Go
X

Menu Search BIMCO Basket
Home X

BIMCO Electronic Bill of Lading Standard important first step towards trade digitalisation

  1. Insights and information
  2. Contracts
  3. ebol

BIMCO Electronic Bill of Lading Standard important first step towards trade digitalisation

Published: 25 October 2022

The bill of lading is arguably the most important of all the trade documents used in shipping and is the key to unlocking the paper handcuffs that constrain shipping’s digital transformation. BIMCO is collaborating on technology agnostic common data standards through the Future International Trade (FIT) Alliance whose members include the DCSA, FIATA, the ICC and SWIFT.

In July 2022, BIMCO published data standards for electronic bills of lading issued by carriers operating the bulk shipping sector. This initiative forms an important part of an industry-wide initiative to establish uniform data structure standards to enable end-to-end digitalisation in shipping. The bill of lading is arguably the most important of all the trade documents used in shipping and is the key to unlocking the paper handcuffs that constrain shipping’s digital transformation. BIMCO is collaborating on technology agnostic common data standards through the Future International Trade (FIT) Alliance whose members include the DCSA, FIATA, the ICC and SWIFT. 

BIMCO’s open standard has been shared with all eight of the electronic bill of lading platforms approved so far by the International Group of P&I Clubs. During Q1 of 2023 we will run pilots with the platforms to test the standard in a commercial environment. The data standards not only establish uniformity across the existing electronic bill of lading platform providers they also provide a gateway to future interoperability between platforms.  

There are mature and innovative technological solutions available to the shipping industry for using electronic bills of lading now, and BIMCO can provide you with their details. An important task for carriers is putting in place the change management necessary to implement electronic bills of lading in their companies. BIMCO can help members in this process by providing the information needed to make an informed decision about accelerating digitalisation for trade documents. 

BIMCO believes that to succeed in this digital transformation, the bulk sector should set ambitious targets for the adoption of electronic bills of lading within the next two years. Many have already started their digital journey, but the industry needs to work together to avoid a fragmented approach and ensure that small and medium sized companies have affordable access to the technology they need to make the transition using existing systems. 

In a recent survey by the FIT Alliance, 60% of respondents said they were planning to switch to electronic bills of lading in the next 6-24 months. To help build on this tremendous momentum, BIMCO is campaigning to raise awareness of the benefits of electronic bills of lading in the bulk shipping sector and implement a CEO-level scheme to pledge to carry 25% of a company’s annual cargo volume on electronic bills by 2025.
Grant Hunter

CONTACT BIMCO

Grant Hunter

Chief Digital Officer & Director of Products

London, United Kingdom

More from CONTRACTS