TT Club

Third quarter cargo theft data in the US shows storage facilities targeted in 45% of reported cases; up from 20% of recorded cases in the same quarter in 2020.  Fall in hijacking and robbery of vehicles from 67% to just 25% this year coincidental with rise in theft of cargo units in unsecured storage areas. Congestion throughout the supply chain but particularly in and around ports is a significant contributory factor to this diversification of theft types.

London & New Jersey, 18^th January 2022

Freight insurance specialists, TT Club and the supply chain services and solutions team at BSI, the business improvement and standards company have highlighted the increased risk of theft from storage facilities seen over the past few months in the United States. The changes in theft patterns from the same quarter last year highlight a trend away from ‘on the move’ targets to those locations where cargo is temporarily stored and delivered.  These locations include traditional warehouses and depots where containers and trailers are being held awaiting collection, many of which are temporary facilities in port areas without adequate security regimes.

As the diagrammatic comparisons below show, the largest rise in the methods and locations for cargo theft was from facilities:  the percentage of the total increasing to 25% in the third quarter this year in contrast with just 7% in 2020.  At the other extreme theft of vehicles fell from a dominant 47% in 2020 to a surprisingly low 15%; in addition, hijackings halved from 20% to 10%.

In commenting on some of the more contrasting figures, Mike Yarwood, TT Club’s Managing Director, Loss Prevention said, “The is little doubt that the problems of supply chain disruption that are currently bedevilling the US freight transport system, particularly that of container congestion at ports and inland hubs, is creating increased opportunities for thieves. The static nature of cargo in these circumstances, often stored in temporary and less secure facilities, leads to criminal ingenuity adapting the modus operandi of theft in a typically resourceful way.”

TT is keen to use the insightful data provided by BSI Screen in identifying sifts in cargo theft trends and bring them to the attention of operators in as timely as a fashion as possible. Those concerned with risk management in the supply chain both in the US and throughout the world should be aware of such patterns and hopefully take measures to reduce losses, costs and insurance claims. 

TT is committed to providing resources to help supply chain stakeholders to enact such mitigating measures.  Yarwood explains, “Whatever the location and means of cargo theft such incidents can often be averted through straightforward due diligence, management processes and employee vetting and training.” To this end, TT has a webpage dedicated to advice on improving supply chain security which can be accessed via this link

https://www.ttclub.com/loss-prevention/supply-chain-security/?utm_source=pressrelease&utm_medium=article&utm_campaign=bsi_cargotheft

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.  

www.ttclub.com

About BSI

BSI is the business improvement and standards company that enables organizations to turn standards of best practice into habits of excellence, ‘inspiring trust for a more resilient world’. For over a century BSI has driven best practice in organizations around the world. Working with over 77,500 clients across 195 countries, it is a truly global business with skills and experience across all sectors including automotive, aerospace, built environment, food and retail and healthcare. Through its expertise in Standards and Knowledge, Assurance Services, Regulatory Services and Consulting Services, BSI helps clients to improve their performance, grow sustainably, manage risk and ultimately become more resilient.

To learn more, please visit: www.bsigroup.com

About BSI Supply Chain Services and Solutions
BSI Supply Chain Services and Solutions is the leading global provider of supply chain intelligence, global supply chain verification auditing services, audit compliance and risk management software solutions, and advisory services. BSI’s supply chain services and solutions and services can work independently to address specific needs or combined together to gain unparalleled visibility into your global operations. Implementing BSI’s holistic supply chain risk management suite provides organizations with a complete solution for a more sustainable and secure supply chain. To learn more, please visit www.bsigroup.com/supplychain

Crime report from TT Club and BSI finds over three-quarters of cargo theft occurs at logistics hubs and warehouses, with Free Trade Zone (FTZ) particularly vulnerable locations.

