Unclaimed Freight, also known as abandoned cargo, means that cargo not requested, investigated, or received by the buyer. This can occur for various reasons, such as incorrect delivery information, the recipient refusing the shipment, or the recipient not being available to receive the shipment.
Shipping containers can become abandoned if they are left unclaimed by the owner for a certain period of time, usually determined by the carrier or warehouse where the container is being held. This may occur if the owner cannot be reached or if they are unwilling or unable to pay for the storage fees or other charges associated with the container.
Unclaimed freight is typically sold by the carrier or warehouse after a certain period of time has passed and efforts have been made to locate the owner. The proceeds from the sale are then used to cover any outstanding charges and fees associated with the shipment, and the remaining balance may be held for a period of time for the owner to claim. If the owner does not claim the remaining balance, it may be turned over to the state as unclaimed property.
Unclaimed freight is often sold at auction by the carrier or warehouse that is holding the merchandise. These auctions may be conducted online or in person, and may be open to the public or restricted to licensed resellers. Buyers can bid on the lots of unclaimed freight, which may include a variety of items such as electronics, clothing, furniture, and more.