COSCO and GSBN issue first eBLs for energy and bulk shipments

Maritime blockchain platform Global Shipping Business Network (GSBN) has added COSCO SHIPPING Energy Transportation and COSCO SHIPPING Bulk as new members, successfully issuingits first electronic bills of lading (eBL) for energy transportation and bulk shipments.

COSCO Energy operates 155 tankers with a capacity of 22.74 million DWT and is investing in an LNG-powered fleet of 73 vessels with a capacity of 12.42 million cubic metres. COSCO Bulk operates approximately 400 bulk carriers of various types carrying nearly 40 million DWT of iron ore, coal, grain, and other bulk cargos.

Working with GSBN will allow the firms to replace paper letters of indemnity (LOIs), traditionally used as proof of shipment ownership to authorise cargo release to the consignee, with digital documentation.

Following the completion of its digital platform integration with IQAX’s eBL application, built on GSBN’s blockchain infrastructure, COSCO Bulk and COSCO Energy will now be able to use the platform to connect with stakeholders across the value chain and manage title transfer electronically.

As part of the project, COSCO Bulk has now issued its first eBL for Yancoal, an Australian-based coal producer, to share data across the business chain with stakeholders including banks, traders, miners and end-users. COSCO Energy has also issued its first eBL, for 30,000 tons of domestic trade marine oil for a China National Offshore Oil Corporation shipment this month.

Share this story

About the Author

Picture of Rob O'Dwyer
Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

Further Reading

News Archive