system does not `push’ relevant information, then such a system might not be considered a reasonable notice of cargo availability.”). 230.NYII, 9 S.R.R. at 874 (noting obligation to “tender for delivery free of assessments of any demurrage”); NYI, 3 U.S.M.C. at 101 (“This is an obligation which the carrier is bound to discharge as a part of its transportation service, and consignees must be afforded fair opportunity to accept delivery of cargo without incurring liability for penalties.”).

WCMTOA does not, however, explain why this would be a problem. IICL at 2 (“We note, however, that statements and contentions by interested parties are generally reflections of the problems they have had; they have not been subjected to cross-examination; they may be true or partially true; they may reflect a single occurrence or many; they may be legally admissible or inadmissible; they frequently contain hyperbole.”). The Commission is also making minor changes in the final rule, described in more detail below. The Commission has also made technical formatting changes to the paragraph levels in the final regulatory text. Depending on the facts of the case, the Commission may consider things such as appointment systems and appointment availability and trucker access to the terminal, i.e., congestion. If you are using public inspection listings for legal research, you should verify the contents of the documents against a final, official edition of the Federal Register.

Specifically, the Commission is providing guidance as to what it may consider in assessing whether a demurrage or detention practice is unjust or unreasonable. The Commission did not, as OCEMA insists, “propose to limit billing practices by function such that terminal would bill solely for land use and ocean carriers would bill for equipment use.” OCEMA at 7. The Commission reiterated that ocean carriers were entitled to compensation for use of their piers during longshoremen’s strikes for cargo in demurrage when strike began and also allowed the assessment of demurrage after the end of a strike, despite legacy fx reviews post-strike congestion, on containers in demurrage when the strike began. NAWE at 6 (“Here, the NPRM would have the effect of shifting the burden of proof from a complaining shipper, receiver or motor carrier to the marine terminal operator, which would be required to overcome the presumption of unreasonableness effectively established by the NPRM and demonstrate the reasonableness of assessing the charge in that situation.”); Am. Ass’n of Port Authorities at 2; OCEMA at 2-3; WCMTOA at 5 n.2. Shippers, intermediary, and trucker commenters strongly support the rule’s emphasis on clear language.

Forex Trading

Successful Commodity Trading Strategies in India

Spreads are common in equities, indices, currencies, and even commodities. Also, you can do a spread between the current month and next month, which is called a calendar spread. Using moving averages and breakouts to do technical trading in commodities is one of the most popular strategies. When it comes to commodities, they normally go through a long supercycle. Within these cycles, the commodity prices tend to follow certain underlying trends that can be tracked with moving averages and by the price line cutting or below the moving average line. One more way to use the technical charts is by identifying breakouts.

These breakouts are direction changes that are confirmed by the volume support and can be a useful guide to big returns. Just as you have strategies in trading equities or futures and options on equities and indices, you also have strategies in commodities. Here are some of the popular strategies although the spread is not as wide as equity F&O due to the limited volumes.

A good start for investors before taking a plunge into commodity trading is to conduct in-depth research regarding the commodity they wish to invest in. This calls for understanding the demand and supply patterns of various commodities. If the demand for a product is low when the supply increases, the price of the commodity may decline.

India is one of the highest consumers of crude oil and its demand is going to increase even more in the future. Talking about the supply of crude oil, it is manufactured in the Middle East. In breakout trading, a breakout is an event when the price of the commodity either moves below the upper or the lower range of the commodity price. If it crosses above the higher value then the trader would go in a long position.

Session 11- Technical Analysis Strategies for FOREX trading

Please note Brokerage would not exceed the SEBI prescribed limit. Mr. Souradeep Dey[B.E., MBA, Trader & Trainer] has rich experience of 11 years as an equity and commodity trader and trainer. He has worked as a crude oil trader for 3 years for Futures First, trading in the ICE exchange, Europe. Technical analysis is his Exchange rate adjustment of taka: A crying need area of interest and he is involved in developing trading algorithms. This article consists of a step-by-step guide on How to start commodity trading that will help traders to start easily and earn respectable profits. Investors looking at commodity trading opportunities will get commodity updates in various places.

How do you trade in commodities for beginners?

The most common way to trade commodities is to buy and sell contracts on a futures exchange. The way this works is you enter into an agreement with another investor based on the future price of a commodity.

However, applying such commodity trading strategies in your trading is going to effectively make long term profits for you. Choose any commodity of your choice (probably you have already chosen!). Note down its creation, factors that influence it, its demand, and every other fundamental aspect related to it. This principle calls for in-depth research to be conducted on part of the traders regarding the commodities they are willing to invest in. A clear understanding of the demand and supply factors will help the traders in making better trading decisions. This strategy is time-consuming and requires a lot of patience from the traders, hence beginner traders make a mistake of ignoring this strategy.

