Product Review : CargoX Platform – secure, trusted, instant transfer for trade documents

Product Review by Shipping and Freight Resource

The world of shipping involves several commercial, documentary, operational and financial processes..

While there have been many developments in the industry, a lot of the documentary processes in shipping and freight has stayed much the same for many decades..

Delays in document transmissions which could take anywhere between 5-10 days with the added risk of loss or delay of documents have severe consequences such as demurrage, detention and/or port storage, possible loss or cargo damage due to non-clearance and abandoned cargo..

CarogX Platform, a neutral, public blockchain-based platform is offering to provide a solution which will help to digitalize the trade documentation process using BDT (Blockchain Document Transfer) and reduce document transmission time to 20 seconds..!!

I took the platform for a test drive to see how it works and if it can assist the industry in saving costs and making the process of document transfer simpler, easier, economical and more importantly, secure and safer..

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What is a letter of credit, how it works and who needs it..

sales contract and trade

Many of you would have come across the term Letter of Credit (L/C)..

If you are a shipping line, you would have heard this term from various customers asking you to expedite the draft bill of lading for checking by the bank or for the release of the bill of lading to be expedited because the shipment is under L/C..

If you a freight forwarder or agent, you may have been put under pressure by the BCO to get all the documents required by the L/C sent to them in time..

If you are a BCO, you may have been told by your bank that the documents submitted do not match the requirements of the L/C and some of the documentation may need to be redone..

So what exactly is a Letter of Credit, what is the need for a letter of credit, who issues it and how does it work..

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The beginning of the end for the Paper Bill of Lading

My Opinion

Many things have changed in the last 30 years in shipping and freight..

Many positive new developments have taken place with things from the vintage days of shipping either obsolete to almost obsolete now..

If you look at many of the news items about the industry recently, there has been a certain buzz and intensity around the electronic bill of lading..

I am fairly confident that people entering the shipping and freight industry in the next decade will be told that 2020 was the year that saw the beginning of the end for the paper “Bill of Lading” and the year in which the switch to “Electronic Bill of Lading” (eBL) began in earnest..

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Cargo release without Original Bill of Lading – COVID-19

cargo release without original bill of lading

The pandemic that is COVID-19 is sweeping the world, disrupting global trade patterns like never before.. When one part of the globe is starting to settle down, the other part starts or spikes..

No one has any real idea of how long it will take for the world to get back to normal and its after effects..

Shipping lines, importers, exporters, ports, terminals, Governments, all businesses, insurance companies have all been affected by the pandemic and continue to look for ways to make the business of shipping as easy as possible considering the severe constraints everyone is going through..

This issue is also putting some of the documentary issues and cargo releases under pressure and leaving the industry to face the unknown.. One such issue that is affecting business is the transmission and handling of Original Bills of Lading..

There are a few options that customers can exercise to secure release of cargo without Original Bill of Lading..

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Pitfalls of digitalisation in shipping and freight

Opinion Piece

Digitisation, Digitalisation, Digital Transformation are some buzz words that have recently taken the shipping and freight industry by storm..

Let’s take a quick look at what these terms mean and what it is all about..

While Digitalisation is inevitable in the industry, there are also some pitfalls and you can read about the pitfalls and how to avoid it here..

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What is a Manifest Corrector and why is it required..??

manifest corrector - shipping and freight resource

A manifest is one of the key documents in the process of shipping..

A manifest lists all bills of lading issued for cargo loaded on a specific ship.. Kind of a summary if you wish..

A manifest lists the details of the cargo, the shipper, consignee, weight, measurement, packing.. There are different types of manifests:

  • Cargo Manifest – lists all information relating to the cargo excluding the freight charges..
  • Freight Manifest – lists all information relating to the cargo including the freight charges.. All charges as indicated in the manifest are either to be paid by the shipper or consignee..
  • Dangerous Cargo Manifest – a manifest that details the dangerous/hazardous cargoes on board the ship covering the Class, UN No., Description of Goods, EMS/MFAG etc..
  • Out of Gauge Manifest – a manifest that details the out of gauge (abnormal sized) cargoes on board the ship including the out of gauge details of the cargo.
  • Reefer Manifest – a manifest that details the reefer cargoes on board the ship including the temperature settings, humidity, which containers require monitoring on board – like cold treatment containers.

