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Reduce supply chain insurance incidents
Situation & Challenge: Reduce insurance premiums
Many companies shipping their products around the world suffer from frequent incidents of having cargoes arrive late, arrive in damaged condition or, not arriving at all. With increasing emphasis on effective supply chain management and the desire to operate with low inventory levels, these incidents are of serious concern for companies, and result in ever increasing insurance premiums.
Solution: Strict ship vetting and survey procedures
Cargill Ocean Transportation addressed this issue by adopting strict vetting and survey procedures for all our chartered vessels. The vetting procedure is very comprehensive and encompasses a review of a vessel’s insurance, its classification, port state control history, flag, incident history and the owner’s financial standing. All of this is evaluated, along with the vast amount of additional information we gather on vessels and owners across our organization. This review is complemented by physical ship inspections where judged appropriate. Cargill Ocean Transportation conducts over 700 inspections per year.
Results
By leading the industry in adopting these rigorous procedures we provide distinctive value for our customers and the environment. Their cargoes have a much greater probability of arriving on time, in good condition and with fewer insurance claims. Cargill is now recognized in the dry bulk industry as a leader and innovator in vessel screening.