An association of Indian rice exporters on Sunday advised its members to avoid new ‘cost, insurance and freight’ commitments to Iran and Gulf destinations, amid deteriorating geopolitical situation in West Asia and possible restrictions on shipping through the Strait of Hormuz.
‘Cost, insurance, and freight’ (CIF) is a shipping agreement that ensures a seller covers the costs, insurance, and freight of a buyer’s order when cargo is transported via a waterway.
The advisory comes after the US and Israel launched a major attack on Iran on February 28, with Iranian Supreme Leader Ayatollah Ali Khamenei killed early on Sunday.
The Indian Rice Exporters Federation (IREF) asked its members to conclude sales on free-on-board (FOB) terms, wherever feasible, so that freight, insurance and related risks remain with the international buyer.
The organisation said that developments in Iran and the United Arab Emirates could have an immediate impact on bunker (supplying fuel to ships) prices and​An association of Indian rice exporters on Sunday advised its members to avoid new ‘cost, insurance and freight’ commitments to Iran and Gulf destinations, amid deteriorating geopolitical situation in West Asia and possible restrictions on shipping through the Strait of Hormuz.
‘Cost, insurance, and freight’ (CIF) is a shipping agreement that ensures a seller covers the costs, insurance, and freight of a buyer’s order when cargo is transported via a waterway.
The advisory comes after the US and Israel launched a major attack on Iran on February 28, with Iranian Supreme Leader Ayatollah Ali Khamenei killed early on Sunday.
The Indian Rice Exporters Federation (IREF) asked its members to conclude sales on free-on-board (FOB) terms, wherever feasible, so that freight, insurance and related risks remain with the international buyer.
The organisation said that developments in Iran and the United Arab Emirates could have an immediate impact on bunker (supplying fuel to ships) prices and ​Latest News [ SOBAN NEWS: International and National ]
