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By March 14, 2019October 1st, 202639,479 Comments

IMB to Tackle Bills of Lading Fraud

The International Maritime Bureau (IMB) announced that it has launched a new initiative aiming to mitigate bills of lading (B/L) fraud conducted by non-vessel owning common carriers (NVOCCs).

News key points: 

1

NVOCC Register - A solution provider

The IMB NVOCC Register provides a business solution to a business problem impacting parties involved in international shipping and trade.
2

B/Ls Key Documents

B/Ls are crucial documents relied upon by many stakeholders in the trading chain including banks, shipping companies, carriers and charterers.
3

IMB checks B/L for its members

While the vast majority of NVOCCs issue B/Ls correctly, there is a small minority that do not.
4

95% false B/Ls

IMB’s says that up to 95 percent of the false B/Ls identified by the Bureau are issued by NVOCCs.
5

An IMB spokesman said

“Incidents of ship owners/carriers or their agents issuing false B/Ls are uncommon because they take a big risk in doing so and open themselves to legal action.
6

However

unlike the carriers or their agents, the majority of NVOCCs do not have any assets which are at risk in these transactions except for their reputations.
7

Fraudulent Practices in B/Ls

This could lead to fraudulent practices, and banks that unwittingly process false B/Ls could discover that either there are no cargoes underlying the documents or that the shipments may be misrepresented.
8

IMB spokesman added

“The NVOCC Register therefore recognises participating NVOCCs who adhere to a minimum standard of anti-fraud measures in their operations,”
9

Inviting NVOCCs

IMB is inviting NVOCCs to sign up to its NVOCC Register. In doing so they will also have to sign up to a Code of Conduct for the issuance of B/Ls. Failure to comply with the Code of Conduct may result in removal of the NVOCC from the Register in certain circumstances.
10

The intention behind NVOCC Register

The intention is not to exclude defaulting NVOCCs but to help them improve the steps taken to issue bills of lading which is relied upon by a number of other stakeholders.
11

Advantage to Signup for NVOCC Register

IMB says an advantage of signing up to the Register is that banks may process the documents of NVOCCs on the Register faster than those that are not.

39,479 Comments

  • single_zdOt says:

    OK — been using this thing for maybe a few months now and it’s stuck on my phone, reckon I’d chuck my thoughts in since someone asked me last week. I’m UK based, generally do football and horses, small stakes, just so you know where I’m coming from.

    What got me on it was actually pretty stupid — I never could work out what an each way return would be once you get five places instead of three. I used to just wing it and get a shock. Now type the odds in before I place anything, even the boring singles.

    The single bet calculator is the bit I open most — you put in stake and odds and it shows profit and total return instantly, fractions or decimals. Same tool covers the bigger stuff — doubles and trebles maths, lucky 15s, yankees, and that’s where most people I know got it wrong. Have a go yourself, it lives at matched bet calculator and there’s no login wall, which I appreciated.

    The thing that genuinely changed how I bet was the nerdier tools. The probability converter and it makes obvious how much the bookie’s taking, plus a kelly tool — I use half kelly because full kelly is terrifying. Dutching calculator gets used a fair bit for when I’m covering two or three runners.

    It’s not perfect mind. Its design feels pretty plain — no frills, looks like it was built by someone who cares more about maths than colours. Phone-wise it works although the bigger tables need a bit of scrolling. There’s no app, just the site — doesn’t bother me just flagging it.

    So yeah. Doesn’t cost anything, no ads shoved in your face, does what it says. If you honestly works out returns on a calculator app, give it a go — it’s saved me a load of arguments with the bookie.

  • single_rwpr says:

    So — have been messing about with this thing for something like a few months now and I keep coming back, so thought I’d say something since a lad on another thread asked me the other day. Am in the UK, generally bet football and racing, nothing mad, so take it how you like.

    The reason I started using it was genuinely pretty stupid — I could never figure out what an each way payout actually came to once you get five places instead of three. Basically I’d guess and then be surprised. Now punch the numbers in first, every time, even a simple single bet.

    The single bet calculator tool is the one I’m on daily — you drop in your stake, the odds and it spits out the return instantly, fractions or decimals. There’s also the multiples — acca and treble returns, lucky 15s, a yankee, which is where I’d always got it wrong. If you want a look, it’s here calculate yankee bet and there’s no login wall, which I appreciated.

    The thing that genuinely changed how I bet is the nerdier extras. They’ve got an probability calculator that shows the overround, and a kelly staking calculator — I stick to fractional kelly since full stakes are a quick route to a dead bankroll. The dutch tool is handy too when I’m splitting a race.

    It’s not perfect mind. Its layout is a bit basic — not much polish, which honestly I don’t mind but some will. Phone-wise it works but the acca grid make you pinch and zoom. And no app, it’s browser only — doesn’t bother me but you asked.

    Anyway. Free, barely any ads, does the job. Anyone who still works out returns on a calculator app, give it a go — it’s saved me a fair few arguments with the bookie.

  • single_hiSn says:

    So — have been messing about with this thing for something like five months now and I keep coming back, reckon I’d write something up since a mate asked me last week. Am in the UK, generally bet football and racing, small stakes, just so you know where I’m coming from.

    What got me on it was honestly embarrassing — I never could work out what an ew payout actually came to once you get five places instead of three. I’d just guess and then be surprised. Now punch the numbers in before every slip, even the boring singles.

    The single bet calculator tool is the bit I open most — you put in stake and odds and it spits out returns instantly, either odds format. It also handles the multiples — acca and treble maths, a lucky 15, yankees, honestly that’s where I’d always mess it up. If you fancy a poke about, it lives at super heinz free bet calculator and there’s no login wall, which I appreciated.

    One thing that genuinely changed how I bet was the geekier tools. They’ve got an probability converter and it makes obvious what margin’s baked in, and a kelly criterion calculator — I stick to fractional kelly as the full version is terrifying. Dutching calculator is decent when I’m spreading across selections.

    Not all sunshine though. The interface is pretty plain — not much polish, it’s clearly function over form. On mobile it works although the acca grid are a squeeze. Also there’s nothing on the app store, it’s a website and that’s it — slight shame but you asked.

    Right, that’s me. Free, barely any ads, does the job. Anyone who honestly adds it up in their head, have a look — it’s saved me a fair few arguments with the bookie.

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