A seamless connection between the two processes to boost
efficiency and global trade
12 May 2023 – Global Shipping Business Network (GSBN), an independent not-for-profit technology consortium building a trusted platform designed to redefine global trade, announced the completion of a ground-breaking proof-of-concept with COSCO Shipping Specialized Carriers, connecting the electronic Bill of Lading (eBL) to the cargo release process seamlessly at Qingdao Port International Ltd.
Traditionally, COSCO Shipping Specialized Carriers or their shipping agents had to provide a copy of the Bill of Lading to Qingdao Port’s system as a supporting document for the cargo release process. Until recently, the carrier has joined hands with GSBN and successfully issued the first eBL for bulk cargo through the GSBN platform. Now, the customers can go through an end-to-end digital process over the platform, reducing the average time for cargo discharging from the vessel to leaving the terminal by more than 24 hours.
This is the first time that these two solutions on GSBN have been combined to create a more efficient process. COSCO Shipping Specialized Carriers harnessed the structured data on an eBL issued via IQAX, to link up with the paperless Cargo Release solution and seamlessly connect every step involved at Qingdao Port – from customs clearance to appointment and release.
GSBN is an independent, not-for-profit technology consortium aiming to redefine global trade with the establishment of a blockchain platform for global trade. As a result, data exchange was simplified between parties and the turnaround time was shortened together with real-time data sharing. It enabled better collaboration between the parties involved with a single source of data via GSBN’s blockchain-enabled infrastructure to avoid discrepancies resulting from multiple documents from different sources.
Bertrand Chen, CEO at GSBN, said “The latest proof-of-concept demonstrates that the potential benefits of eBL adoption reach far beyond the digitisation of a document. By combining multiple digital solutions together – in this case, eBL and Cargo Release on GSBN’s platform – we are able to harness the underlying data to improve existing processes, bring new value-adding applications and expand use cases that help the shipping industry achieve a true digital leap.”
Yiyang Hu, Digitalization Team Leader, COSCO Shipping Specialized Carriers, “We are excited about the potential which eBL adoption can bring to the industry, as well as collaborating with GSBN and stakeholders like Qingdao Port. Through digitalisation, we can effectively integrate COSCO Shipping Specialized Carriers’ shipping platform with GSBN’s blockchain infrastructure, our customer information system, as well as the ports and shipping companies’ systems along the supply chain, to bring the benefits closer to our customers. This latest proof-of-concept clearly demonstrates the versatility of GSBN’s platform to enable trusted data exchange resulting in very tangible benefits in improving the overall flow.”
Weiwei Qin, Manager of Marketing Department of SPG Qingdao Qianwan Westport United Terminal Co., Ltd., said, “The Port of Qingdao is one of the largest comprehensive ports in the world and an important hub for international trade in the West Pacific. This is why we continue to invest in improving the operational efficiency of our terminals. This collaboration with GSBN and COSCO Shipping Specialized Carriers reflects our commitment to continually deliver the best experience to all our users and to support global trade.”
Incorporated in Hong Kong, the Global Shipping Business Network (GSBN) is an independent, not-for-profit technology consortium which has built an infrastructure and platform harnessing advanced technologies such as blockchain, to redefine global trade. The platform facilitates trusted collaboration between disparate and competing market participants, as well as enabling greater efficiencies and resilience. It also aims to expand the global trade ecosystem by creating bridges to new market participants including banks, fintech companies and other consortia, while supporting the development of technology-driven innovation as the sector makes the leap to digital.
The consortium was first founded by 8 global leaders in the global shipping industry accounting for one in every three containers handled in the world.
About COSCO Shipping Specialized Carriers
COSCO SHIPPING SPECIALIZED CARRIERS CO., LTD. as one of the core members of China COSCO SHIPPING Corporation Limited Company, COSCO SHIPPING Specialized Carriers Co., Ltd. ( COSCO SHIPPING Specialized for short ) is dedicated to the operations and management of more than a hundred vessels, including multi-purpose and heavy lift vessels, semi-submersible vessels, pure car carriers, logs carriers as well as asphalt carriers. The scale of this specialized shipping fleet ranks it as the largest in the world.
About Qingdao Port International
The Port of Qingdao commenced operations in 1892 and is one of the largest comprehensive ports in the world. It occupies a central position among ports in Northeast Asia and is an important hub of international trade in the West Pacific. The Group is the primary operator of the Port of Qingdao and operates four port areas in Qingdao, including Qingdao Qianwan Port Area, Huangdao Oil Port Area, Dongjiakou Port Area and Dagang Port Area.
Edelman for GSBN
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