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BIMCO is to develop an electronic bill of lading standard for the dry and liquid bulk sectors as a key component of a global initiative to accelerate trade digitalisation.
What are Electronic Bills of Lading (eBLs)? Why are they better than paper bills?
The bill of lading is arguably the most important of all the trade documents used in shipping and is the key to unlocking the paper handcuffs that constrain shipping’s digital transformation. BIMCO is collaborating on technology agnostic common data standards through the Future International Trade (FIT) Alliance whose members include the DCSA, FIATA, the ICC and SWIFT.
FIT Alliance member DCSA has announced that the CEOs of nine of the world's largest liner companies have pledged 100% adoption of eBLs by 2030. This significant commitment by these liner companies, the majority of whom are BIMCO members, sends a strong signal to the shipping community that the switch to eBLs is now a priority. The FIT Alliance is BIMCO, DCSA, ICC, FIATA and SWIFT. The Alliance collaborates on the development and adoption of relevant standards to facilitate the use of electronic bills of lading.
Global trade still relies heavily on paper. The main risks of relying on paper are exposure to fraud, clerical errors and lengthy transfer and processing time. This is despite the fact that issuance of electronic bills of lading (eBLs) has been possible for more than 20 years on safe and well-established platforms approved by the International Group of P&I Clubs. It is also despite the fact that eBLs are safer, faster, and greener when compared to their paper bills of lading ancestor.
