BIMCO has launched the “25 by 25 pledge”, a commitment by some of the world’s biggest shippers in the bulk sector to target moving 25% of their annual seaborne trade volume for at least one commodity using electronic bills of lading by 2025.
The pledge is part of an ongoing effort to accelerate trade digitalisation and streamline the supply chain process in the bulk sector.
Accelerating trade digitalisation and streamlining supply chain process
The use of electronic bills of lading (eBLs) increases efficiency, reduces costs, and improves the overall transparency and security of trade.
Grant Hunter, Director of Standards of Innovation and Research at BIMCO, said: “The wider adoption of electronic bills of lading is an important step in the shipping industry’s digital transformation. We are delighted that some major players in the dry bulk sector have already backed this community initiative to reach 25% usage across the entire bulk sector. These mining companies have made good headway with adopting eBLs over the past years, mainly with iron ore, but much more can be done.”
Laure Baratgin, Head of Commercial Operations at Rio Tinto said, “As the largest dry bulk shipper in the world, one of our ambitions has been to continuously improve the experience of doing business with Rio Tinto for our customers and supply chain through innovative end-to-end digital solutions. We fully support the 25 by 25 pledge on the use of electronic bills of lading – as a key step in enabling faster, more secure, and traceable trade flows, and bringing the industry closer to a full digital trade future.”
Shipping digital transformation
Owners and operators also have an important role to play in the switch to electronic bills of lading, as they are key stakeholders in this process, and BIMCO invites their support for the initiative.
Mr Jinsong Gu, Chairman of COSCO Shipping Bulk Co. Ltd and member of BIMCO’s Board of Directors said: “We believe that BIMCO’s campaign to achieve 25% eBLs in the bulk sector by 2025 is an important step in accelerating shipping’s digital transformation. Electronic bills of lading increase efficiency, reduce costs and will reduce reliance on letters of indemnity – which is a benefit to all stakeholders.”
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Source: BIMCO
