HMM has announced it is working to improve visibility, transparency, and efficiency of trade transactions through the use of Bolero International’s electronic Bill of Lading (eBL) solution.
In March, the South Korean shipping line completed its trial of the solution in India and China. Through the system, HMM’s customers will receive reliable paperless services without any change or disruptions to their operations.
By using eBL, major importers and exporters reduce the risk and cost of paper-based documents in trade and finance.
According to Bolero, its new solution enables eBL to be created, transmitted, endorsed, and presented to port authorities or customs electronically, removing many inefficiencies associated with paper-based processes.
“We are delighted that HMM recognises Bolero’s expertise in this area and is working with us as we look to accelerate the growth of eBLs across Asia,” said Bolero CEO Andrew Raymond. “The last year has seen an acceleration of the move towards digital trade, driven by the desire to ensure supply chains stay open during times of crisis and uncertainty.”
Jin-Ki Park, Chief Operating Officer at HMM, added: “We are pleased with the successful collaboration with Bolero in digital solutions. Eliminating paper-based documents will make the shipping transaction easier, faster, and more secure.”
“We believe introducing the eBL solution is a significant step in the right direction, and HMM will be committed to providing customers with a digital trade platform that can increase the efficiency and velocity of trade.”
HMM had a hugely successful 2021 with its net income for the year coming to KRW 5,326,192,883 ($4.4 billion).
Revenue for the year also reached KRW 13,794,148,402 ($11.5 billion), up from KRW 6,413,269,692 ($5.4 billion) in 2020.