Do you know about - What Does Cfr - Cost and Freight Mean?
Free Stock Quotes! Again, for I know. Ready to share new things that are useful. You and your friends."Cost and Freight". What does that mean? These were the very questions I asked when I first heard of it. Well today, I am going to give my explanation as best as I can about this shipping term.
What I said. It is not outcome that the true about Free Stock Quotes. You check this out article for information on what you need to know is Free Stock Quotes.How is What Does Cfr - Cost and Freight Mean?
Ok, I have previously gone through in my blog about Ex Works and Fob, if you have read about them, it will undoubtedly help. Cfr plainly means you add your Ocean Freight cost, which is the cost you pay for booking a box to the other costs you are incurred when making a purchase. As I mentioned before, the box is a steel box that is used to contain all the goods you desire to ship. It comes in a 20 footer size, 40 footer size and 40 footer high cube size. I will dwell into that some other time.
So this is how Cfr works. A buyer from Africa wants to buy 10 box loads of ginger bread man dolls from you and he asked you for a quote Cfr (Tema Port). So what do you do? Well, firstly you speculate the quantity you can load, into the container, and then speculate the product's total price per container. This friend is ex works.
So now let's head somewhere to add the forwarding charges, which contain the forwarding fee and also the haulage charges. Now with that done, you get yourself an Fob price.
Then we head somewhere by adding the ocean freight on top of the Fob price. This gives you the Cfr price.
Recap: Cfr = stock price + Forwarding and Haulage Charges + Ocean Freight Fee
So what is the benefit of quoting your buyer Cfr? The thing is, it will help your buyer get the most correct costing ready to him at that period of time. If he is a serious buyer who needs to make a purchase confirmation within the next few days or week, then this is the most correct cost he can rely on. Of course he will have to be aware of the import duties in his country to get a final nett price which he will be paying for your ginger bread man dolls.
Again, always remember to get your currency transfer rates correct and note the trend, is the Us dollar going up or down these past few days, what's the movement going to be tomorrow and onwards, especially the time the products are meant to be shipped.
Remember to place a short validity to your Cfr quote because it will protect you from the crazy fluctuations of transportation and ocean freight prices. always double check your shipping costs before you make your delivery. Get a verbal confirmation After you get a black and white or documented quote from your transporter, forwarder, haulier and forwarding agent. This way, you free yourself from the risk of quoting the wrong prices. Your ginger bread man dolls would honestly blow your firm away!
So there you go, the meaning of Cfr made easy for you. If you are new to shipping, make sure you consult your shipping agents to learn these terms better. If you do your homework, it will just make your job and theirs easier. Ultimately, making your customer's job of buying from you an easy as Abc 123!
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