We are excited to share that a consortium led by CrimsonLogic, a global technology company and wholly-owned subsidiary of PSA International, recently went live with ICE CargoDocs interoperable electronic Bills of Lading (eBLs).

This milestone transaction marks the successful outcome of a project led by CrimsonLogic, which headed the consortium that was awarded the project by the Maritime & Port Authority of Singapore (MPA) to develop an interoperable electronic Bill of Lading solution. The consortium, comprising Mitsui & Co. (Asia Pacific) Pte. Ltd. (hereinafter referred to as “Mitsui”), Pacific International Lines (PIL), CrimsonLogic, and ICE Digital Trade, focused on implementing interoperable Singapore Law eBLs within the container shipping market.

The interoperable eBL transaction involved a cargo of containerized powder blends, used in food and beverage production, transported on a PIL vessel from Singapore to Vietnam. Two wholly owned entities of Mitsui served as the shipper and receiver.

This merger of technical capabilities and legal compliance represents a significant step towards digitizing cross-border trade, promising to enhance efficiency, security, and transparency in international shipping and trade finance.

Key aspects include:

• Local Law eBLs: The original negotiable eBL was governed by Singapore Law, eliminating the need for a multi-partite agreement: the eBL’s validity was assured under Singapore Law.
• Originating Platform: Technical interoperability was achieved through an ‘originating platform’ approach. The eBL remained on ICE CargoDocs, the platform used by PIL to issue the eBL, throughout its lifecycle. Mitsui accessed the eBL via CrimsonLogic's platform, utilizing ICE's partner APIs. This approach ensured seamless integration and access across different systems.

As with this transaction, eBLs governed by Singapore Law and utilizing the originating platform approach have been approved by the International Group (IG) of P&I Clubs. This approval ensures that all parties involved remain within their standard terms of Club cover, providing a secure and recognized framework for international trade.

“Interoperable eBLs are the future of trade digitization,” said Marina Comninos, Co-Head, ICE Digital Trade. “The decisive way in which the Singapore government introduced the Electronic Transactions (Amendment) Act in 2021 has paved the way for other government to follow suit, and has enabled solution providers to deliver the interoperability the industry has been asking for. Working with MPA, PIL, CrimsonLogic and Mitsui’s involved entities to launch a scalable interoperable eBL solution based on Singapore law has been truly innovative, and there is much more to come in this exciting space.”

Varun Sahai, Assistant Vice President and Head of Trade (Business) Products, CrimsonLogic, added: “We are excited to lead this consortium in developing an interoperable electronic bill of lading solution, collaborating closely with our strategic partners to drive digital transformation in global trade. By leveraging our deep expertise in trade facilitation and digital innovation, we aim to create a standardized, secure system that will streamline international trade processes.”

Mr. Mikio Hamamoto, General Manager Logistics Strategy Dept., Mitsui, said: “We are pleased to have participated in this pioneering initiative that marks a significant step forward in the adoption of eBL. Our focus remains on the broader potential of eBLs to revolutionize the shipping industry and we hope this potential can be unlocked via industry players’ continuous joint effort to promote interoperability of systems and applicable laws, as demonstrated in this initiative. We continue to stay open to the opportunities eBLs bring as we strive towards contributing to the future of global trade.”