COSCO Shipping Redefines Bulk Cargo with Blockchain eBL

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Credits: Daniel Wright/Getty Images

Revolutionizing the maritime trade landscape, COSCO Shipping Bulk collaborates with industry leaders to launch the first electronic bill of lading (eBL) powered by blockchain, optimizing cross-border bulk cargo transactions. Highlights the Chinadaily news.

  • COSCO Shipping Bulk introduces groundbreaking blockchain eBL, streamlining cross-border bulk cargo trade.
  • IQAX eBL system’s application marks a significant milestone in dry bulk shipping, enhancing industry efficiency.
  • Eco-friendly electronic bills of lading reduce risks, accelerate processes, and promote sustainable trade practices.

New Standard with Electronic Bill of Lading

In a groundbreaking move, COSCO Shipping Bulk, a subsidiary of China COSCO Shipping Corp, has introduced the first electronic bill of lading (eBL) for bulk cargo. This innovative feat is achieved through collaboration and blockchain technology on the Global Shipping Business Network (GSBN) platform, ushering in a new era of efficiency and safety in cross-border trades.

Revolutionize Dry Bulk Shipping

With the application of the IQAX eBL electronic bill of lading system, the dry bulk shipping sector achieves a significant milestone. This intelligent solution, owned by IQAX Ltd, connects various facets of the industry, from international finance to trade and shipping businesses, promising seamless interactions and optimized trade processes.

Streamlined Trade Journey

A Panamax-type vessel owned by COSCO Shipping Bulk transported a blockchain eBL for a coal shipment of 75,000 metric tons from Newcastle Port, Australia to China. The eBL’s journey involved smooth confirmations through online processes, involving multiple collaborative parties, including Yancoal Australia Ltd, Yankuang (Hainan) Intelligent Logistics Technology Co Ltd, and Xiamen International Trade Energy Co Ltd. This streamlined approach revolutionizes the trade process for mining companies, traders, end-users, and banks, promising efficiency and eco-friendliness.

Eco-Conscious Trade Practices Redefined

The adoption of electronic bills of lading by COSCO Shipping Bulk marks a leap toward enhanced trade practices. By reducing the reliance on letters of indemnity, this innovation mitigates legal and commercial risks, accelerates delivery, and reduces processing complexities. Beyond the practical benefits, this move also contributes to reduced carbon emissions through diminished reliance on paper documents, promoting cost-effective, accelerated, and environmentally friendly trade practices.

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Source-chinadaily