Profile: UTi Worldwide Inc (UTIW.OQ)

UTIW.OQ on NASDAQ Stock Exchange Global Select Market

9.47USD
29 Jul 2014
Price Change (% chg)

$-0.26 (-2.67%)
Prev Close
$9.73
Open
$9.72
Day's High
$9.74
Day's Low
$9.45
Volume
291,653
Avg. Vol
411,130
52-wk High
$17.70
52-wk Low
$9.03

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UTi Worldwide Inc., incorporated on January 30, 1995, is an international, non-asset-based supply chain services and solutions company that provides services through a global network of freight forwarding offices and contract logistics and distribution centers in a total of 59 countries. In addition, the Company serves its clients in 92 additional countries through independent agent-owned offices. Its primary services include air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics and truckload brokerage. It also provides other supply chain management services, including consulting, the coordination of purchase orders and customized management services. The Company operates in two segments: Freight Forwarding and Contract Logistics and Distribution.

Freight Forwarding Segment

The Company provides airfreight forwarding services in two principal forms: as an indirect carrier and as an authorized agent for airlines. When it acts as an indirect carrier with respect to shipments of freight, it issues a House Airway Bill (HAWB) upon instruction from its client (the shipper). The HAWB serves as the contract of carriage between the Company and the shipper. When it tenders freight to the airline (the direct carrier), it receives a Master Airway Bill. The Master Airway Bill serves as the contract of carriage between the Company and the air carrier. Because the Company provides services across a range of clients on commonly traveled trade lanes, when it act as an indirect carrier the Company consolidate individual shipments into larger shipments, optimizing weight and volume combinations for lower-cost shipments on a consolidated basis.

The Company acts as an indirect carrier with respect to shipments tendered to the Company by its clients; however, in certain circumstances, the Company acts as an authorized agent for airlines. In such circumstances, it is not an indirect carrier and do not issue a HAWB, but rather it arranges for the transportation of individual shipments directly with the airline. In these instances, as compensation for arrangement for these shipments, the carriers pay it a management fee. The Company provides ocean freight forwarding services in two principal forms as an indirect carrier, sometimes referred to as a Non-Vessel Operating Common Carrier (NVOCC), and as an ocean freight forwarder nominated by its client (ocean freight forwarding agent).

As part of its freight forwarding services, the Company provides customs brokerage services in the United States and most of the other countries in which the Company operates. It provides customs brokerage services in connection with a majority of the shipments which it handle as both an air and ocean freight forwarder. It also provides customs brokerage services in connection with shipments forwarded by its competitors. In addition, other companies may provide customs brokerage services in connection with the shipments it forward. As part of the Company’s customs brokerage services, it prepare and file formal documentation required for clearance through customs agencies, obtain customs bonds, facilitate the payment of import duties on behalf of the importer, arrange for payment of collect freight charges, assist with determining and obtaining the commodity classifications for shipments and perform other related services.

Contract Logistics and Distribution Segment

The Company’s contract logistics services primarily relate to warehousing and the subsequent distribution of goods and materials in order to meet clients’ inventory needs and production or distribution schedules. Its services include receiving, deconsolidation and decontainerization, sorting, put away, consolidation, assembly, cargo loading and unloading, assembly of freight and protective packaging, warehousing services, order management and customized distribution and inventory management services. The Company’s outsourced services include inspection services, quality centers and manufacturing support. Its inventory management services include materials sourcing services pursuant to contractual, formalized repackaging programs and materials sourcing agreements. The Company provides a range of distribution, consultation, outsourced management services, planning and optimization services and other supply chain management services. The Company receives fees for the other supply chain management services that it performs.

Company Address

UTi Worldwide Inc

Suite 1500
100 Oceangate
c/o UTi, Services, Inc.
LONG BEACH   CA   90802
P: +1562.5529400

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