COSCO Shipping Bulk Co Ltd, a subsidiary of State-owned China COSCO Shipping Corp, issued the first electronic bill of lading (eBL) for bulk cargo through a collaborative effort with its clients on Monday, using blockchain technology on the Global Shipping Business Network (GSBN) platform.
This initiative aims to empower and expedite the safe and efficient execution of cross-border trades involving bulk cargo, marking a significant milestone in the application of the IQAX eBL electronic bill of lading system in the dry bulk shipping sector, said the Guangzhou-based COSCO Shipping Bulk in a statement.
Owned by Hong Kong-based IQAX Ltd, IQAX eBL is an intelligent solution that connects the entire industrial chain including international finance, trade and shipping businesses.
The blockchain eBL, pertaining to a shipment of 75,000 metric tons of coal, was carried by a Panamax-type vessel owned by the COSCO Shipping Bulk from Newcastle Port, Australia to China.
Following its issuance by COSCO Shipping Bulk, the eBL underwent seamless confirmation through an online process involving various collaborative parties within the business chain, including Yancoal Australia Ltd, Yankuang (Hainan) Intelligent Logistics Technology Co Ltd and Xiamen International Trade Energy Co Ltd, effectively streamlining the entire trade process involving mining companies, traders, end-users and banks, providing a more efficient solution for international bulk cargo trade, said the statement.
COSCO Shipping Bulk said the use of electronic bills of lading reduces the need for letters of indemnity, thereby mitigating legal and commercial risks, expediting delivery, streamlining processing procedures, contributing to reduced carbon emissions through diminished reliance on paper documents, saving trade costs, promoting trade acceleration and supporting environmentally friendly low-carbon trade practices.