2020 is less than a month away, and it’s not an exaggeration to say it will be one of the most eventful new years the international shipping industry has ever seen. First, IMO 2020 goes into effect on January 1st, with its 0.5% sulfur cap on ships’ fuel. While we’ve covered IMO 2020 quite a bit in Universal Cargo’s blog, there’s a second big change being implemented on January 1st that we haven’t talked about.

Incoterms 2020 go into effect on New Year’s Day.

Published by the International Chamber of Commerce (ICC) since 1936, Incoterms standardize international deals with terms or phrases that define who, whether seller or buyer, is responsible for the various portions of transportation and insurance of goods.

While the ICC could update Incoterms at any time, they tend to do so about every ten years. Incoterms 2020 is not a complete overhaul of the 2010 Incoterms we’ve come to know and love, but there are significant changes that we’ll share in this post.

At the end of the post, ICC’s current 2010 Incoterms and descriptions are reproduced with ICC’s permission. You can get even more details on the Incoterms as they currently stand by checking out a blog and video series we did on them.

Read the full article in Universal Cargo’s blog to learn about what’s changing with Incoterms in the 2020 update.