Retailers and importers importing goods via ocean freight may have a sum of $50,000,000 in erroneous freight rate charges waiting to be claimed according to Ocean Freight Refunds. Ocean Freight Refunds closely examines ocean freight charges for importers to determine if any errors have been made. The company’s internal studies show that three to five percent of ocean freight transportation billings have a correctable error which reduces the anticipated profit margin for that item SKU.
“Unfortunately, many retailers and importers don’t have the time or resources necessary to examine the accuracy of ocean freight charges,” Ocean Freight Refunds founder Steve Ferreira said in a prepared statement. “They don’t realize the tremendous impact overcharges have on their business or when they do, they’re not aware of how to solve the problem.”
According to U.S. law, retailers and importers have up to three years to claim a refund from overcharges found on ocean freight invoices. This three-year window offers companies a tremendous opportunity to reclaim lost cash and find solutions to prevent future losses.
Errors occur despite the best efforts of importers and freight companies to reduce them. A back end audit of the ocean freight transportation invoices, such as those conducted by Ocean Freight Refunds, can discover errors that have slipped through the cracks.
Discovering these errors and reclaiming the cash is becoming more and more important to firms facing increasing ocean freight rates in the wake of recent hurricanes. Purchasing.com cites AME Mineral Economics in reporting that the regional supply shortages of ship heavy bunker fuel oil is driving ocean freight rates up.
Increasing costs do not appear to be slowing the pace of imports, however. The Commerce Department reported record imports of $167.2 billion in August according to Reuters.