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Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within the complexities of the global supply chain. These have many manifestations; from payment fraud that involves existing mandates and impersonation of executives to procurement fraud featuring false invoicing.
Carrier fraud, in which criminals imitate hauliers and other sub-contractors, including drivers with falsified documents, accounted for 84% of TT claims involving fraud or deception in 2022. TT is eager to pinpoint these risks and offer advice to industry on how to not just identify potential fraud but to minimise and avoid losses through them.
“No one – from freight forwarders, shippers, and carriers to container owners and logistics, ports, warehouse and depot operators – should underestimate how lucrative an industry fraud is. Using sophisticated, low-risk tactics, fraudsters can easily steal large amounts of money or consignments of cargo,” says Mike Yarwood, Managing Director, Loss Prevention at TT.
“Incidents of fraud that target international supply chains across the globe are not perpetrated by opportunistic criminals working in isolation but in the majority of cases the work of sophisticated organised crime gangs. They have well-honed methodologies that are adaptable in the face of detection devices and changes in operating procedures, as the experience of recent disruption to the freight transport system has proved. Our awareness and readiness to protect our businesses must be stepped-up.”
TT has produced significant resources* to assist operators to shield themselves from fraudulent activities as it sees 15% of its cargo theft claims arise from fraud or deception. Specific examples include the intentional submission of false invoices purportedly from an established supplier but actually generated by a fraudster infiltrating the online payment system and duplicated or inflated invoices. Other cases, falling into the category of mandate fraud, experience criminal deception by manipulation of bank transfer details by a fraudster pretending to be an organisation paid regularly by the operator by hacking into the victim’s email traffic and imitating a genuine supplier alter bank transfer details for payment of a legitimate invoice.
TT found however that carrier fraud dominated its claims of this type last year. There are instances of fake carriers intercepting haulage instructions from forwarders or shippers and posing as the authentic carrier; also falsifying cargo pick-up or delivery documentation to steal loads.
One common tactic is where fraudsters pose as a forwarders using a freight exchange site and provide false instructions to a driver. They match a legitimate haulier to a shipper, facilitating the movement of goods. The fraudster then acts as a ‘middle man’ between these two legitimate companies, arranging the collection and directing the driver. Once the trucker has collected the goods, the fraudster provides new instructions to deliver to an alternative address where the cargo is stolen.
“A key aspect of this scenario is that the driver and the shipper are not in direct contact with one another,” explains Yarwood. “To avoid incidents such as this and other frauds it is crucial to make employees aware of the possibilities, to take extra care to verify documentation and instructions directly with customers and/or trusted partners, especially in pressure situations where carrier options might be in short supply or when there are particular time constraints.” He advises.
These are but samples of the various modus operandi employed by those intent of defrauding supply chain businesses. TT is determined to maintain a flow of information designed to help the industry combat such practices and to underline both their extent and devious nature in order to reduce financial losses and further disruption to fragile supply chains.
Source: TT Club
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Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
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