NVOCC register created and minimum standards set for the
Issuance of NVOCC Bills of Lading
FMC defines NVOCC – Non-Vessel-Operating Common Carrier as:
- A common carrier that holds itself out to the public to provide ocean transportation, issues its own house bill of lading or equivalent document and does not operate the vessels by which ocean transportation is provided
- A shipper in its relationship with the vessel-operating common carrier involved in the movement of cargo
As there is no global regulatory body to register, control or regulate NVOCCs around the world, it is difficult to see how many NVOCCs are currently in operation around the world or where they are based..
- It is widely believed that the US market has the largest number of NVOCC operators in the world.. USA may also be one of the few countries where an NVOCC needs to be registered prior to offering services..
- NVOCC registration is also required in China as per certain publications which say that the operator must be registered with Ministry of Transportation..
- Not just in terms of their registration, but there doesn’t seem to be a clear definition on whether the NVOCC operator needs to register their bill of lading or not..
- Similarly, the requirement or need for registration of an NVOCC in other major jurisdictions is clear as mud..
What is the function of an NVOCC..??
An NVOCC is often termed as a “carrier to shippers” and “shipper to carriers”.. What does this mean..??
At the most basic level, an NVOCC enters into volume-based ocean freight arrangements with the various shipping lines operating across the various trade lanes.. An NVOCC then creates their own tariff based on which they sell space on these liner services to their various clients..
Depending on certain jurisdictions and markets, NVOCC’s activities may include but not restricted to below :
Ok, now to the subject of this post..
The ICC 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 Operating Common Carriers (NVOCCs)..
The IMB identified 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..
The IMB has established a register for Non Vessel Operating Common Carriers (the Register) who agree to abide by the IMB Code of Conduct for the proper issuance of NVOCC Bills of Lading..
The purpose of the Register is to improve anti-fraud standards and provide a mechanism to recognise participating NVOCCs who adhere to a minimum standard of anti-fraud measures in their operations..
Banks who are members of the IMB can now check whether the NVOCC named on the bill of lading presented to them has signed up to the IMB Code of Conduct..
This provides some sort of assurance to the banks and customers that the NVOCC bills of lading issued by these NVOCCs meet acceptable standards.. There are of course consequences for NVOCCs who fail to comply..
TT Club noted that in terms of banking scrutiny, The International Chamber of Commerce’s Commercial Crime Services division has a primary function of protecting the integrity of international trade by seeking out fraud and malpractice and providing reports based on this activity to its members..
Commercial banks conduct thousands of investigations each year in relation to fraudulent bills of lading and these investigations are undertaken by the IMB..
As part of the investigation process, IMB conducts due diligence on all trade documents, including bills of lading, and seeks independent third-party verification to provide an extra level of confidence in transactions..
Safeguard against shipping and freight fraudThis supports banks in relation to their compliance procedures to prevent fraud, money laundering and sanctions breaches, especially since banks are not obligated or have no resources to verify if the goods have been shipped on board..
Suspect bills of lading are those which have false content including the wrong ship, dates, description of cargoes, container numbers or parties..
Perpetrators present such bills of lading to banks to facilitate fraudulent activity including money laundering, fraud, illegal capital flight and to by-pass sanctions..
Shipping and Freight Resource fully supports this initiative of the IMB which sets out the standards for the issuance of NVOCC bills of lading, and also the fact that there will now be a register where NVOCCs can be tracked..
What is your opinion on this initiative..??
This is hugely beneficial to the shipping and freight industry and will surely reduce potential exposures to fraudulent activity throughout the supply chain..
Hopefully, in due course, this will become a regulatory requirement for NVOCCs and maybe even Freight Forwarders, much like a customs broker or clearing agent licence.
PS: As a point of interest, only the ICC and IMB seems to be expanding NVOCC as Non-Vessel Owning Common Carrier whereas everyone else including FMC, World Shipping Council, TT Club seems to expanding NVOCC as Non-Vessel Operating Common Carrier..