Dubai & London, 16^th December 2021

The well-established collaboration between international freight transport insurer, TT Club and the supply chain services and solutions team at BSI, the business improvement and standards company has produced the latest report on trends in the theft of goods entitled, ‘Cargo Crime in Gulf Countries and Regional Free Trade Zones’¹. Intended as a risk mitigation tool for transport operators, its timing might be more relevant given the spike in cargo movements running-up to the seasonal festivities.

Key findings include:

• 76% of cargo theft is from warehouse and storage facilities
• Crime hot-spots in UAE & Saudi Arabia
• High-value goods such as electronics targeted
• Insider assistance and corruption plays a prominent role
• Smuggling of illicit contraband prevalent in Free trade Zones (FTZ)

TT Club’s Mike Yarwood comments, “Our reports are intended to alert those in the supply chain to the variable and developing trends in the risk of cargo theft during intermodal transportation.  The unique combination of BSI sourced data on criminal activity and TT Club’s insurance claims records provides valuable intelligence to operators.”

“Regular updates of this nature are essential as criminal gangs are constantly altering their points of attack.  The current prevalence of supply chain congestion, delays, disruption, and in the Middle East region in particular packed warehouses, makes such information critical.”

The report highlights that warehouse thefts and supply chain corruption are the stand-outs, with a concentration on higher risk areas across the United Arab Emirates (UAE) and in the Kingdom of Saudi Arabia (KSA). The role special economic zones play in the Middle East also effects regional disparities in cargo theft.

Free Trade Zones (FTZ) are a significant feature of the regional economy and represent potential vulnerabilities for supply chains by virtue of facilitating high volumes of trade under simplified customs procedures that can provide opportunities for criminals to act. Furthermore, as Gulf Cooperation Council (GCC) economies return to pre-pandemic levels, and data provided by the International Road Transport Union (IRU) is projecting growth in trade², it is possible that criminals will also seek to exploit these higher volumes of cargo throughput to introduce illicit drugs and counterfeited products into shipments.

Umberto de Pretto, Secretary General, International Road Transport Union comments, “The IRU, together with its members and partners, continues to strengthen global transport supply chains, notably through the implementation of international standards such as TIR for compliance management and security, and through innovative training to help road transport professionals identify risks and adapt operations to avoid security threats.”

There is also valuable guidance on mitigating the risk contained in the report.  These guidelines cover avoiding the introduction of drugs into shipments; reducing theft from facilities and combating counterfeit smuggling, all of which are of particular concern in the Middle East region.

“Operators should be consistent in their vigilance, especially in the current season of festivities when the movement of gifts is at a peak” recommends Yarwood.  “TT’s intention is to help reduce theft related loss and to that end these reports offer loss prevention advice to complement the joint analysis of current trends.  As well as financial damage these incidents can cause severe operational disruption and unquantifiable reputational damage to supply chain service providers.  As a consequence, it remains of key importance to the transport industry to identify, prevent and report any criminal activity.”

¹A PDF of the full report is available for free download Here

² https://go.iru.org/9N

ENDS

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.   

www.ttclub.com

About BSI

BSI is the business improvement and standards company that enables organizations to turn standards of best practice into habits of excellence, ‘inspiring trust for a more resilient world’. For over a century BSI has driven best practice in organizations around the world. Working with over 77,500 clients across 195 countries, it is a truly global business with skills and experience across all sectors including automotive, aerospace, built environment, food and retail and healthcare. Through its expertise in Standards and Knowledge, Assurance Services, Regulatory Services and Consulting Services, BSI helps clients to improve their performance, grow sustainably, manage risk and ultimately become more resilient.

To learn more, please visit: www.bsigroup.com

About BSI Supply Chain Services and Solutions
BSI Supply Chain Services and Solutions is the leading global provider of supply chain intelligence, global supply chain verification auditing services, audit compliance and risk management software solutions, and advisory services. BSI’s supply chain services and solutions and services can work independently to address specific needs or combined together to gain unparalleled visibility into your global operations. Implementing BSI’s holistic supply chain risk management suite provides organizations with a complete solution for a more sustainable and secure supply chain.

