The Global Shipping Business Network (GSBN), a non-profit consortium focused on facilitating sustainable global trade through digital solutions, has announced that Hapag-Lloyd will implement IQAX eBL for issuing electronic bills of lading (eBL) via its platform.
This move aims to enhance efficiency, visibility, and control for Hapag-Lloyd’s customers.
Furthermore, this decision underscores Hapag-Lloyd’s commitment to fully embracing eBLs by 2030 and providing customers with digital tools to address the complexities of modern supply chains effectively.
GSBN collaborates closely with Hapag-Lloyd and the Digital Container Shipping Association (DCSA) to ensure data sharing via APIs compliant with the latest DCSA eBL API version (3.0).
“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,” stated Nilesh Popat, director of service delivery at Hapag-Lloyd.
Moreover, the IQAX eBL solution revolutionizes the document transfer process, slashing timeframes from weeks to seconds. Traditionally, shippers relied on paper-based original Bills of Lading to tightly control title transfers. Digital options like Sea Waybills or Telex Releases presented alternative routes, albeit with differing risks. Now, for the first time, customers can enjoy the same level of control as an original Bill of Lading in a digital format, providing access to a consolidated view of shipment and document milestones. According to a statement, this comprehensive solution comes at no additional cost to the customer.
“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,” commented Lionel Louie, IQAX’s chief commercial officer.
With nine banks already integrated into IQAX eBL, customers benefit from wider access to trade finance. These include 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.
“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,” added Bertrand Chen, CEO of GSBN.
