As the commodity trading industry looks back on Q1 of 2023, it is evident that the first three months of the year have been marked by a number of significant events.
Trade is critical in advancing economies, including those in the MENA region. At the same time, trade finance presents unique opportunities for criminal exploitation, also referred to as Trade Based Financial Crime (TBFC).
Saying the world’s oceans are vast is an understatement. If one were to sail from Cape Town to Tristan da Cunha, the world’s most remote inhabited island, located over 2,000 kilometres to the nearest land, the voyage would take longer than it took Apollo 11 to reach the moon.
Fraud has been a prevalent issue in commodity trading and financing over the past few years, most recently in relation to cargoes of metals.
To put it lightly, the past few years have been a rollercoaster ride for trade finance. Recent challenges have pushed the industry to the boundaries, which has created significant angst for many. However, this struggle also has a silver lining.
At the end of March, Lloyds Bank released its latest report exploring supply chain resiliency across the global market. The report comes as internationally operating firms continue to face the… read more →
The 52-page ICC DSI report identifies and defines the key data elements held within each of the seven identified key trade documents: namely, the certificate of origin, customs declaration, packing list, bill of lading, commercial invoice, warehouse receipt, and insurance certificate.
A new insight brief series from the Global Maritime Forum identifies four actions that maritime and shipping industries can take now to support shipping’s transition to a sustainable and resilient… read more →
Looking to further international trade, Tim Reid, CEO of UK Export Finance (UKEF) met with Albanian Prime Minister Edi Rama, and Finance Minister Deline Ibrahimaj to finalise a £4 billion… read more →
Nine ocean carriers recently committed to 100% adoption of an electronic bill of lading (eBL) by 2030, with a waypoint goal of 50% adoption within five years. It is a significant step along the road to digitalisation, one that heralds a future for container trade processes that are simpler, more sustainable and more resilient.