Expert Commodity Trading Strategies You Too Can Follow

Oftentimes, commodity trading can have a negative impact on the financial lives of regular people. There are various commodities from different categories in the commodity market. The main categories include base metals, precious metals, energy and agriculture. Some of the popular commodities in the market are crude oil, silver, gold, natural gas, zinc, soybean etc. It is always a better choice to select any of the popular commodities instead of going with the others. TechnIQ is a system based trade signal service which takes human emotions out of the decision making process.

What are the 7 commodities?

“Estimating the Role of Seven Commodities in Agriculture-Linked Deforestation: Oil Palm, Soy, Cattle, Wood Fiber, Cocoa, Coffee, and Rubber.” Technical Note. Washington, DC: World Resources Institute. Available online at: commodities-in-agriculture-linked-deforestation.

Similarly, other stocks such as grains follow a seasonal pattern as well. However, these patterns do not mean that you are guaranteed a definite profit. Often, there can be occurrences that can affect the price in a negative way than you hope it to.

How to Start Trading in Commodities or How to Invest in Commodities?

The target should be around Rs 1,365–1,367, whereas one must maintain a stop loss above Rs 1,317. Nickel gave a fresh high around Rs 1,360 without strong volumes in the previous week. Commodity trading has emerged as an excellent alternative to conventional investment instruments in recent times. Lead and Zinc carry a strong correlation because both are extracted from the same mine.

commodity trading strategies

Traders who usually trade in stock markets and bond markets choose the world of commodities as a prominent instrument for diversification. # No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment.

The primary reason to develop a trading plan I to know and understand the market. It is also made to understand his own financial capability, risk appetite and his personal style. Selecting an efficient stock broking company is challenging because the account is taken care of by the stockbrokers that execute all the trades.

Trader’s Corner

Trading rules & strategies is the must to do course for every investor or trader. This course is specially made so that everyone either beginner or expert of market can took benefit and earn by doing intraday or positional trading in stock & commodity market. Our advantage is our nationwide network and powerful research team. We provide our clients with trust based and ethical personalized services and guide them through the huge investment opportunities available in commodity market.

  • The Client intends to execute his instruction for the subscription/redemption of units of Mutual Fund Schemes through the broker who is a Mutual fund Intermediary of the BSE STAR MF platform.
  • Trading in commodities has picked up pace in the past few years.
  • This facilitates investors to invest or trade in a relatively easier fashion.
  • This is why experts recommend not closing in on one’s winning trade too early in the game.
  • Most beginner traders make the mistake of ignoring this strategy due to the hard work and patience it involves.
  • The primary way in which one can prevent commodity trading losses is by refraining from investing all of one’s capital into just one commodity.

The Client intends to execute his instruction for the subscription/redemption of units of Mutual Fund Schemes through the broker who is a Mutual fund Intermediary of the BSE STAR MF platform. To activate the same, please accept the terms and conditions for BSE Mutual Fund Service System(“MFSS”) below and proceed. Do not share of trading credentials – login id & passwords including OTP’s. If the price stays at Rs.8200 and the option is not exercised, then you will retain the Rs.360 premium.

How To Start Commodity Trading?

Additionally, you can learn about commodities by reading the blogs published on their website. Of course, traders are required to consult their financial advisors / brokers before taking any long / short trading decision on these ideas. Commodity trading has a slightly different tinge to it compared to traditional equity trading.

Second on my list would be market risk, which includes exposure to changes in prices and volatility of commodities markets as well as interest rates for borrowing money . We made a list of a few commodity trading strategies that you can go through and pick the most suitable one. Apply these commodity trading strategies now to see good results. This is one of those powerful commodity trading strategies that require you to be patient as well.

The most commonly traded items are agricultural products and contracts based on them. But, increasing non-agro commodities are also being traded like diamonds, steel, energy items etc. Seasonality is a factor that most inexperienced commodity traders tend to ignore and this is one of the most overlooked commodity trading strategies as well. This factor plays an important role in determining and predicting the price of stocks. Therefore, before risking any investment in commodity trading, you need to make sure that you know the inside hacks of the market.

commodity trading strategies

The disadvantages of commodity futures trading are that markets are volatile, which means risk is higher. Direct investment in the commodity markets is of high-risk, especially for new investors. Gains and losses are magnified by leverage, which means you win big or lose big. Since types of commodities and factors influencing their demand/supply and therefore prices are various, there is no universal strategy for trading commodities online.

commodity trading strategies

These two conditions are very important while generating non-directional trading strategies. Is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy.

Similarly, the commodity trading account must have margins placed in advance before trading. Other than these basic items, there is no additional cost to commodity trading. Of course, there are brokerage and statutory charges payable when you execute trades in the commodity futures market. Crude Oil is the mother of all commodities as price of crude oil determines the growth trajectory of global economy. This is the most widely traded commodity with smooth technical rhythm. MCX Crude Oil is a very liquid instrument & trading in it is very lucrative for traders who want to become multi asset traders or who want to trade crude post office hours.