The International Maritime Bureau (IMB) estimates from its work in verifying Bills of Lading that over 95% of all improperly issued Bills of Lading are issued by – yeah you guessed it – Non-Vessel Owning Common Carriers (NVOCCs)..
The IMB identifed that there is a prevalence of issuance of incorrect NVOCC bills of lading by the NVOCC which is then presented to banks and other stakeholders in the trading and finance chain, with the aim of defrauding the trade finance system, possibly for the purposes of multiple financing, money laundering, etc..
The IMB has developed a business solution to mitigate the effects of this problem..
Connection between Shipper and NVOCC :- Can a shipper negotiate directly with a NVO for slot rates? Who would handle the documentation in that case? Would the shipper/cnee have to hire a FF to complete the delivery? Or could they do it with an in-house staff member? Thanks Jeff Carter for this multi part question.. If you read my previous article … Read more here..
Is there a difference between a NVO and NVOCC Operator..?? This is a very good question asked by one of the readers (Jane).. If you read my previous article regarding NVOCC, I have mentioned that NVOCC is a Non-Vessel Operating Common Carrier and that the NVOCC can and sometimes do own and operate their own or leased containers.. A Common Carrier is … Read more here..
It is always nice to get some feedback and inputs from the readers of the blog.. Here is one question that has come up : Who is a multi-modal transport operator and how do they differ from a freight forwarder..?? Before we go to the question, lets discuss what is a Multi-Modal transport.. As the name may indicate, it is … Read more here..
This was a question from one the readers of the blog.. Its usually known as a back to back bill of lading rather than shipment as the shipment is actually the same but the documentation will be different.. Well, back to back bill of lading is when there is an NVOCC operator involved or when a Freight Forwarder wants to … Read more here..