IQAX Ltd., a Hong Kong-based innovative technology solutions provider for shipping and logistics, has announced that Hapag-Lloyd, one of the world's most significant container shipping lines, will adopt its IQAX eBL to issue electronic bills of lading (eBLs).

Hapag-Lloyd has chosen to implement IQAX's industry-leading eBL solution to enhance customer service and expedite its transition towards 100% adoption of eBLs by 2030. "As challenges from complex, volatile supply chains continue to grow, Hapag-Lloyd recognises 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, DirectorDirector of Service Delivery at Hapag-Lloyd. IQAX eBL utilises the Global Shipping Business Network (GSBN), a blockchain infrastructure designed to digitise the shipping industry. This network allows only authorised 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," stated 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 connecting all parties involved in global shipping, reducing timeframes from weeks to seconds while enhancing security. Nine different banks, including 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, have already adopted IQAX eBL, providing more comprehensive benefits to users.

IQAX eBL offers Hapag-Lloyd's customers a unified view of shipment milestones and document status through a single platform. This unique feature 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 title ship transfer decisions.