ITIC Issues Warning on Forged Documents

MarineLink.com
Tuesday, October 29, 2013

ITIC has warned shipping intermediaries to be on the look-out for cleverly forged documents which could result in them being held liable for substantial claims by cargo interests.

In the latest issue of its Claims Review, ITIC refers to the case of a Belgian ship agent which released six containers of castor oil valued at $270,000 against a fraudulent bill of lading. The containers were to be shipped from India to Belgium, and although the bill of lading against which the ship agent released the cargo to the consignee appeared at first glance to be genuine, it was in fact a clever forgery.

The shipper claimed that it had not been paid for the cargo, for which it still held the original bills of lading. It duly arrested one of the carrier’s vessels in India and obtained a bank guarantee from the carrier as security for its claim. In turn, the carrier looked to the ship agent for indemnity.

Examination of the bills of lading that had been presented established that the agent should have spotted the forgery. The forged bills included clearly incorrect details, such as the name of the load port, and also spelling errors, including the name of the carrier. The agent had therefore been negligent in releasing the cargo against the documents.

The claim brought against the carrier by the shipper was for the cargo value plus costs and interest. The case was fought in the Indian courts, which is usually a slow process. As it was unlikely that the claim could be successfully defended, ITIC and the carrier pushed the shipper to settle the matter. Finally, after almost four years of negotiation, a settlement of $160,000 was agreed - $100,000 less than the original amount claimed. ITIC also reimbursed the carrier’s legal costs and the bank charges incurred in maintaining the bank guarantee.

ITIC says it has never been easier for documents to be cleverly forged, and warns ship agents that they need to ensure that they thoroughly check the details on bills of lading and other such documentation

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

ACP Receives $740 mln in Cost Overrun Claims

The consortium working on the extensive Panama Canal expansion has submitted two new claims for cost overruns of almost $740 million, the canal administrator said on Friday.

APM & NYK Plan RoRo facility at Pipavav

APM Terminals operated Gujarat Pipavav Port Ltd (APM Terminals Pipavav) and NYK Auto Logistics (India) today announced setting up of a dedicated automobile yard (RoRo) at Pipavav Port.

Standing by to Assist Santa

Pentagon Press Secretary, Rear Adm. John Kirby, recently held a press briefing where he discussed the specifics of how the Department of Defense is supporting

News

Es Sider Port Oil Tanks On Fire

A fire at an oil storage tank at Libya's Es Sider oil port has spread to two more tanks, officials said on Friday. The first oil tank was hit during clashes

Oil slides, Brent tests $60

Global oil markets fell again on Wednesday in holiday-thin trade, extending more than a week of see-saw volatility as traders jousted over whether a growing supply glut had been fully priced in.

USCG Rescues Man Stranded in Bahamas

A man who was stranded on an island in the Bahamas for five days is safe after the Coast Guard rescued him Thursday afternoon. Rescued was Andrew Black, Bahamian national, 55-years old.

Vessels

7th World Travel Award for DP World

DP World’s Mina Rashid port has successfully defended its title as the World’s Leading Cruise Port, for the seventh consecutive year, at the prestigious World Travel Awards 2014.

USCG Respond to Ohio River Barge Collision

The Coast Guard is responding to a barge collision on the Ohio River near Joppa, Illinois, Wednesday. Coast Guard Sector Ohio Valley watchstanders were notified

"Iron Nickel's" Last Voyage

USS Peleliu (LHA 5) returned to Naval Base San Diego Dec. 24 from a six-month deployment to the Western Pacific. Upon return, the ship will make preparations

Insurance

General Dynamics Contibute $0.5 mi to CIMVHR

General Dynamics Canada is proud to announce a contribution of half a million dollars over three years to support the work of the Canadian Institute for Military

The Importance of Lloyd’s Open Form Salvage Contract

The importance of shipping to world trade hardly needs stating, carrying as it does more than 9 billion tons of cargo each year in some 4,500,000 vessel movements.

DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility,

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1823 sec (5 req/sec)