In recent months , most if not all carriers are implementing late cancellation and amendment fees for bookings that are cancelled within seven calendars days of vessel cut off date , subjective to respective carriers as carriers had been facing a large amount of shortfalls due to last minute or late bookings cancellation which prevents them from accepting other bookings from other customers.
At the same time, last minute cancellation and amendments had affected the carriers from accepting bookings for their other customers. To add on , an increase in administrative work , impact on available vessel space , equipment management , lost revenue opportunities are also affected. Subsequently , shippers are known to book double slots in order to get their cargo shipped when space and containers are limited and also to get the possible best rates and this is a huge cause of cancellations and phantom bookings.
Late cancellation and no-shows are often the result of placing bookings on impulse and without knowledge of full detailed schedules. In order to avoid paying the penalty, shippers should plan the shipments well in advance and before hand .
With the current shortage of space and equipment, things had also turned for a worst.