IQAX eBL streamlines bill of lading processes, boosts visibility, and enhances security at no extra cost for Hapag-Lloyd customers.
HONG KONG, May 6, 2024 /PRNewswire/ -- 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.
About IQAX
IQAX is a global information technology company that provides intelligent and digital transformation solutions using blockchain for enterprises in the logistics ecosystem. Backed by a strong heritage in container shipping, IQAX strives to foster a harmonized and connected global trade environment. As an industry leader, IQAX connects with shippers, freight forwarders, carriers, terminals, and financial institutions, and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain.
IQAX is an independent technology company wholly owned by Orient Overseas International Ltd. (HKEX:0316), which is in turn part of Orient Overseas Container Line (OOCL), one of the largest integrated international transport and logistics companies in the world.
About Hapag-Lloyd
With a fleet of 266 modern container ships and a total transport capacity of 2.0 million TEU, Hapag-Lloyd is one of the world's leading liner shipping companies. In the Liner Shipping segment, the Company has around 13,500 employees and 403 offices in 140 countries. Hapag-Lloyd has a container capacity of 2.9 million TEU – including one of the largest and most modern fleets of reefer containers. A total of 113 liner services worldwide ensure fast and reliable connections between more than 600 ports on all the continents. In the Terminal & Infrastructure segment, Hapag-Lloyd has equity stakes in 20 terminals in Europe, Latin America, the United States, India, and North Africa. Around 2,900 employees are assigned to the Terminal & Infrastructure segment and provide complementary logistics services at selected locations in addition to the terminal activities.
