Corruption in the maritime industry remains a pervasive challenge, impacting the safety of seafarers, inflating operational costs, and creating barriers to global trade and development. According to the World Bank, corruption adds up to 10% in additional costs to businesses in high-risk markets, while globally, it represents over 5% of GDP, equating to $2.6 trillion annually. The maritime sector, responsible for over 90% of global trade, is particularly vulnerable to corrupt demands, with over 50,000 incidents reported since 2013, according to MACN. This not only burdens companies but also hampers economic growth, especially in developing countries where corruption at ports leads to significant trade delays and increased shipping costs.
In Southern Africa, for example, bribes can add up to 14% to shipping costs for a standard container, forcing companies to bypass corrupt ports for longer, costlier routes. Meanwhile, customs-related corruption globally results in an estimated $2 billion loss in customs revenue every year, as reported by the World Customs Organisation.
At Vanguard, we believe that equipping maritime clients with accurate information on corruption at ports is key to addressing this issue. Through our Port Risk Assessments and partnerships with organisations like Maritime Anti-Corruption Network, we empower seafarers with insights to navigate port calls securely, uphold ethical standards, and contribute to a more transparent maritime industry.
For more information, contact us at intelligence@vanguard-tech.io
#AntiCorruption #MaritimeIndustry #EthicalShipping #PortRiskAssessment #MACN #SustainableTrade #Vanguard