TEU tokens used on landmark MCC voyage

TEU tokens used on landmark MCC voyage

Progress has been made with 300cubits, the Hong Kong-based container blockchain initiative, which has been marketing its crypto currency called TEU for the last year. The company has revealed that on July 24 its booking deposit module started operating and a 20 ft dry container from Mitsui Chemical was shipped on a MCC Transport operated boxship heading from Singapore to Keelung in Taiwan.

The shipper submitted a booking deposit in TEU tokens and the carrier, owned by Maersk, responded by putting up an equal amount of TEU tokens on the same day. The shipment was gated in on July 25 and then loaded on July 26, all in accordance with the booking plan.

“We welcome solutions such as the one provided by 300cubits that help reduce no show and rolling, which, in our view, are some of the main pain points hurting both our customers and our own operation. We would like to see more shippers providing financial commitment at the booking stage. In return, we will provide equal commitment to ensure these shippers that their shipments will be loaded according to their bookings,” said Naresh Potty, chief commercial officer at intra-Asia line MCC.

A total of 27 teu have been put in 300cubits booking deposit module during the first two weeks of operations.

“[T]he carriers’ capacity withdrawal has created some space tightness that is sufficient to make the shippers worry. Our solution helps both the shippers and carriers to secure their bookings according to their existing contract rates while not adding any working capital burden on either party,” 300cubits claimed in its latest newsletter.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. Oliver H.
    August 8, 2018 at 12:35 pm

    We very much welcome to new set up from Johnson and his team and knowing that the trades are becoming more volatile in terms of services, blanc sailings and maybe cancellations.
    For us as a BCO network with more than 100.000 TEU from Asia to NCMP and Med, we can’t only be price driven if it comes to unreliable service patterns as a result of negative financial enviroment for the carrier industry.
    The TEU Tokens support and secure our promotion items and we are glad to have the 300cubits solution to provide more reliability in the stormy forese(a)e.
    We warmly recommend to get in touch with this value added service provider as long as the TEU Tokens are offered for free,