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HomeElectronic Trade DocumentationElectronic Bill of LadingHapag Lloyd diversifies eBL vendors - adds IQAX to their ecosystem

Hapag Lloyd diversifies eBL vendors – adds IQAX to their ecosystem

Hapag-Lloyd, the 5th largest container shipping line in terms of ship and TEU capacity with a 7% global market share has further enhanced its commitment to offer 100% electronic bills of lading by 2030.

Hapag Lloyd has signed up to use IQAX eBL over the GSBN infrastructure in addition to WaveBL which they are already offering using DCSA standards placing them in the unique position as the only carrier on both networks.

Hapag’s approach to using multiple eBL service providers mitigates risks associated with relying on a single provider and promotes healthy competition and innovation within the eBL market.

The transition to eBLs is expected to streamline the documentation process, significantly reducing the time from weeks to seconds. This efficiency gain enhances the operational aspects of maritime shipping and contributes to environmental sustainability by cutting down the CO₂ emissions associated with transferring paper documents.

These collaborations are integral to developing and implementing a standardized eBL application programming interface (API), ensuring compatibility and integration across the industry’s digital landscape.

As per IQAX, 9 banks (Bank of China Limited, Bank of China (Hong Kong) Limited, The Export-Import Bank of China, Shanghai Rural Commercial Bank Co. Ltd., Bank of Ningbo, Bank of Communications Co. Ltd., China Merchants Bank, Shanghai Pudong Development Bank Co. Ltd, and CITIC Bank) are already on-boarded on IQAX eBL.

Commenting on the arrangement with Hapag, Lionel Louie, IQAX Chief Commercial Officer, said, “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.

Bertrand Chen, CEO of GSBN, welcomed the cooperation stating, “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.

Adding his voice, Niels Nuyens, head of digital trade at DCSA said, “This is a great milestone in our joint mission to digitalize 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.

As carriers continue to implement and expand their use of electronic bills of lading, Hapag Lloyd has set a precedent for the industry, marking a shift towards a more integrated and environmentally friendly global trade ecosystem.

The collaboration between GSBN, DCSA, and various stakeholders underscores a collective drive toward digitalization that promises to reshape the future of maritime commerce.

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