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Orient Overseas INR U/ADR (OROVY) is a global information technology company that provides intelligent and digital transformation solutions using blockchain for enterprises in the logistics ecosystem. Backed by a strong heritage in container shipping, Orient Overseas strives to foster a harmonized and connected global trade environment. As an industry leader, Orient Overseas connects with shippers, freight forwarders, carriers, terminals, and financial institutions, and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain.
Orient Overseas is an independent technology company wholly owned by Orient Overseas International Ltd. (HKEX:0316), which is in turn part of Orient Overseas Container Line (OOCL), one of the largest integrated international transport and logistics companies in the world.
IQAX has received approval from the International Group of P&I Clubs for its electronic bill of lading (eBL) interoperable addendum, enabling cross-platform eBL transactions. This enhancement builds on IQAX eBL's existing platform, which has served over 20,000 customers since its initial approval in June 2022.
The approved interoperable addendum utilizes GSBN as a Control Tracking Registry to ensure uniqueness and validity of interoperable transfers. IQAX has already demonstrated practical application through its interoperability initiative with ICE Digital Trade. The solution maintains standard P&I coverage for eBL-related liabilities, equivalent to paper bills of lading.
IQAX , owned by Orient Overseas International (HKEX:0316), aims to expand its network of interoperable partners to advance digital transformation in global trade documentation.
IQAX's eBL platform has won the 2024 Outstanding Digital Solution Award at the 13th Annual China Finance Summit. The platform leverages blockchain technology to enhance security and efficiency in shipping and logistics. Key features include:
- Endorsed by IGP&I, granting legal equivalence to paper bills of lading
- Supports e-presentations and various commercial scenarios
- Over 14,000 registered companies
- Processed over 240,000 original bills of lading
- Partnerships with major Chinese banks
IQAX, owned by Orient Overseas International (HKEX:0316), aims to foster digital transformation in global trade, connecting various stakeholders in the logistics ecosystem.
IQAX Limited has expanded its electronic bills of lading (eBL) solution to include bulk cargo, in collaboration with COSCO Shipping Specialized Carriers, the world’s largest specialized carrier. Beginning in January 2023, COSCO replaced paper documents with eBLs for a shipment of paper pulp. The IQAX eBL solution now supports the BIMCO format and is built on the blockchain infrastructure of the Global Shipping Business Network (GSBN). As of February 2023, COSCO has successfully issued eBLs for multiple customers, enhancing digitization in shipping and improving operational efficiency.
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