IQAX Ltd., an innovative developer of technology solutions for shipping and logistics based in Hong Kong, announced that Hapag-Lloyd, one of the world’s largest container shipping lines, will adopt IQAX eBL to issue electronic bills of lading (eBLs).
Hapag-Lloyd has chosen to adopt IQAX’s industry-leading IQAX eBL solution to strengthen customer service and accelerate its transition towards 100% adoption of eBLs by 2030.
“As challenges from complex, volatile supply chains continue to grow, Hapag-Lloyd recognizes the need for stronger digital tools to provide stability and transparency to our customers. By working with IQAX, we can offer another robust, paperless solution that maintains visibility and empowers decision-making,” said Nilesh Popat, Director – Service Delivery at Hapag-Lloyd.
IQAX eBL leverages the Global Shipping Business Network (GSBN), a blockchain infrastructure that was specifically built to help digitize the shipping industry. The network allows only authorized parties to contribute and consume shipping data, ensuring traceability and security.
“More than 12,000 customers already trust IQAX eBL to manage their electronic bills of lading. IQAX eBL provides a fast and reliable system that will give Hapag-Lloyd’s customers full control of their eBLs along with complete visibility of shipment and document milestones at no extra cost,” said Lionel Louie, IQAX’s Chief Commercial Officer. “Between Jan. 2023 and Mar. 2024, IQAX eBL has processed more than 180,000 carrier’s original eBLs representing an estimated US$29 billion worth of goods.”
IQAX eBL simplifies document transfers by seamlessly connect all parties involved in global shipping, reducing document transfer timeframes from weeks to just seconds while enhancing security. Providing wider benefits to users, nine different banks have already adopted IQAX eBL. These banks are Bank of China Limited, Bank of China (Hong Kong) Limited, Bank of Communications Co. Ltd., Bank of Ningbo, China Merchants Bank, CITIC Bank, Shanghai Pudong Development Bank Co. Ltd, Shanghai Rural Commercial Bank Co. Ltd., and The Export-Import Bank of China.
IQAX eBL gives Hapag-Lloyd’s customers a unified view of shipment milestones and document status through a single platform, a unique feature that strengthens collaboration by giving shippers, consignees and banks a shared view of the latest status of both containers and documents to aid with trade financing and titleship transfer decisions.
Both IQAX eBL’s end users and Hapag-Lloyd’s customers stand to benefit from the shipping line’s decision to onboard the IQAX eBL solution, further accelerating the adoption of digitalised trade.
