TT Live

While the series of catastrophic containership fires experienced during 2019 has, happily, not been repeated this year, there is no room for complacency. The incidence of lesser fires and emergencies persists.

In response to a series of incidents – and with the intention of protecting, restoring and ensuring safety in the local ecological environment – China enacted the Yangtze River Protection Law on 26 December 2020, which then came into force on 1 March 2021.

In the ordinary line of business, companies transact with numerous other businesses to support their activity. Whether it be for freight services, key commodities (such as fuel) or simply stationary supplies, purchases are frequent and almost exclusively these days completed electronically, giving rise to increased risk of fraud through the procurement process.

With some 90% of world trade transported by sea, coupled with the logistics challenges of Covid-19 and emerging new trends in cybercrime, the importance of cyber security in the supply chain has never been more critical.

An interesting case displaying the potential financial disparity between jurisdictions where more recent protocols – or even conventions – are not adopted or implemented, echoing a recent International Group call to increase certainty and consistency of outcome. 

Improper packing of bulk grain cargo can lead to the distortion of the container, compromising structural integrity, spillage of contents, contamination, and injury to workers when opening container doors.

Calls for intrusive inspections of import and export freight to counter the risks of invasive pests in cargo and containers risk disrupting trade more severely than either COVID-19 or the Suez blockage.

In the final episode of the series, Mike Yarwood, TT's Managing Director Loss Prevention, talks once again to David Thompson of Signum Services. 

As cargo is widely considered to be most at risk when it is at rest, the key topic for discussion this week is secure parking for trucks. Mike and David discuss the barriers to adoption for both drivers and truck stop providers across the globe in the fight against cargo crime. 

One of the less apparent consequences of the pandemic has been a noticeable increase in drug trafficking exploiting the maritime supply chain. No entity welcomes the embarrassment, almost certain cost and potential reputational damage. What to do?

With business transactions and communication handled almost exclusively online these days, there is increased risk of fraud in the fast-paced digital environment, making due diligence more critical than ever.