IQAX expands eBL solution to cover bulk cargo

Rhea-AI Summary

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.

Positive

• COSCO Shipping Specialized Carriers successfully adopted eBLs, enhancing operational efficiency and customer experience.
• IQAX eBL is now compatible with the BIMCO format, increasing industry adoption potential.
• Integration with GSBN's blockchain infrastructure ensures security and reliability in eBL issuance.

Negative

• None.

COSCO Shipping Specialized Carriers issues bulk cargo eBLs using the innovative IQAX eBL electronic bills of lading solution.

HONG KONG, Feb. 16, 2023 /PRNewswire/ -- IQAX Limited's electronic bills of lading solution is now being used on both bulk cargo and container shipments and has access to the widely used Baltic and International Maritime Council (BIMCO) format, significantly expanding its applicability and ability to drive digitization in global shipping, logistics, and trade. 

IQAX is a leading developer of digital solutions for shipping and logistics. Its IQAX eBL solution facilitates the issuance and management of electronic bills of lading (eBL). COSCO Shipping Specialized Carriers started issuing eBLs in January 2023, when it replaced traditional paper documents for a bulk shipment of paper pulp. COSCO Shipping Specialized Carriers is the largest specialized carrier in the world, with more than 100 vessels, including wood pulp carriers, heavy lift vessels, multipurpose vessels, car carriers, asphalt carriers, semi-submersible vessels, roll-on/roll-off (RO-RO) ships, log carriers and more.

Further expanding the reach of its electronic bills of lading solution, IQAX joined BIMCO as an associate member. BIMCO has around 2,000 members in more than 130 countries that account for more than 60% of the global fleet and its format for bills of lading is widely used throughout the industry.

"Now that IQAX has joined BIMCO and our innovative IQAX eBL solution has access to BIMCO's popular format for bills of lading, we expect the shipping industry to speed up the adoption of eBLs. We are very excited to be part of the digital evolution and revolution that is transforming the way shipping is done," said IQAX CEO Romney Wong. "Bills of lading are incredibly important to the effective functioning of global trade. Innovative digital solutions like IQAX eBL that tap into forward looking technologies make the management of these crucial documents much safer and more efficient."

COSCO Shipping Specialized Carriers, as a vital member of COSCO SHIPPING Group, integrated its digital platform with IQAX eBL, allowing it to issue electronic bills of lading in a secure environment. COSCO Shipping Specialized Carriers' customers can transfer, endorse, and amend bills of lading digitally.

By February 2023, the carrier had successfully issued eBLs for multiple customers, proving the replicability and sustainability of the electronic bills of lading solution on bulk cargo.   

IQAX eBL is built on the blockchain infrastructure of the Global Shipping Business Network (GSBN), a Hong Kong-based blockchain consortium. The first eBL for bulk cargo was transmitted on the GSBN network.

"Utilizing the innovative IQAX eBL solution, we successfully issued electronic bills of lading based on blockchain technology, something that many customers were quick to recognize. This is an important step forward in the digital transformation journey for us and for the entire non-liner shipping industry. By continuing to use electronic bills of lading, we will provide customers with more flexible and efficient business solutions, as well as improve the customer experience," said Hu Yiyang, Digitalization Team Leader at COSCO Shipping Specialized Carriers.      

About IQAX

IQAX 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, IQAX strives to foster a harmonized and connected global trade environment. As an industry leader, IQAX connect with shippers, freight forwarders, carriers, terminals, and financial institutions, and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain.

IQAX 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.

View original content:https://www.prnewswire.com/news-releases/iqax-expands-ebl-solution-to-cover-bulk-cargo-301748323.html

SOURCE IQAX Limited

FAQ

What is the significance of COSCO Shipping using IQAX eBLs for bulk cargo?

COSCO Shipping's adoption of IQAX eBLs marks a significant step towards digitizing traditional shipping processes, reducing reliance on paper documents, and enhancing operational efficiency.

When did COSCO Shipping start issuing electronic bills of lading?

COSCO Shipping began issuing electronic bills of lading in January 2023.

What does the integration of IQAX eBL with BIMCO formats mean for the shipping industry?

The integration with BIMCO formats is expected to accelerate the adoption of electronic bills of lading across the global shipping industry.

How does the blockchain technology benefit IQAX eBL?

Blockchain technology enhances the security and transparency of the electronic bills of lading process, reducing fraud and improving trust among stakeholders.

What was the first cargo type for which COSCO Shipping issued an eBL?

The first cargo type for which COSCO Shipping issued an eBL was paper pulp.