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.
Sources: Splash247/Datamar News