The surge in US imports over the last six months has been unprecedented and is causing problems in all facets of the supply chain. Carriers are telling importers to expect this highly volatile market to last through the 2021 Chinese New Year. A few carriers are suggesting this volatility will last through October 2021.
Through all the volatility, the support of IHSA’s membership has been unwavering. IHSA is pleased to report that the Board of Directors declared a refund dividend in the amount of $177,647. The refund, which has become a staple of IHSA, is awarded by the IHSA Board of Directors at the conclusion of IHSA’s fiscal year. The refund was disbursed to eligible members during December 2020.
Each member’s share of the refund is dependent upon the level of participation and is based on 40-foot equivalent units (FEUs) shipped. The more an individual member participates, the greater the membership reward. For 2020, individual member refund checks ranged from a few hundred dollars to more than $100,000. Although the refund is not the primary reason why members support IHSA, it is a consistent benefit that should be acknowledged.
IHSA is a not-for-profit association that was formed to benefit International Housewares Association member companies by leveraging its members’ shipping volume. IHSA negotiates freight contracts and partners with other logistics providers to lower supply chain costs. Since its inception in 2005, IHSA has issued more than $1.5 million in refunds to members.