To learn more, please visit www.bsigroup.com/supplychain

Climatic changes, particularly extreme events are a universal concern for those managing international supply chains, and for the operators of the transport infrastructure that service them. Freight transport and logistics insurance specialist TT Club’s analysis of weather-related risk highlights water damage to cargoes in particular.

London, 8^th December 2021

Analysis of the insurer’s claims over the last three years finds:

• Inland operations suffered damage caused by extreme weather in 32% of cases
• Unsurprisingly, locations near a coast are more susceptible to weather related incidents (68% of cases) with 16% of claims involved heavy rainfall causing flooding
• Property damage through strong winds and microbursts featured in 74% of weather-related claims through the period
• The maritime mode accounted for 65% of reported claims. This in part explained by the length of time cargo is in transit and exposed to variable climatic zones
• Road transit next most prominent mode at 14% 
• Wet damage while in storage accounted for 13% of reported claims; 31% of these as a result of flooding

Recent, and on-going meteorological events, particularly in the Vancouver area are timely instances of extreme weather such as unprecedented rainfall, tidal surges and wind microbursts becoming more common.  Whilst many storm events are considered geographically seasonal – such as those in the Tropics – the global supply chain as a whole must take adequate steps to prepare for isolated severe weather events. Typically wind strength is most ferocious in coastal areas. However, it is often the surge and flood risk that can cause greater problems, both on the coastline and further inland.

The incident data compiled by TT illustrates that the traditionally wetter summer months in the northern hemisphere are when cargo is at greater risk; extreme flooding across broad swathes of continental Europe during July and August 2021 corroborate this as an emerging (or emerged) risk. Further, recent months have seen extraordinary volumes of rainfall over short periods in various parts of the globe, resulting in flash flooding and causing significant damage.  

TT Club’s Risk Management Director, Peregrine Storrs-Fox elaborates, “The associated losses of such incidents can be far reaching; water is unforgiving and has the ability to penetrate and cause significant damage. Flood water is inevitably dirty, increasing damage and in many instances creating health challenging situations. Extreme weather events can be challenging to predict but operators of warehouses, terminals and port areas need to keep ‘fresh’ their assessment of the changing risk profile in relation to climate experience .”

TT notes that understanding of meteorological trends, particularly in light of global warming, is doubtless advancing.  The capability to monitor, record and predict weather patterns will continue to develop. This understanding will not physically protect property, equipment and operations but, when utilised as an integral component of thorough risk assessment, it should inform operational decision-making.

The insurer’s analysis has also found that 65% of cargo damage incidents are attributable in part to the way that goods are packed within a container or cargo transport unit (CTU). That data for 2020 suggests 25% of wet cargo damage was caused by water ingress to the CTU through pre-existing damage that probably should have been identified as part of the cargo packing process. Many claims therefore can be avoided with a robust pre-loading condition checking procedure and correct packing processes.

The CTU Code¹ and the more recent ‘ CTU CODE – a quick guide’² and its complementary Container Packing Checklist published by the Cargo Integrity Group, provide invaluable guidance for actors in the supply chain to mitigate such risks. 

“Climatic change is a fact of life,” concludes Storrs-Fox, “as such risk assessment exercises by supply chain stakeholders must necessarily take account of extreme weather events, as unpredictable as they may be.  However, sensible operational measures and the employment of best practice procedures pertinent to individual organisations’ functions will go a long way towards avoiding disastrous consequences when the next rainstorm hits.”

