The ICE Access Agreement 2024.1 has received approval for interoperable eBLs from the International Group of P&I Clubs (IG), representing the 12 Protection and Indemnity (P&I) Clubs which insure 90% of the world’s ocean-going tonnage. This approval means that ICE CargoDocs eBLs can be transferred to users on other eBL platforms approved by the IG P&I for interoperable eBLs, with P&I Club members remaining within their standard terms of insurance cover. A sample of the recently issued IG P&I Circulars confirming the approval can be found here.

Together with the earlier IG P&I approval of the ICE CargoDocs Local Law eBL solution - supporting eBLs governed by the law of any country which has enacted the MLETR or equivalent without the need for participants to sign our multilateral DSUA (rulebook) – this milestone lays the foundation for a truly scalable interoperable eBL approach: enabling an eBL issued in one solution to be securely transferred to another solution, while retaining its (legal) characteristics as a bill of lading.

Given that interoperability is key to unlocking eBL volumes – especially in the container shipping segment which lags behind bulk shipping eBL flows – ICE Digital Trade has been working alongside IQAX to ensure that the 4 critical components of interoperability are being actively addressed; namely:

• A technical solution to ensure that only one original eBL is in existence, and controlled by the rightful holder, at all times. The Digital Container Shipping Association (DCSA) standards have provided critical inputs for this aspect.
• A legal solution to ensure that the eBL is the legal equivalent of a paper BL. This is achieved by ensuring that the eBL is (expressly) governed by an eBL enabling law such as the UK’s Electronic Trade Documents Act 2023 or Singapore’s Electronic Transactions (Amendment) Act 2021.
• A liability regime ensuring that, in case of loss, the right platform is responsible for losses and can pay.
• IG P&I approval to ensure that carriers issuing interoperable eBLs are insured by their Clubs.

We eagerly anticipate the practical implementation of this critical milestone in the coming months, as we continue working closely with our customers, other solution providers and the industry at large – reinforcing our mission to facilitate a fully digital, inter-connected global trade ecosystem.