The worlds fifth-largest shipping line, Hapag-Lloyd, has enhanced its commitment to offer 100% electronic bills of lading by 2030.
This comes after it signed up to use IQAX eBL, over the Global Shipping Business Network (GSBN) infrastructure, in addition to WaveBL, which it is already offering using Digital Container Shipping Association (DCSA) standards, making it the only carrier currently on both networks.
Hapags approach to using multiple electronic bill of lading (eBL) service providers mitigates risks associated with relying on a single provider and promotes healthy competition and innovation within the eBL market, according to a statement from the carrier.
The transition to eBLs is expected to streamline the documentation process, significantly reducing time from weeks to seconds. This efficiency gain enhances the operational aspects of maritime shipping and contributes to environmental sustainability by cutting CO2 emissions associated with transferring paper documents.
These collaborations are integral to developing and implementing a standardised eBL application programming interface (API), ensuring compatibility and integration across the industrys digital landscape.
IQAX chief commercial officer Lionel Louie said the eBL solution offered 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 carriers original eBLs issued since 2023 and the documentation for an estimated $29 billion worth of goods has been digitised, Louie said.
Our solution gives Hapag-Lloyds customers full control of the eBL together with complete visibility of the shipment and document milestones.
GSBN CEO Bertrand Chen welcomed the cooperation between the companies.
As the volume of eBLs issued over GSBNs 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, Chen said.
DCSA head of digital trade, Niels Nuyens, said the move was a milestone towards digitalisation of the sector.
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, Nuyens said.
Sign up to our mailing list and get daily news headlines and weekly features directly to your inbox free. Subscribe to receive print copies of Freight News Features to your door.
