In may 1995, owners of the ship "Kameha Kahlua" changed their own status, colluded with some buyers, forged a Bill of Loading, stealthily sold padauk wood worthy of US$1,500,000.00 and privately deviated to Basuo port at Hainan Island, China. Eventually the stolen cargos were found at the port.
In November 1995, the ship "Haggar" was loaded with nearly 5,000 tons of palm oil. Owners of the ship illegally transshipped and sold part of the cargo, changed the ship's name and attempted to smuggle the remaining cargo to Shantou for ill-gotten profits.
In April 1998, the vessel "Petro Ranger" was loaded with 11,000 tons of diesel oil and kerosene disappeared on the way from Singapore to Vietnam. Eleven days later the vessel was detained by China's sea police at Haikou, Hainan Island on charge of attempted smuggle.
In September 1998, the vessel "Tenyu" was attacked by a group of well-organized pirates who were well armed and acted in a thoroughly planned way. The 3,006 tons of aluminum ingots on board valued at US$4,800,000.00 missed. Lives of fourteen Chinese crewmembers were in danger. With ship's name changed, the vessel became a "Ghost Vessel" and continued her fraudulent activities. Later, the ship was arrested at Zhangjiagang Port in China.
In March 1999, pirates looted thoroughly "Marine Master", illegally sold 6,215tons soda carried on board, repainted ship's hull, changed ship's name as "Nuovo Tierra", and continued engaging in "Ghost Ship" activities. Later on the cargo were found at port of Shantou, Guangdong Province.
Maritime fraud involves properties of huge value according to IMB estimation it amounts to US$16 billion per year and also involved precious lives. Apart from unfortunate parties involved, it also involves insurers engaging in insurance of various risks and carrying on diversified insurance business, such as cargo insurance companies, ship hull insurance, insurance for shipowners, charterers and P&I Clubs .