Cross-Platform eBLs become a reality as OOCL and a major oil and gas company go live

Key milestone achieved towards unlocking eBL adoption in liner as ICE Digital Trade and IQAX launch their interoperable eBL solution, with GSBN supplying the critical security layer

Global Shipping Business Network (GSBN), ICE Digital Trade and IQAX launched their landmark interoperable eBL solution today. The first transaction was initiated by OOCL as carrier on IQAX eBL, issuing to a major oil and gas company on ICE CargoDocs, who subsequently transferred to its customer Deqing Sunny Plastics for surrendering back to OOCL.

The solution, the first of its kind, breaks down a key barrier towards widespread electronic Bill of Lading (eBL) adoption in containerized flows, delivering on all 4 of the key components of eBL interoperability:

Technical:

• The 3 solution providers have architected a secure solution which ensures that there is only 1 original eBL which is controlled by the lawful holder at all times
• eBL handover between ICE CargoDocs and IQAX eBL via GSBN to guarantee immutability and security of cross-platform eBL transfer

• GSBN serves as a control tracking registry, maintaining a complete audit trail of the platform transfer status of interoperable eBLs on its blockchain

Legal: The OOCL original negotiable eBL was governed by UK Law, which recognised eBLs as having the same rights and obligations as paper BLs pursuant to the UK’s Electronic Trade Documents Act 2023

Liability:

• ICE Digital Trade and IQAX agreed a robust inter-platform liability agreement which identifies the obligations of each platform and ensures that the right platform is responsible for losses and is able to pay
• GSBN as the control tracking registry undertook to securely record all platform transfers, and operating on a utility basis

IG P&I Approval: the approach was approved by the IG, ensuring that OOCL remained within the terms of its P&I Club cover

The ability to exchange eBLs across platforms in a secure and legally robust manner marks a significant milestone for the industry and removes a major barrier to adoption of eBLs in the container market. The strong collaboration between IQAX and ICE Digital Trade and the support of GSBN in ensuring the critical security layer has demonstrated that the industry is working together to achieve the goals set by Container Carriers, namely to achieve 100% eBL adoption by 2030.

Karen Lam, Managing Director (Asia, South East Asia and Bangladesh Group), OOCL, said: “Participating in the interoperability of the eBL solution aligns with our commitment to innovation and excellence. This initiative enables us to improve our services to customers while contributing to a more efficient and secure global trade ecosystem.”

Bertrand Chen, CEO, GSBN, said: “Achieving eBL interoperability is the missing link to achieving widespread eBL adoption. This go-live demonstrates that GSBN’s blockchain-enabled infrastructure can address the legal and liability challenges head-on, ultimately enhancing the customer’s experience by enabling them to realise the vast benefits of eBL while remaining in their preferred solutions. We are proud to collaborate with ICE, IQAX eBL, OOCL on this milestone. We have also demonstrated the value of GSBN ecosystem by combining this interoperable eBL with our Cargo Release product in Shanghai. By collaborating with all our partners, we can fulfil our mission in enabling a fully paperless user experience.”

Marina Comninos, Co-Head, ICE Digital Trade, said: “Interoperability is essential for scalable eBL adoption in liner, and collaboration is key to achieving this goal. The launch of our Interoperable eBL Solution marks just the beginning of the journey: we are excited to continue working with our trusted partners at IQAX eBL and GSBN, as well as other providers across different geographic and industry segments, to bring value add solutions to the industry. The aim will always be to deliver interoperable solutions which are legally sound, technically resilient and have a robust and transparent governance structure. As we mark 20 years in the eBL market, we understand that fostering trust within the industry is critical to success and we remain committed to delivering value to our customers."

Lionel Louie, COO of IQAX, said, “IQAX believes that interoperability is vital for advancing global trade digitalization. Our commitment is showcased through our innovative eBL platform. This first interoperable eBL transaction with ICE Digital Trade supported by GSBN’s blockchain infrastructure is a significant step toward creating an interconnected digital trade network. By championing eBL interoperability, we reduce risks and costs while fostering a more inclusive and efficient global trade ecosystem where multiple platforms can collaborate seamlessly. Our vision is to establish a trusted network that empowers all stakeholders in the digital trade transformation.”