OOCL has completed the first transaction on a new interoperable electronic Bill of Lading (eBL) system developed by Global Shipping Business Network (GSBN), ICE Digital Trade, and IQAX.
The transaction saw OOCL issue an eBL via IQAX eBL, which was transferred to an oil and gas company via ICE CargoDocs before being surrendered by Deqing Sunny Plastics back to OOCL.
The partners note that the new system has been designed to address a key barrier to eBL adoption by allowing for secure cross-platform transfers with legal recognition.
GSBN managed the security layer, ensuring a single original eBL was maintained at all times by providing a control tracking registry recording all transfers on its blockchain. The eBL was governed by UK law under the Electronic Trade Documents Act 2023, with IG P&I approval ensuring OOCL remained covered under its P&I Club terms.
A further liability agreement between ICE Digital Trade and IQAX defined platform responsibilities.
“Participating in the interoperability of the eBL solution aligns with our commitment to innovation and excellence,” said Karen Lam, Managing Director (Asia, South East Asia and Bangladesh Group), OOCL.
“This initiative enables us to improve our services to customers while contributing to a more efficient and secure global trade ecosystem.”
