Global Shipping Business Network (GSBN) has signed a five-way non-binding Memorandum of Understanding (MoU) to promote paperless trade.
The other signatories of the MoU include shipper Saudi Basic Industries Corporation (SABIC), carrier COSCO SHIPPING Lines (COSCO SHIPPING), and global terminal operators Hutchison Ports and PSA International (PSA).
The objective of the MoU is to boost efficiency and reduce the environmental impact throughout the shipping process, according to GSBN.
Signatories will leverage the electronic Bill of Lading (eBL) for export shipments by SABIC via COSCO SHIPPING to ports in Asia controlled by Hutchison Ports and PSA.
The GSBN platform facilitates closer collaboration between the carrier and ports by breaking down data siloes between them to unlock the power of digitisation, as well as enable new value to customers such as SABIC, the company reported.
SABIC is collaborating with GSBN and its partners across the Asia Pacific region, utilising GSBN’s trusted data infrastructure to create a paperless, secure, and efficient shipping process.
Structured data from the eBL issued via GSBN’s data infrastructure, will also be used by Cargo Release to enable a digital solution, which connects everyone involved at the ports of import to enable the secure and paperless release of containers.
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Bertrand Chen, CEO at GSBN, said: “What is exciting about this collaboration is the ability to demonstrate the value of end-to-end eBL adoption with 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,” Chen added.
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“GSBN’s collaboration with different industry players make its infrastructure an ideal platform to unlock the holistic potential of eBLs and new technology,” said Song Weijun, General Manager, New Golden Sea Shipping Pte. Lt at COSCO SHIPPING Lines.
