Hapag-Lloyd nears full adoption of eBLs

German liner major Hapag-Lloyd has entered into an agreement with Global Shipping Business Network (GSBN), a global not-for-profit blockchain-based platform, to adopt IQAX eBL to issue electronic bills of lading (eBL) over GSBN’s infrastructure.

The move is in line with Hapag-Lloyd’s commitment to fully adopt eBLs by 2030. GSBN has collaborated closely with Hapag-Lloyd and the Digital Container Shipping Association (DCSA) to ensure that data is shared using APIs compliant with the latest version of 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,” Nilesh Popat, Director, Service Delivery at Hapag-Lloyd, said.

“The DCSA is pleased to see Hapag-Lloyd and their partners successfully implement our eBL (3.0) standards. This is a great milestone in our joint mission to digitalise the container shipping industry, and very important to reach the milestone of 100% eBL in 2030. By adopting these standards, all parties involved are demonstrating true digital leadership and paving the way for a more streamlined and efficient global trade ecosystem,” Niels Nuyens, Head of Digital Trade at DCSA, added.

Traditionally, shippers have utilised paper-based original Bills of Lading to maintain tight control over the transfer of title. Those seeking digitisation could opt for a Sea Waybill or a Telex Release, although these options may present different risks. The IQAX eBL solution offers customers a novel experience by integrating the tight control of an original Bill of Lading into a digital platform, providing them with unified visibility over shipment and document milestones, reducing documentation transfer timeframes from weeks to seconds.

QAX eBL platform offers access to trade finance, facilitated by nine banks that have already been integrated into the system, such as Bank of China Limited, CITIC Bank and China Merchants Bank, among others.

“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,” Lionel Louie, IQAX Chief Commercial Officer, said.

“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,” Bertrand Chen, CEO of GSBN, said.