KUALA LUMPUR, May 13 — A senior maritime industry executive has warned that mismatches involving bills of lading (BL) and physical cargo movement are emerging as a growing operational and regulatory risk in the global shipping and commodity trading sector.

Maritime Network Sdn Bhd chief executive officer Datuk Seri Jeyenderan Ramasamy said many outside the maritime industry often underestimate the importance of the BL, viewing it merely as a standard shipping document despite its central role across the global trade ecosystem.

The shipping industry veteran, who has more than 30 years of experience, said the BL is closely tied to banking transactions, insurance arrangements, Customs declarations, cargo ownership representation and sanctions compliance.

“The biggest risk for a shipping agent is when the physical cargo movement and the documentation stop aligning. Any mismatch between operational handling and paperwork could expose all parties in the chain, including shipping agents, to significant risks,” he said in a statement. 

Jeyenderan said shipping agents may not own the cargo or be the beneficial parties involved in transactions, but they still face operational exposure because authorities, terminals and counterparties rely heavily on the instructions and declarations processed through them.

As a result, he said shipping agents are now placing greater emphasis on documentation integrity, internal compliance controls and know-your-customer (KYC) verification processes.

He said the issue becomes more complicated in complex oil trades, where shipping agents may receive different instructions from traders, receivers, terminals, forwarding agents and logistics providers that do not fully match the original BL.

“The moment different parties start operating from different versions of the cargo story, the risk level immediately increases because the agent still has to ensure consistency from a regulatory and operational standpoint,” he said.

On oil blending and commingling after discharge, Jeyenderan said such practices are not unusual in the industry, but maintaining traceability becomes increasingly challenging once cargo enters storage systems and mixes with existing inventory.

He said if cargo conditions change operationally through transfers, blending, or additional handling, the documentation and classification process must also evolve accordingly to ensure proper regulatory and commercial treatment.

Jeyenderan warned that when Customs records, BL documents, tank measurements, and actual cargo positions no longer align, the industry risks losing visibility over cargo movement, potentially leading to compliance gaps, commercial disputes and revenue leakages.

He added that post-discharge cargo handling involving multiple tank transfers and storage movements is one area requiring closer global scrutiny, particularly where documentary treatment may not keep pace with physical cargo changes, potentially affecting tax and regulatory mechanisms.