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The Maritime and Port Authority of Singapore (MPA) is supporting BIMCO’s 25 by 25 Campaign to accelerate the adoption of electronic bills of lading (eBLs) in the bulk sector.
With special guest speaker Oswald Kuyler, Chief Operating Officer of MonetaGo.
BIMCO is a founding member of the Future International Trade Alliance to facilitate acceptance and adoption of electronic bills of lading. We see this as helping to accelerate the digitalisation of global trade.
It is estimated that 4 billion trade documents are in circulation around the world at any given time, increasing costs, delays and risk of errors. To fuel a transition away from paper-based trade, four of the world’s largest mining companies; Anglo American, BHP, Rio Tinto and Vale have published a position paper, together with BIMCO, that proposes solutions and aims to accelerate the adoption of digital technologies across the metals and mining supply chain.
BIMCO has joined the Blue Visby Consortium to support research into practical solutions that help reduce the industry’s greenhouse gas (GHG) emissions.
The container shipping market is currently making many headlines world-wide as freight rates and port congestion continue to reach new record highs. At the end of September, more than 50 container ships were waiting to berth outside the ports of Los Angeles and Long Beach alone and 90% of those arriving at a port had to wait at anchor before a berth became available. COVID-19 disruption at major Chinese and Vietnamese ports has also added to the long queues of ships, and certain ports are now being deliberately avoided by liners.
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.
On 5 October, the committee held its first face-to-face meeting since the pandemic to discuss a wide range of practical and political topics impacting shipowners, operators and managers. It was also a hybrid meeting, giving committee members the option of coming to BIMCO House in Copenhagen or joining in online.
