Nine top global carriers belonging to the Digital Container Shipping Association(DCSA) have committed to 100% adoption of an electronic bill of lading (eBL) based on DCSA standards by 2030 in a significant digital step forward for the industry.
Switching away from the transfer of physical paper bills of lading could save $6.5bn in direct costs for stakeholders according to DCSA estimates, and enable $30bn to $40bn in annual global trade growth.
The bill of lading functions as a document of title, receipt for shipped goods and a record of agreed terms and conditions. Ocean carriers issue around 45m bills of lading a year. In 2021, only 1.2% of these were electronic.
Thomas Bagge, CEO of DCSA, said: “The digitalisation of international trade holds vast potential for the world economy by reducing friction and, as trade brings prosperity and the eBL will further enable trade, helping bring millions out of poverty. This heralds the start of a new era in container shipping as the industry transitions to scaled automation and fully paperless trade.”
Vincent Clerc, the new CEO of A.P. Moller -Maersk, commented: “The need for digitisation in logistics is urgent, and the industry needs to speed up the process.”
There are other documents besides the B/L that need to be digitized before customers will realize the benefit. It doesn’t do me a lot of good to have an eB/L when I’m still sending a courier pouch with original invoices, certificates of origin, etc.
Thanks Sam for posting the news about the shipping industry becoming completely digital by 2030 as it will embark on eBL as per DCSA standards. The striking point of the news is the stupendous growth of $ 30 – 40 billion in annual growth trade. These are positive indicators of economic growth projections which will be a great boost to the economy.