One Chinese company imported a batch of goods from America on CFR Shanghai basis. Payment was made by irrevocable sight L/C. The expotter chartered a ship. After shipment, the exporter presented full set of documents in conformity with the L/C. After checking the documents, the opening bank paid the purchase price and informed the Chinese company that the documents had arrived. The Chinese company made payment and got the documents, but there was no news about the goods. Later, the Chinese company was told that the camer was a small shipping company, and it went bankrupt soon after its departure. The goods and the ship were missing. The Chinese company suffered heavy losses.
Question: What do we learn from the case？