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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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Thursday, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
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- PowerSource Philippines DevCo
- Parliament of New Zealand
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
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