Phantom ship fraud a risk for insurers: IMB<\/p>\n
KUALA LUMPUR (AFP): The Kuala Lumpur-based International
\nMaritime Bureau (IMB) warned yesterday that so-called phantom
\nships were taking over from pirates as one of the biggest risks
\non the high seas.<\/p>\n
The warning came as IMB revealed that the country's largest
\nmultinational, Sime Darby Bhd., was the victim of a phantom ship
\nfraud, a phenomenon that IMB says is posing \"multi-billion
\ndollar-problems\" for insurers.<\/p>\n
Phantom ships are usually stolen vessels registered under the
\nname of bogus companies, which take on cargo but never deliver
\nit. The ships then change their names before they pick up a fresh
\ncargo elsewhere.<\/p>\n
\"Sime Darby was a victim of a phantom ship fraud, a crime that
\nhas cost victims through Southeast Asia at the very least US$50
\nmillion in the last three years,\" IMB's regional manager John
\nMartin told AFP.<\/p>\n
\"The same vessel that had preyed on Sime Darby could still be
\nplying to ensnare unsuspecting shippers,\" he said.<\/p>\n
Last month, Chinese customs in Beihai, Guangxi, announced they
\nhad released a $6 million cargo of 5,000 tons of rubber belonging
\nto Sime Darby Commodity Trading, that had been seized last
\nNovember along with the vessel, called Asoka II, on suspected
\nsmuggling charges.<\/p>\n
According to Martin, the ship turned out to have been formerly
\nnamed Windsor III, and had been chartered by Sime Darby to carry
\nthe rubber.<\/p>\n
\"Sime Darby, of course, did not involve itself with any
\nsmugglers or any vessel called the Asoka II when it simply wanted
\nto export (the) rubber to its clients in Hongai, Vietnam, and
\nFangcheng in China,\" Martin said.<\/p>\n
Its agents loaded the shipment at Malaysia's northern Penang
\nport on to the Windsor III, which sailed on Oct. 3, last year,
\nand never arrived in Hongai or Fangcheng, Martin related.<\/p>\n
The IMB later ascertained that no ship bearing the name
\nWindsor III was registered with London's Lloyds shipping
\nregister.<\/p>\n
The Asoka II was able to flee Beihai after discharging its
\ncargo and its current whereabouts and identity remained unknown,
\nMartin said.<\/p>\n
\"It could still be plying its phantom trade or have been
\ndeliberately sunk or have been sold to an unsuspecting shipping
\ncompany,\" he warned.<\/p>\n
Martin said shippers could help curb incidences of phantom
\nship fraud through \"routine prudence\".<\/p>\n
\"The true ownership and identity of a vessel, the status of
\nits purported owners and the authenticity of documents can be
\nquickly established at minimal cost by the IMB,\" Martin said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/phantom-ship-fraud-a-risk-for-insurers-imb-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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