May 22, 2020
Steve Ferreira and Joe Lynch discuss the 5 billion dollar overcharge which refers to the amount that ocean shippers are overcharged every year. Steve is well recognized expert in ocean freight auditing and in the interview, he describes the problem of ocean freight overcharges and ways to recapture the difference.
Steve Ferreira is the founder and CEO of Ocean Audit. Steve has spent his entire career in global container shipping. He established Ocean Audit in 1994 when he realized general freight audit practices reverse no more than 50% of overcharges occurring in ocean transportation. Today, Steve’s process is leading edge and utilizes machine learning to identify and validate ocean freight invoice errors. Initial recovery validation can be accomplished with only a very basic requested client-side report. Steve Ferreira is often featured in leading business publications like USA Today, Journal of Commerce, and as a guest commentator on CNBC.
Ocean Audit is the leader in ocean freight invoice auditing. Ocean freight billing is very complex, and few shippers fully understand all the charges. As a result of this complexity, ocean freight shippers are commonly overcharged. Ocean Audit and Steve Ferreira specialize in ocean freight auditing. Ocean Audit uses machine learning and artificial intelligence to identify invoice inaccuracies and overcharges. Ocean Audit utilizes its expertise on a contingency only basis, which means Steve only gets paid if he discovers a saving.