BIMCO's "25 by 25" campaign reaches 25.1% eBL adoption in first year

Published: 17 July 2024

In an encouraging development for trade digitalisation, BIMCO's "25 by 25" campaign has already surpassed its initial target within its first year. The campaign commits major shippers in the bulk sector to use electronic bills of lading (eBLs) for at least 25% of their annual seaborne trade volume for one commodity by 2025. The initial four participating shippers, BHP, Rio Tinto, Vale and Anglo American have achieved an average adoption rate of 25.1% in their iron ore trade.

This early success marks a significant milestone in the ongoing effort to streamline supply chain processes and accelerate the digital transformation of trade in the bulk sector. Electronic bills of lading offer numerous advantages, including increased efficiency, cost reduction, and enhanced transparency and security. In contrast, paper bills of lading are slow, inefficient, and vulnerable to fraud and human error, posing legal and commercial risks such as reliance on letters of indemnity or loss in transit.

To achieve our target by participating iron ore shippers only a year into the campaign is a testament to the industry's commitment to digital transformation. We are thrilled to see such rapid progress, which highlights the dedication of key players in the dry bulk sector to improving operational efficiency through digital solutions. The next step is to broaden the campaign to include other bulk trades.

Hui Ling Chan, VP of Order-to-Cash Global Business Services at BHP, emphasised BHP's dedication to supporting the shipping industry's digital transformation.

Laure Baratgin, Head of Commercial Operations at Rio Tinto, reiterated the company's commitment to enhancing trade flow security, traceability and efficiency through innovative digital solutions.

Wang Si, Iron Ore Sales Administration Manager at Vale, noted that hitting the 25% adoption rate for iron ore seaborne trade reflected Vale's continuous efforts in digitalisation and innovation, benefiting the entire supply chain.

Demian Reed, Global Head of Sales Operations at Anglo American, said the campaign's success was a key step towards driving efficiency and innovation in their supply chains.

BIMCO, a founding member of the FIT Alliance, continues to collaborate with the DCSA, ICC, SWIFT, and FIATA to develop and adopt standards that facilitate the widespread use of electronic bills of lading. The success of the "25 by 25 pledge" within its first year underscores the potential for achieving a fully digital trade future.

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