Although it could mean both Owning or Operating, would be interesting to hear the rationale.
I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. I am text block.
Tips and tools you offer are so helpful to agencies in our community.
Code Promo 1xbet Congo vous donne un code promo 1xBet bonus de bienvenue de 100% sur le depot initial, disponible en Afrique ou dans d’autres regions, vous pouvez recevoir jusqu’a 130€ ou l’equivalent. Le bookmaker 1xBet, reconnu dans le secteur des paris sportifs, opere avec succes depuis plus de dix ans.
Elektroauto Verkaufen
Wir kaufen dein ElektroAuto in ganz Österreich. Wir kaufen deinen Tesla.
Người hâm mộ có thể cập nhật đầy đủ thông tin về ASEAN Cup 2026 thông qua nhiều ứng dụng và nền tảng trực tuyến. Lịch thi đấu ASEAN Cup 2026, kết quả các trận đấu, bảng xếp hạng và tin tức mới đều được cập nhật nhanh chóng chỉ với vài thao tác đơn giản. Nhiều ứng dụng còn gửi thông báo khi trận đấu bắt đầu, hiển thị tỷ số trực tiếp và thống kê chi tiết về cầu thủ cũng như diễn biến trên sân. Bên cạnh đó, người xem có thể tham gia bình chọn cầu thủ xuất sắc, dự đoán tỷ số hoặc chia sẻ cảm xúc với cộng đồng yêu bóng đá, góp phần tạo nên không khí sôi động trong suốt mùa giải. sunwin
终结者未来战士穿越时空，科幻动作经典耐看高清免费点击观看
Le bonus de premier depot 1xBet permet aux nouveaux joueurs de recevoir 100 €/$ sur le premier depot. Le montant du bonus est garanti, meme sans code. Vous pouvez en savoir plus sur le meilleur code promo 1xBet ici : https://www.maliterie.com/modules/pgs/code_promo_470.html
Người hâm mộ có thể cập nhật thông tin về ASEAN Cup 2026 thông qua nhiều ứng dụng và nền tảng trực tuyến. Lịch thi đấu ASEAN Cup 2026, kết quả, bảng xếp hạng và tin tức mới được cập nhật nhanh chóng. Nhiều ứng dụng còn gửi thông báo khi trận đấu bắt đầu, hiển thị tỷ số trực tiếp và thống kê cầu thủ. Bên cạnh đó, người xem có thể bình chọn cầu thủ xuất sắc, dự đoán tỷ số hoặc chia sẻ cảm xúc. Sự kết hợp giữa thông tin và tương tác trực tuyến góp phần tạo nên không khí sôi động. Nhờ vậy, việc đồng hành cùng giải đấu trở nên thuận tiện hơn. hitclub
Люди подскажите Объездил кучу магазинов — везде одно и то же То алюминий гнется Короче, нашел нормальный рейтинг — какой карниз настенный лучше для легких штор Отзывы реальных покупателей В общем, сохраняйте себе — best рейтинг потолочных карнизов best рейтинг потолочных карнизов Не покупайте наугад Перешлите тому кто ищет карнизы
Люди подскажите Продавцы вообще ничего не понимают То алюминий гнется Короче, нашел нормальный рейтинг — лучшие потолочные карнизы с монтажом Алюминий, сталь, пластик, дерево В общем, там рейтинг и отзывы — какой карниз лучше пластиковый или алюминиевый какой карниз лучше пластиковый или алюминиевый Не покупайте наугад Перешлите тому кто ищет карнизы
Люди подскажите Брат снова сорвался Родственники не знают что делать Нужен врач прямо сейчас Короче, только это реально спасло — вызвать нарколога на дом быстро Через пару часов человек пришёл в себя В общем, телефон и цены тут — вызвать нарколога на дом вызвать нарколога на дом Не ждите пока станет хуже Перешлите тем кто в такой же ситуации