So what is a manifest correct and why is it required..??

This article explains what is a manifest corrector, its uses, where it can and cannot be used and how the process works..

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What is a Switch Bill of Lading and when and why is it used..??

switch bill of lading

The world of shipping and freight is very dynamic and there may be several changes that happen during the course of a shipment or post shipment..

Destinations can change, cargo routing can change, cargo release parties can change, even important documents such as a Bill of Lading may be subjected to changes..

Some may be simple amendments, but in a lot of cases, the changes or requirements may be elaborate such that it necessitates the issuance of a Switch Bill of Lading..

Read here about what it means and when and where it is used..

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Significance of Bill of Lading Clauses

Image of Switch Bill of Lading

Everyone involved in the shipping and freight industry would have come across various Bill of Lading clauses and stamps..

There are specific reasons why a Bill of Lading has clauses typed or stamped on them.. In this article we will discuss these clauses in relation to “containerized” shipments..

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What does it mean by duly discharged in terms of bill of lading..??

duly discharged bill of lading

Cargo covered by a bill of lading may only be released to the entity to whom it is consigned..

The shipping line and/or their agents at the destination must take cognisance of the type of bill of lading issued, the endorsements required on the bill of lading for the type of bill of lading before releasing the cargo..

Some lines are releasing cargo without the endorsement , some are strictly following above, some are content with releasing cargo to whoever is in possession of the bill of lading and are not seeking any endorsement or authorisation letter (in the case of release to an agent)..

What is your viewpoint on this issue and let us take a vote to see how strictly these endorsement requirements are followed..

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8 points to consider before you sign a bill of lading

points to consider before you sign a bill of lading

To the casual onlooker, signing a bill of lading may be a routine, day to day mundane job done by many people across the world.. But the fact is that there are several technicalities to be considered before signing a bill of lading..

It is important to understand that the person signing the bill of lading acknowledges the details recorded on the bill of lading.. Any bill of lading signed with the knowledge of misrepresented facts may be considered to be a fraudulent document and may result in legal consequences for the signatory..

If you are a bill of lading signatory, here are 8 points that you need to consider before signing a bill of lading.. It may be a bit of a long read, but worth it.. 🙂

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The Future of Ocean Freight – Unpacking the Logistics Blockchain Goldrush

With so many new companies launching blockchain-based shipping products, it’s clear that maritime trade will look very different in a few years.. What’s less clear is what that change will look like..

In this article we examine what barriers still exist to widespread blockchain implementation, and what companies are doing to overcome them..

We talk to startups like CargoX and established players like Agility, Maersk, IBM, Evergreen etc. to understand how shipping is changing, and where it’s going..

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Should the Shipped on Board Date and Bill of Lading Date be the same..??

Shipped on Board Date and Bill of Lading date – can these two dates be different..

What are the implications if they are same or different..??

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When does a Bill of Lading become a Contract of Carriage..??

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We all know what a bill of lading is and what a contract of carriage is.. But do you know when a bill of lading become a contract of carriage..?? This article examines this question in detail..

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Shipper vs Agent – A case study

Shipper vs Agent - Case Study

Article discussing a dispute between a shipper and his agent relating to the shipment of the goods, ETA and freight..

This maybe an eye opener for several other people who maybe in this predicament or situation and need to know these intimate details of shipping..

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Difference between telex release and express release

FI for Telex/Express

Are telex release and express release the same..??

Telex Release and Express Release – These are terms that still confuses many people in the industry..

The confusion occurs when these terms are loosely used instead of using it in the strict sense..

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