The CRCC Fund streamlines container royalty collection and distribution for ILA members, USMX carriers, and terminal operators. Their platform improves shipping data accuracy and transparency on the East and Gulf Coasts, reducing administrative burdens through self-auditing, tracking, and billing reconciliation. This enables efficient management of container royalties under the ILA-USMX Master Contract.
Funding
Funding not disclosed
Founders
Product
Problem
The complexities of managing container royalties across various ports on the East and Gulf Coasts lead to administrative inefficiencies, potential inaccuracies in shipping data, and difficulties in ensuring transparent fund allocation for ILA members. The manual reconciliation processes and fragmented data sources create burdens for carriers, terminal operators, and other stakeholders.
Solution
The Container Royalty Central Collection Fund (CRCC Fund) provides a centralized platform that streamlines the collection and distribution of container royalties, enhancing data accuracy and transparency for ILA members, USMX carriers, and terminal operators. The CRCC Fund Application consolidates shipping data, including manifests, voyage details, vessel information, container counts, and tonnage, into a single, auditable database. By automating data intake, tracking tonnage, and invoicing carriers, the platform reduces administrative overhead, ensures accurate royalty calculations, and facilitates efficient fund allocation. The system's modular construction and web-based access enable seamless integration with existing carrier, port, and container freight station systems, promoting collaboration and informed decision-making across the maritime industry.
Target Audience
The primary users are ILA members, USMX carriers, terminal operators, port associations, stevedores, agents, and financial/accounting personnel involved in container royalty management on the East and Gulf Coasts.
Features
- Centralized database for East and Gulf Coast shipping data, including manifests, voyage details, vessel information, container counts, and tonnage
- Automated data intake, processing, and reconciliation to ensure data integrity
- Web-based application with password-protected training for various user roles
- Self-auditing, tracking, and billing reconciliation capabilities for carriers and container freight stations
- Calculation of moratoria, CBI rates, and other special rates
- Comprehensive reporting capabilities and management dashboards
- Secure, role-based user access
- Integration with carrier, port, and container freight station systems
- Modular construction with a scalable Oracle database and utilities