TT Club: malpractice costs USD 6 billion a year
British TT Club’s recent analysis pointed out that two thirds of incidents related to cargo damage are caused or exacerbated by poor practices at the time of packing goods into a freight container. Such supply chain malpractice can result in containership fires with loss of seafarers’ lives and significant delays.
Extrapolating known figures, TT Club estimates that all such incidents result in economic losses exceeding USD 6 billion per year. “The dangers are not just restricted to chemical cargoes. A wide variety of consumer goods, as well as components used in the manufacture of industrial products, domestics white goods and automobiles, if incorrectly handled in transit can cause major disasters,” commented Michael Yarwood, managing director, Loss Prevention at TT Club. (cd)