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What is a Crude Oil Tanker? A crude oil tanker is a specialized vessel designed to transport large quantities of unrefined crude oil from production sites to refineries, or distribution centers around the world. Oil tankers are typically categorized as either dirty tankers (which move crude oil or “dirty” products, such as residual fuel oil)...

What is Trade-Based Money Laundering?  Trade-based money laundering (TBML) is a sophisticated method used by criminals to disguise illicit funds through legitimate international trade transactions. It involves manipulating the value, volume, or type of goods being traded to transfer value across borders without detection.  TBML schemes exploit vulnerabilities in trade finance systems, such as invoice...

What is Marine Insurance? Marine insurance in shipping covers goods and cargo from when they leave the point of origin until they arrive at their final destination. It insures the ships, terminals, and all methods of forward freight where the goods are held against loss and damage.  What Does Marine Insurance Cover? The scope of...

What is Maritime Mobile Service Identity (MMSI)? Maritime Mobile Service Identity (MMSI) is a unique, 9-digit number assigned to a digital selective calling (DSC) radio. It acts as a digital fingerprint for vessels, making it easier for other boats and authorities to identify and communicate with a ship at sea quickly. The International Telecommunications Union...

What is Bunkering?  Bunkering refers to the process of supplying fuel to ships, while a bunker refers to fuel and oil. This fuel is used to run machinery on board the vessel and to power the engines that propel the ship across the ocean. Bunkering can be performed both onshore and offshore. Bunkering is often...