Global Shipping Business Network (GSBN), a neutral, not-for-profit consortium enabling paperless, accessible, and sustainable growth in global trade with its data infrastructure and ecosystem of partners, has announced that Hapag-Lloyd will adopt IQAX eBL to issue electronic bills of lading (eBL) over GSBN’s infrastructure to offer greater efficiency, visibility and control for their customers.
This reinforces Hapag-Lloyd’s commitment to fully adopt eBLs by 2030, as well as to offer greater choice to its customers with an effective digital solution to address the volatile and complex supply chain needs of today. To enable further adoption by the industry, GSBN also collaborated closely with Hapag-Lloyd and Digital Container Shipping Association (DCSA) to ensure that data is shared using APIs compliant with the latest version of DCSA eBL API (version 3.0).
Nilesh Popat, Director, 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% electronic bill of lading by 2030 which is a critical milestone for us.”
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% 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.”
The IQAX eBL solution significantly streamlines the documentation transfer process, reducing timeframes from weeks to seconds. Traditionally, shippers have utilised paper-based original Bills of Lading to maintain tight control over the transfer of title. Those seeking digitisation could opt for a Sea Waybill or a Telex Release, although these options may present different risks. Now, for the first time, customers can experience the tight control afforded by an original Bill of Lading in a digital solution in which they have access to a unified view of shipment and document milestones. The entire solution is at no extra cost to the customer.
With nine banks already on-boarded on IQAX eBL, there are wider benefits for customers such as access to trade finance. These are 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.
Lionel Louie, IQAX Chief Commercial Officer, said, “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 US$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.”
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