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10 April 2020 The on-line newspaper devoted to the world of transports 06:00 GMT+2

April 28, 2003

Fraud on the rise in shipping industry

Commercial fraud costs the global trade and shipping industry losses estimated at hundreds of millions of dollars per year, according to a senior maritime official.

"Every year, banks, shippers and traders suffer heavy losses due to commercial fraud carried out by organised criminal groups. Some of these are done in the form of fake financing of trade against the banks, some in the form of piracy, charter fraud, and changing the identity of ships on the high seas, which is known as phantom ships," said Captain P. Mukundan, director of International Maritime Bureau ......
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