Global Shipping Business Network (GSBN) has announced that Hapag-Lloyd will use IQAX eBL to issue electronic bills of lading (eBL) over GSBN’s infrastructure.
To allow greater industry acceptance, GSBN worked closely with Hapag-Lloyd and the Digital Container Shipping Association (DCSA) to guarantee that data is exchanged via APIs compliant with the most recent version of the DCSA eBL API (version 3.0).
Nilesh Popat, Director of Service Delivery at Hapag-Lloyd, said: “In a world where global supply chains are increasing in complexity and volatility, there is a greater need for robust digital solutions to address these challenges.
“The IQAX eBL over GSBN’s blockchain network, offers our customers greater choice, visibility, and control. This enables our target of achieving 100 per cent electronic bill of lading by 2030 which is a critical milestone for us.”
READ: GSBN issues inaugural eBLs with COSCO Energy and COSCO Bulk
Niels Nuyens, Head of Digital Trade at DCSA, added: “The DCSA is pleased to see Hapag-Lloyd and their partners successfully implement our eBL (3.0) standards. This is a great milestone in our joint mission to digitalise the container shipping industry, and very important to reach the milestone of 100 per cent eBL in 2030.
“By adopting these standards, all parties involved are demonstrating true digital leadership and paving the way for a more streamlined and efficient global trade ecosystem.”
According to GSBN, the IQAX eBL solution substantially speeds up the documentation transfer process, lowering it from weeks to seconds. Shippers have traditionally used paper-based original bills of lading to retain strict control over title transfer.
GBSN noted that customers may have access to trade finance, with nine banks allegedly on board with IQAX eBL.
These include Bank of China Limited, Bank of China (Hong Kong) Limited, The Export-Import Bank of China, Shanghai Rural Commercial Bank Co. Ltd., Bank of Ningbo, Bank of Communications Co. Ltd., China Merchants Bank, Shanghai Pudong Development Bank Co. Ltd., and CITIC Bank.
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Lionel Louie, IQAX Chief Commercial Officer, stated: “The IQAX eBL solution offers a fast, highly reliable system at no additional cost to customers.
“Today, it is trusted by more than 12,000 customers, with over 180,000 carrier’s original eBLs issued since 2023 and the documentation for an estimated $29 billion worth of goods has been digitised. Our solution gives Hapag-Lloyd’s customers full control of the eBL together with complete visibility of the shipment and document milestones.”
Bertrand Chen, CEO of GSBN, said: “GSBN welcomes the collaboration between two key partners within our ecosystem. As the volume of eBLs issued over GSBN’s blockchain network grows at an exponential rate, it further reinforces our additional use cases with various commercial banks and the tokenisation of eBLs for trade finance.”
