BIMCO has launched a campaign to urge shippers in the dry bulk sector to use electronic bills of lading (eBLs) for at least 25% of the total cargo they handle annually by 2025.
The aim is to accelerate the development of digitalization in trade and to simplify the supply chain process in the bulk sector
The dry bulk companies that are supporting the cause are: BHP, Rio Tinto, Vale, Anglo American, Cosco Shipping Bulk Co, Oldendorff Carriers and Star Bulk.
According to the Shipowners’ Association, the use of electronic bills of lading increases efficiency, reduces costs and improves the overall transparency and security of trade.
On the contrary, paper bills of lading are inefficient, slow down trade and are vulnerable to fraud and human error. The use of paper invoices entails unnecessary legal and commercial risks.
“We believe BIMCO’s campaign to have 25% eBLs in the bulk sectot by 2025 is an important step in accelerating shipping’s digital transformation,” said Jinsong Gu, president of COSCO Shipping Bulk Co. Ltd. “Electronic bills of lading increase efficiency, reduce costs and reduce reliance on letters of indemnity, which is a benefit to all stakeholders,” he concluded.
Translation by Giles Foster
