E2open and COSCO Extend Global Partnership Through 2023

Rhea-AI Summary

E2open (NYSE: ETWO) has announced an extension of its partnership with COSCO Shipping Corporation Limited through 2023. COSCO will continue using the INTTRA by E2open platform for a portion of its cargo bookings. E2open's digital platform facilitates over 200,000 ocean freight container bookings daily, providing a consolidated service for various stakeholders in the shipping industry. COSCO also employs E2open's eVGM service for compliance with international container weight regulations. E2open's commitment to quality service aims to enhance COSCO's customer experience amidst shipping challenges.

Positive

• Partnership extension with COSCO strengthens E2open's market position.
• E2open's platform manages over 200,000 daily ocean freight bookings, indicating strong operational capacity.
• Utilization of eVGM service enhances compliance with international shipping regulations.

Negative

• None.

E2open (NYSE: ETWO), a leading network-based provider of 100% cloud-based, mission-critical, end-to-end supply chain management software, and COSCO Shipping Corporation Limited (COSCO), a Chinese multinational transportation conglomerate, today announced an extension of their partnership through 2023. COSCO will continue to utilize the INTTRA by E2open (E2open) platform for a portion of its cargo shipment bookings and instructions.

E2open’s digital platform that manages more than 200,000 ocean freight container bookings a day, serves as a single, one-stop location where beneficial cargo owners (BCOs), logistics service providers (LSPs), freight forwarders and any other entity conveying goods can rate and book ocean shipments. E2open provides comprehensive booking services for ocean carriers through a well-maintained, secure and user-friendly system.

COSCO SHIPPING Lines is a fully owned subsidiary of COSCO SHIPPING Holdings Co., Ltd. By the end of December 2020, the company owned and operated 423 container vessels with a total capacity of 2.3 million TEUs. COSCO SHIPPING Lines operates 265 international services (including international feeder services), having anchors in 352 ports covering 105 countries and regions worldwide.

In addition to booking and shipping instruction submissions, COSCO utilizes E2open’s eVGM service to facilitate global container weight compliance by COSCO and its customers. The International Maritime Organization’s Safety of Life at Sea (SOLAS) Verified Gross Mass (VGM) amendment requires every container to have a VGM (or certified weight) in order to be loaded onto a ship. This eVGM service provides operational capabilities for digital submission, receipt, processing and auditing of SOLAS-compliant data for shippers and carriers.

“We are proud of the work we have done together and look forward to the continuation of our relationship with COSCO,” said Santosh Nanda, general manager at E2open. “From electronic booking to shipping instructions to eVGM, our expansive platform has and will continue to provide COSCO’s customers with the highest quality services and help them better navigate the current chaotic shipping environment.”

About COSCO SHIPPING Lines

As of February 28, 2019, the total fleet of COSCO SHIPPING comprises of 1,274 vessels with a capacity of 101.95 million DWT, ranking No.1 in the world. Its container fleet capacity is 2.94 million TEU, ranking the third in the world. Its dry bulk fleet (418 vessels/39.19 million DWT), tanker fleet (195 vessels/24.95 million DWT) and general and specialized cargo fleet (166 vessels/4.57 million DWT) are all topping the world’s list.

Thanks to its complete global service network, COSCO SHIPPING has become a top international brand. The upstream and downstream links along the industry chain, such as terminals, logistics, shipping finance, ship repair and shipbuilding, have formed a sound industrial structure. The Corporation has invested in 56 terminals, including over 51 container terminals, all over the world. The annual throughput of its container terminals amounts to 118.72 million TEU, taking the first place worldwide; the global sales volume of its bunker fuel exceeds 29 million tons, which is the largest in the world; and the container leasing business scale surpasses 2.7 million TEU, the third largest in the world. Its offshore engineering manufacturing competence and vessel agency business are also leading in the world.

About E2open

At E2open, we’re creating a more connected, intelligent supply chain. It starts with sensing and responding to real-time demand, supply and delivery constraints. Bringing together data from clients, distribution channels, suppliers, contract manufacturers and logistics partners, our collaborative and agile supply chain platform enables companies to use data in real time, with artificial intelligence and machine learning to drive smarter decisions. All this complex information is delivered in a single view that encompasses your demand, supply, logistics and global trade ecosystems. E2open is changing everything. Demand. Supply. Delivered. Visit www.e2open.com.

E2open, the E2open logo and INTTRA by E2open are registered trademarks of E2open, LLC. All other trademarks, registered trademarks and service marks are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210629005289/en/

FAQ

What is the partnership agreement between E2open and COSCO for 2023?

E2open and COSCO have extended their partnership through 2023, allowing COSCO to continue using the INTTRA by E2open platform for cargo shipment bookings.

How does E2open's platform benefit COSCO Shipping?

E2open's platform facilitates over 200,000 daily ocean freight container bookings, providing COSCO with a streamlined process for managing cargo shipments.

What is the purpose of E2open's eVGM service?

The eVGM service helps COSCO and its customers comply with international shipping regulations regarding container weight, ensuring safety and compliance.

What type of software does E2open provide?

E2open offers 100% cloud-based, mission-critical supply chain management software that supports various stakeholders in the shipping industry.

How does the partnership affect E2open's stock performance?

The extension of the partnership with COSCO is likely to positively influence E2open's stock performance by enhancing its market presence and operational capacity.