Orient Overseas Container Line (OOCL) announced that it is switching to Electronic Bills of Lading (eBL) in order to further enhance the efficiency of the global supply chain, and reduce the carbon footprint of each shipment.
OOCL said its eBL solution — powered by digital solutions provider IQAX Limited, and built on Global Shipping Business Network (GSBN)'s blockchain platform — not only offers issuance of online Bills of Lading, but also enables different parties such as shippers, cargo owners, forwarders and banks to manage the eBL and to perform title transfers, surrenders for delivery, status updates, and history reviews.
"By leveraging this technology, eBL provides a digital channel for all involved parties to access the real-time status of the shipping process," the Hong Kong-headquartered shipping line said.
It added that eBL also guarantees the security, accuracy, and authenticity of data, as well as ensuring that data on the blockchain network is traceable and from a single source.
"The adoption of eBL brings a revolutionary change in business operations. Bills of Lading are at the heart of global trade, and an essential part of the shipment process, but they are also in an excellent position to benefit from exactly this kind of technological advance," OOCL added.
"Moving from a process of physical posting and collection of paper documents into the new eBL era will increase security and accuracy, reduce supply chain uncertainties and delays, and control costs," it further said.
Pushing sustainability with eBLs
OOCL noted that as a core part of its Environmental, Social, and Governance (ESG) goals, tackling the challenges of climate change and assuring sustainability is also a clear priority.
"Switching to a paperless solution enables OOCL to help its customers eliminate waste generation and the consumption of forest resources, and to minimise their carbon footprint by avoiding the need to print and post paper documentation," it added.
The adoption of eBL, according to OOCL, also marks another milestone in its sustainability journey and the industry.
"OOCL has always been a pioneer in deploying the latest technology to drive a real, tangible improvement in operations. Switching to eBL not only allows us to deliver an enhanced shipping experience to our worldwide customers, but also helps OOCL and our customers achieve multiple goals in terms of reducing costs, enhancing operational efficiency, and reducing the environmental impact of our activities," commented Kenny Ye, chief operating officer of OOCL.
"The launch of OOCL's eBL demonstrates our commitment to the environment and to providing high-quality services. It will continue to be part of our mission to develop and implement further technological advances to assist our customers to achieve the optimal shipping solution," Ye added.
OOCL said its eBL is offered to global customers and is recognized by the International Group of P&I Clubs. Registered Customers can access the eBL by logging in to IQAX eBL's portal.
