Foreign Trade Zone
HOUSTON (JAN. 25, 2017) – Intermarine, LLC, the global leader in the transport of project, breakbulk and heavylift cargo, has obtained activation for Industrial Terminals (Houston) as a Foreign Trade Zone (FTZ) under Foreign Trade Zone Board (FTZB) and U.S. Customs and Border Protection (CBP) regulations.
The entirety of Industrial Terminals’ 92 acres has been approved for FTZ activity, of which part is already active and ready to receive cargo. Industrial Terminals, the busiest project cargo port in the United States is located adjacent to the Houston Ship Channel and functions as Intermarine’s primary load and staging center for cargo and projects.
FTZ’s are secure areas under CPB supervision that are generally considered outside CBP territory upon activation. Located in or near CBP ports of entry, they are the United States’ version of what are known internationally as free-trade zones. Foreign and domestic merchandise may be moved into zones for operations, not otherwise prohibited by law, including: storage, exhibition, assembly, manufacturing, and processing.
“Achieving FTZ activation increases Intermarine’s versatility and provides our customers with the additional flexibility to use the foreign status of Industrial Terminals (FTZ 42) for importing and exporting goods in international trade,” said Wojtek Rutkowski, Vice President Industrial Terminals. “Our customers can now consider receiving and storing cargoes at the FTZ as part of their transportation solutions scope.”
The Advantages of Using an FTZ:
- CBP duty and federal excise tax, if applicable, are paid when the merchandise is transferred from the zone for domestic consumption
- While in the zone, merchandise is not subject to U.S. duty or excise tax
- Goods may be exported from the zone free of duty and excise tax
- CBP security requirements provide additional cargo protection
- Merchandise may remain in a zone indefinitely, whether or not subject to duty
Intermarine is the global leader in the transport of project, breakbulk and heavylift cargo. Founded in 1990, the company, through its subsidiaries and worldwide network of 20 offices, controls an international fleet with lifting capacities up to 1,400 metric tons. Intermarine provides ocean transportation and marine logistics services with regular sailings in the Americas, West Africa, Europe, Asia, and the Middle East, plus inducement voyages to Australia and other international ports. The company operates the largest U.S. flag heavylift fleet and controls Industrial Terminals (Houston), the busiest project cargo terminal in the United States.
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