¹ IMO/ILO/UNECE Code of Practice for Packing of Cargo Transport Units (CTU Code)

² The CTU Code — Quick Guide and Checklist is now available in all six official United Nations languages plus    Italian in PDF format, downloadable HERE

About TT Club:

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

www.ttclub.com

A long-time advocate of safer parking facilities for long-distance road vehicles, international transport insurer, TT Club has welcomed the EC’s initiative to introduce a standard ensuring a minimum level of security and safety at these overnight parking sites

London, 18th November, 2021

Undoubtedly the time when cargo and driver are at most risk is when they are at rest, whether overnight, during meal breaks or due to regulatory requirements.  TT Club collaborations with BSI Supply Chain Services and Solutions, and others, have consistently shown that over 60% of all cargo thefts from road vehicles occur in transit – and a high proportion of those while vehicles are parked.

As such the specialist insurer is keen to advise operators of risk management measures that they can take to mitigate such risks.  TT therefore soundly welcomes the European Commission’s introduction of its Safe & Secure Truck Parking Areas (SSTPA) Standard. This is set to come into EU Law through the EU Driving and Rest Time rules, part of the Commission’s Mobility Package 1.

“At a time of severe driver shortages, warehouse capacity crisis and congestion throughout the freight transport system, there needs to be even more vigilance against criminal activity,” comments TT’s MD of Loss Prevention, Mike Yarwood.  “The current circumstances are increasing the opportunities for the well-organised and targeted theft of goods. Every initiative to strengthen security, and the safety of drivers, particularly in more vulnerable locations is to be applauded.”

The new SSTPA standard follows a voluntary scheme that is in existence aimed at addressing the EU’s requirements for safe parking.  Now with EC investment that will come into effect in harmony with the new SSTPA, secure parking capacity will increase.

In the UK, similar trends in theft, and an even greater need for safe parking facilities exist.  This has prompted TT to support schemes such as Motorway Buddy, which is a smartphone app enabled a truck-stop locator.  It is a driver-friendly compliance and safety management tool that provides the location of over 300 recognised truck stop facilities.

With TT’s investment and collaboration with the Freight Unit of the National Vehicle Crime Intelligence Service (NaVCIS), the app is now supplied with detailed crime data, mapping cargo and fuel theft hotspots.  Motorway Buddy thus enables informed decisions as to where is most prudent for drivers to park-up, leading to a safer and more secure road freight transport.

Yarwood concludes, “The achievement of a more secure freight environment within the UK and Europe, and indeed across the globe, will be a never-ending battle as thieves adapt their methods to exploit softer targets.  However, initiatives such as the EU’s new SSTPA Standards address one of the system’s key weaknesses — the woeful shortage of safe and secure parking facilities.  TT will also continue to highlight this shortcoming and invest in the means to improve the situation.”

About TT Club:

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

www.ttclub.com

Geneva/London, 17 November 2021– FIATA International Federation of Freight Forwarders Associations and TT Club, international freight transport insurer, revealed this year’s global winner of the Young International Freight Forwarder of the Year Award (YIFFYA) during today’s final online event.

FIATA and TT Club are proud to announce that Justin Goedhart, the regional winner of Region Africa and Middle East, representing SAAFF, South Africa, has been awarded the title of Young International Freight Forwarder of the Year.

“With his dissertation, presentation and video today focused on the international shipment of rhinos and large ball mill, Justin has demonstrated exemplary understanding, knowledge and passion for his profession – showing how the next generation is truly resilient and adequately equipped to meet the current and future challenges of the supply chain”, said Michael Yarwood, TT Club’s Managing Director, Loss Prevention.

FIATA and TT Club extend their congratulations to the three other dedicated young professionals who made it to the final stage of the competition: Georgina Perez Perez, CIFFA, Canada; Glauc Fornés Gil, FETEIA, Spain; Muhammad Wasif Wiqar, PIFFA, Pakistan. All the finalists have invested impressive efforts into the competition, using their skills to provide high quality work. By their dedication, innovative minds, and enthusiasm, they are a true source of inspiration for the industry. 

