The WACO System recently welcomed 122 delegates to its 98th Annual General Meeting in Istanbul, a three-day event co-hosted with ENCO Lojistik ve Ticaret A.S., WACO member for Turkey.

Representatives from independent freight and logistics companies from 106 countries were reminded to review and reinforce their insurance policies in response to dynamic challenges shaping the logistics landscape worldwide.

In a session on market disruptions and the challenges facing global freight today, Lars Jensen, CEO of Vespucci Maritime, emphasised the need to be prepared in the face of geopolitical uncertainties.

“There is no doubt that the logistics industry is facing serious challenges across the globe – regional instability in the Middle East, for example, could lead to significantly longer transit times, and companies should consider developing strategies tailored for circumstances similar to those experienced during the pandemic,” said Jensen, CEO of Vespucci Maritime.

“Companies should review their readiness to handle cyber-attacks that could directly affect supply chains and verify that insurance policies cover emerging scenarios that might not have been previously anticipated.”

In another session, Bryn Heimbeck, President and Co-Founder of Trade Tech Inc., reminded delegates to familiarise themselves with incoming Import Control System 2 (ICS2) requirements.

“Businesses should update IT systems and ensure that operations staff and agents are trained and familiar with the requirements. Freight Forwarders and NVOCCs will also have to ensure that their customers are prepared to comply with this new regulation, and this includes securing and distributing their EORI number,” said Heimbeck.

With over 1,000 bilateral meetings and a programme of topical sessions from industry experts, WACO’s Annual General Meeting is an opportunity for members to reinforce their industry knowledge and enhance collaboration.

“This year’s AGM was a huge success,” said Richard Charles, WACO CEO.

“With regulatory changes and an evolving risk landscape ahead of us, the importance of readiness cannot be overstated.”