In a recent incident, the loss of paper bills of lading led to significant complications, costs and delays that could easily have been avoided if electronic bills of lading had been used.
BIMCO has warned against situations where fake “brokers” will attempt to trick owners into fixtures where there is no cargo available. The con also involves a request for advance funds to be remitted to an account allegedly belonging to the “agents” at the loading port.
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In an encouraging development for trade digitalisation, BIMCO's "25 by 25" campaign has surpassed its initial target within its first year, achieving a 25.1% adoption rate of electronic bills of lading in iron ore trade.
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or almost fixed) by fraudsters seeking to trick owners to remit advance payments to accounts controlled by them. Using this information, we have put togethe... Please follow the link to continue reading.
John is a partner at Adams&Moore Solicitors LLP, London. Dual-qualified as a Solicitor-Advocate in England & Wales and as a Solicitor in Hong Kong, John is also a Fellow of the Chartered Institute of Arbitrators (FCIArb) and has represented clients at arbitrations both ‘ad hoc’ and subject to instit... Please follow the link to continue reading.
Professor Soyer is the Director of the Institute of International Shipping and Trade Law at Swansea University (www.swansea.ac.uk/law/istl). He is a member of the British Maritime Law Association and British Insurance Law Association. He is the author of Warranties in Marine Insurance published by C... Please follow the link to continue reading.
Singapore Port Authority drives a hard line on bunker fraud.
BIMCO has been made aware of a company in India named Grand Shipping & Trading Company who is presenting themselves as a company facilitating BIMCO memberships.
Oswald Kuyler, Chief Operating Officer at MonetaGo, writes about how digitalisation can create a more secure shipping industry
