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Paper bills of lading are inefficient and slow down trade. They are vulnerable to fraud and human error. Their use results in unnecessary legal and commercial risks such as relying on letters of indemnity or getting lost in transit.
The industry is increasingly using electronic bills of lading (eBLs) as it recognises the benefits and opportunities that digital transformation brings. Many of the problems associated with using paper bills of lading can be avoided by using eBLs which:
To help further accelerate this digital transformation, the following companies have signed the 25 by 25 Pledge and will target moving at least 25% of their annual seaborne trade volume for at least one commodity using eBLs by 2025:
In addition, the following companies and organisations have pledged their support for the 25 by 25 initiative:
As the practical voice of shipping BIMCO is committed to supporting the industry with this transition. Watch videos where our Standards, Innovation and Research team discuss the benefits, challenges and way forward.