CARGO SHIPPER Seaboard Marine Trinidad announced yesterday that effective January 17, 2021, it will require all freight charges for goods imported into Trinidad to be paid in US.
In a notice to its “valued customers”, Seaboard Marine said the decision was taken because of “the continued difficulty of converting Trinidad and Tobago dollars into US dollars has made adoption of this policy necessary and is applicable on all charges listed on the carrier’s bill of lading.”
On Friday, both Seaboard Marine and King Ocean Services announced the new policy that would be adopted next month and stated this was due to the continued difficulty in converting T&T currency to US dollars.
Hayden Alleyne, senior manager for commercial at Seaboard Marine, told the Express that the decision was made in conjunction with the shipping lines across the region, because of difficulty in converting regional currencies to US dollars.
“It is going to be a challenge for a number of the local importers and exporters. Even with the export cargo they want the US to be paid upfront so this is going to affect trade. “A reduction in the number of cargo ships entering Trinidad will be experienced, as customers will be struggling to get US to pay for the freight up front,” Alleyne said.
Also commenting on the issue was Seamen and Waterfront Workers Trade Union (SWWTU) president Michael Anisette who said that dialogue with the relevant stakeholders is needed urgently as 98 per cent of T&T’s trade is done through shipping and if foreign exchange cannot be acquired to pay for the freight, it can have serious implications for Trinidad and Tobago.
“It will cripple our ability to supply goods and services to other countries. This is a major problem and it would require the main stakeholders to come up with a resolution,” Annisette added.
Just earlier this month PriceSmart Trinidad announced that its regular sourcing and merchandising of imported goods may be affected, due to less foreign exchange becoming available.
“We want to express our commitment on maintaining our business model of providing the highest quality merchandise and services at the lowest cost possible, as we work out solutions that can sustain or substitute our imported merchandise offering,” the membership club said.
