Maritime blockchain platform Global Shipping Business Network (GSBN) has signed a memorandum of understanding (MoU) with shipper Saudi Basic Industries Corporation (SABIC), carrier COSCO Shipping Lines (COSCO SHIPPING), and terminal operators Hutchison Ports and PSA International (PSA), which will see the firms work together to support paperless trade processes.
The five-way MoU will see the signatories use electronic Bills of Lading (eBL) for export shipments by SABIC via COSCO SHIPPING to ports in Asia controlled by Hutchison Ports and PSA.
Structured data from the eBL will be distributed via GSBN’s data infrastructure to create a fully digital system connecting everyone involved at the ports of import, to enable the paperless release of containers.
“It is encouraging to see impetus in driving eBL adoption. GSBN is ready to step up to be the platform which brings these initiatives to life,” said Bertrand Chen, CEO at GSBN.
“What is exciting about this collaboration is the ability to demonstrate the value of end-to-end eBL adoption with (our software) Cargo Release. The infrastructure we have built will serve as the trusted hub, enabling orchestration between these different parties to improve operational efficiency and supporting the possibility for future applications that can unlock new value beyond the supply chain.”
The announcement follows recent efforts from the Digital Container Shipping Association (DCSA), BIMCO and the International Chamber of Commerce (ICC) to encourage wider eBL adoption in the shipping industry.
“We are delighted to be partnering with GSBN and its ecosystem as well as customers such as SABIC to further accelerate eBL adoption. GSBN’s collaboration with different industry players make its infrastructure an ideal platform to unlock the holistic potential of eBLs and new technology,” said Capt Song Weijun, General Manager, New Golden Sea Shipping at COSCO Shipping Lines.