The final event was also the opportunity to launch next year’s competition – with a little twist. The award will be from now on called the Young Logistics Professional Award. “This change truly reflects FIATA’s reality – we want to encourage and nurture passion of the young talents representing all sectors of the industry, whatever their specialization – this is crucial for the future of our community. In line with this, FIATA is planning to organize other activities to promote young logistics professionals”, noted FIATA President, Basil Pietersen.

One of FIATA’s top priorities is to attract gifted young professionals to the field and meet the human resource challenge over the next years. The competition is a key tool towards this essential goal; it is a rewarding experience for the candidates, who can display their expertise, get new skills, enlarge their network, and gain exposure within the global freight forwarding community. It also shows to younger generations what a career in international freight forwarding and logistics is about – with its many opportunities to grow. FIATA and TT Club strongly encourage young logistics professionals, with the essential support of their FIATA national association, to join this exciting venture.

About TT Club

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1,100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more. www.ttclub.com

The leading global freight and logistics insurer underlines the future importance of technology in fulfilling its primary mission of a safer and more secure container industry with the appointment of an experienced CTO in Kevin Blunsum, working alongside Thomas Miller Group CIO Lisa Gibbard.

Digitalisation of the transport and logistics industry is quite well advanced, and the TT Club is committed to meeting the digital needs of the industry now and in the future. The Club’s appointment of its first Chief Technology Officer is a major step in ensuring its ability to service its Members’ developing digital needs.

Kevin Blunsum is a highly experienced and well-respected member of the London-market insurance community. Over his thirty-year career he has held a variety of positions engaged in insurance technology development and change management with Deloitte, EY, Accenture, and more recently with Aspen Insurance as Director of Business Transformation.

Blunsum will be working closely with Lisa Gibbard, the recently appointed CIO of TT Club’s management company, Thomas Miller to ensure alignment with other businesses in the group. Gibbard herself has career-long expertise in global IT and operations of global financial services organisations, in particular focussing on defining and implementing business lead technology strategies, driving innovation and operational risk management.

In welcoming Blunsum, Kevin King TT Club’s COO said, “The timing of this appointment, the first CTO TT has ever had, and indeed a first for any Thomas Miller managed business, reflects our belief in the centrality of technology to the services offered to our Members and the industry. Thomas Miller businesses have long been able to leverage the knowledge of our Group Chief Information Officer, but the digital transformation underway in both the transport and insurance industries demands we have a technology heavyweight focused only on our Memberships current and future needs 24/7. Kevin’s unmistakable calibre and track record in technological advancement affirms this commitment.”

Commenting on the appointment of a CTO in the context of TT’s corporate strategy, CEO Charles Fenton said, “In recent years, with the help of management consultants McKinsey, we embarked on wide-ranging, qualitative research into the opinion of industry leaders on what the future holds for the container industry over the next twenty years or so. A key finding was that digitalisation and data analytics, in addition to the automation of processes would cause a fundamental shift in the sources of value creation. Recent global events have indicated an acceleration in these forces for change and Kevin’s appointment is an integral part of the business strategies we are employing in response.”

About TT Club:

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

www.ttclub.com

TT Club, the insurance provider to the global freight industry remains dedicated to heightening awareness of the risks to security in the supply chain.  It has launched a series of brief informative and instructive animations to highlight specific vulnerabilities.

London, 26^th October, 2021

A total of seven animations simply and clearly illustrate in graphic form a variety of theft techniques from driver attacks, false authority personnel and inadequate perimeter fencing to theft from moving vehicles.  They are intended to alert all operatives throughout the supply chain no matter their function, location or level of experience.

“Supply chain security is a vital consideration for all actors in the global supply chain, regardless of where they are operating or the  nature of their contractual obligations,” comments TT Club’s MD of Loss Prevention, Mike Yarwood.  “Cargo loss through theft or criminal damage has always been a concern but the current stresses and strains on supply chains across the world make security an even higher priority for operators and cargo owners alike.  Such conditions as cargo congestion, delays, longer dwell times and shortage of secure storage facilities all mean the opportunities for criminals increase.  Alterations to well established transport procedures or ‘work arounds’ also bring heightened risk.”

