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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
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