Freight forwarding is arguably one of the most adaptable industries in the world. They have had to be. For centuries forwarders have navigated around world wars, country coupes, natural disasters, nationalisations, dictatorships, currency collapse, draconian regulations, and trade wars. Pandemic supply chain disruption is just one more challenge to the ability of forwarders to adapt, change and survive.
As is already happening, change brings with it new opportunities to profit. And with change and opportunity emerges a new set of risks. The velocity at which forwarders are having to creatively evolve tempts even the best to act with the Fire-Ready-Aim approach to business.
The following information was gathered from current experience, claim data, supply chain experts and active trade lawyers. Here are 7 practical risks freight forwarders are encountering today and how they are being managed.
Like always, most freight forwarders will survive and flourish through this. Based on history, the most successful will be those who do their homework and manage the risk along the way. Safe shipping.