TT has evidence that criminals continue to infiltrate the supply chain with increasing ingenuity, accessing cargo with relative ease and impunity. As exemplified by the screenshots taken from one of the animations above.  The means at their disposal, the lengths they are prepared to go and the strategies they employ differ geographically. Where a particular strategy meets with success, it is often used again and in other locations, creating a dynamic risk landscape. Such trends have led TT to design and produce this series of graphic animations, which it is hoped will have universal appeal through their ability to communicate the threats comprehensively and clearly across the world. 

“One certainty within the unpredictable dynamics of our modern cargo environment is that freight crime pays,” stresses Yarwood.  “This motivates criminals to maintain and expand their activities, constantly striving to identify and target low-risk high-value goods to acquire via a diverse variety of methods.  We must ramp up our vigilance and communicate effectively with those at risk.”

The animations along with further insight into supply chain security risks and how to mitigate them are available within the TT Club website HERE

ENDS

About TT Club:

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

www.ttclub.com

With supply chain congestion and widespread delays in the international container trades set to continue, the vexatious challenges of abandoned cargo will remain and probably increase. In its role as risk prevention advisor to the industry, TT Club has issued a StopLoss document to provide practical guidance on the issue to stakeholders across the supply chain.

The potential catastrophic impact arising from the deterioration of abandoned cargo cannot be disregarded as a remote risk. However, the considerable costs accruing from container demurrage, detention, storage and disposal regularly result from cargo that, for a variety of reasons, is no longer required by the original receiver or consignee, and is simply abandoned at a port terminal or cargo facility. Increased risks of safety and regulatory infraction are inevitably consequent, as well as significant demand on management and operational resources to resolve individual cases.

“Levels of cargo abandonment have always been problematic to forwarders, NVOCs, logistics operators and, of course container terminals,” comments Peregrine Storrs-Fox, TT’s Risk Management Director.  “The surge in container demand over recent months has however compounded container ship capacity issues, port congestion and consequent severe transit delays. These factors will do little to alleviate the practice of cargo interests, in circumstances of loss of market for goods or bankruptcy, simply relinquishing ownership of consignments.”

Those left with the responsibility of removing and/or disposing of the goods and returning the container to the appropriate carrier, are in need of guidance and TT’s StopLoss publication Abandonment of cargo: Avoiding the pitfalls is designed to deliver just that. It identifies ‘red flags’ that forwarders, logistics operators and carriers should consider – certain commodities such as waste, scrap, materials for recycling and personal effects – previously unknown shippers, particularly individuals rather than companies. Furthermore, once the cargo is defined as abandoned, the StopLoss outlines the role of enforcement agencies and the responsibilities of others involved in the supply chain.

“Above all the value of our guidance lies in mitigating the risks associated with abandonment and recommended actions outlined in methodical steps and a ten-point checklist,” concludes Storrs-Fox. “There needs to be a greater understanding of why cargo is abandoned and how it is handled in order to restrict the growth of a serious trend leading to increased safety and cost ramifications.”

Abandonment of cargo: Avoiding the pitfalls is available for download HERE

On 30 September 2021, Transport Events will be hosting a webinar sponsored by TT Club on the abandonment of cargo. Those wishing to learn more about this pertinent topic from a selection of industry experts are invited to register to attend here.

Speakers will include: Peregrine Storrs-Fox, Risk Management Director, TT Club; Richard Brough OBE, Director, Brough Marine; Jens Roemer, Vice President and Working Group Seatransport Chairman, FIATA; Bob Ahlborn, Vice President – Liner Operations, National Cargo Bureau; and Uffe Ernst-Frederiksen, Vice Chair, IVODGA.

ENDS

About TT Club:

TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s primary objective is to help make the industry safer and more secure. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 93% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.

www.ttclub.com