Future International Trade (FIT) Alliance

Check out Digital Container Shipping Association (DCSA)’s Industry Report on Digital Evolution in Container Shipping. The findings not only highlight the industry's progress but also underscore the remarkable achievements we can accomplish through collaboration, like with our FIT Alliance! Find the report here https://lnkd.in/d3rBJ6g8 #FITAlliance #Containershipping #digitalisation

Great to see FIT Alliance members spreading the good word in digitalisation at GTR Asia!

The Lost Bills of Lading: A Cautionary Tale: In a recent incident, the loss of paper bills of lading led to significant complications, costs and delays that could easily have been avoided if electronic bills of lading had been used. Typically, when paper bills are lost, parties accept a Letter of Indemnity (LOI) to reissue new bills. However, in this case, the ship owners insisted on a more stringent process. They required the bill of lading title holder to file an application in court at the port of destination to officially declare the original bills void and remove the title from the lost set. The cargo interests found themselves in a prolonged debate over who held the title and who was responsible for filing the court application. Furthermore, the legal process to void the original bills and issue new ones was expected to take up to two months. Given the high value of the cargo, they were understandably hesitant to land it without proper title documents. Although deemed "unreasonably cautious" by some, the owners’ stance was guided by their P&I club and was legally defensible to avoid a mis-delivery claim. However, their action resulted in the vessel being anchored off the port of destination for over two months, accruing a staggering $2 million in demurrage costs. There is currently no resolution in sight. This complex and costly scenario highlights the critical importance of safeguarding shipping documents and points to a more efficient solution: electronic bills of lading (eBL). Unlike paper bills, eBLs cannot be lost, damaged, or stolen, offering a secure and efficient alternative. By adopting eBLs, the shipping industry can reduce the risk of lengthy legal disputes, decrease the risk of fraud, and ensure the seamless transfer of cargo ownership. The lesson from this incident is clear: transitioning to electronic bills of lading can prevent similar logistical nightmares in the future, protecting both time and financial resources. Future International Trade (FIT) Alliance BIMCO #eBLs

The Lost Bills of Lading: A Cautionary Tale: In a recent incident, the loss of paper bills of lading led to significant complications, costs and delays that could easily have been avoided if electronic bills of lading had been used. Typically, when paper bills are lost, parties accept a Letter of Indemnity (LOI) to reissue new bills. However, in this case, the ship owners insisted on a more stringent process. They required the bill of lading title holder to file an application in court at the port of destination to officially declare the original bills void and remove the title from the lost set. The cargo interests found themselves in a prolonged debate over who held the title and who was responsible for filing the court application. Furthermore, the legal process to void the original bills and issue new ones was expected to take up to two months. Given the high value of the cargo, they were understandably hesitant to land it without proper title documents. Although deemed "unreasonably cautious" by some, the owners’ stance was guided by their P&I club and was legally defensible to avoid a mis-delivery claim. However, their action resulted in the vessel being anchored off the port of destination for over two months, accruing a staggering $2 million in demurrage costs. There is currently no resolution in sight. This complex and costly scenario highlights the critical importance of safeguarding shipping documents and points to a more efficient solution: electronic bills of lading (eBL). Unlike paper bills, eBLs cannot be lost, damaged, or stolen, offering a secure and efficient alternative. By adopting eBLs, the shipping industry can reduce the risk of lengthy legal disputes, decrease the risk of fraud, and ensure the seamless transfer of cargo ownership. The lesson from this incident is clear: transitioning to electronic bills of lading can prevent similar logistical nightmares in the future, protecting both time and financial resources. Future International Trade (FIT) Alliance BIMCO #eBLs

Hannah Nguyen represented the International Chamber of Commerce  on behalf of the FIT Alliance at the International Shipping Innovation Conference. Hannah introduced efforts by the 5 founding partners (BIMCO, Digital Container Shipping Association (DCSA), FIATA International Federation of Freight Forwarders Associations, International Chamber of Commerce and Swift) to raise awareness of eBL benefits and accelerate adoption of standard-based eBL across all sectors. This includes the eBL Declaration which have been signed by 150 entities since launch and the Complete Guides to eBL to help respective industries prepare for their adoption journey. You can find out more about the eBL declaration and download the Complete Guides to eBL here https://lnkd.in/dtCmJMQU #digitaltrade #digitalisation #globaltrade #shipsandshipping #eBL

Great to see bulk shipping pushing ahead with the adoption of eBills and providing some real-world results. This was achieved using existing solutions - you don’t need to wait - start using eBills now! Congratulations to Vale, BHP, Rio Tinto and Anglo American for working together with stakeholders to make this great achievement happen. Future International Trade (FIT) Alliance BIMCO Digital Container Shipping Association (DCSA) FIATA International Federation of Freight Forwarders Associations Swift

Legacy, tradition and common practice often result in paper bills of lading being required for compliance purposes even in jurisdictions that permit the use of eBLs. This is one of the many interesting and valuable findings in the recently published DCSA report of “Overcoming legal and regulatory barriers to eBL adoption”. https://lnkd.in/eJ6v5pkB Proving education and clarity on the use and benefits of eBLs is one of the FIT Alliance’s main objectives. This report clearly shows that while the legal reform landscape is changing rapidly, there is still work to be done in the private sector to help change the mindset of “this is the way we do things: business as usual” #BIMCO #DCSA #ICC #FIATA #SWIFT

🌟 Thank You for Attending the FIT Alliance Webinar! 🌟 We extend our heartfelt gratitude to everyone who joined us for our inaugural webinar, "Understanding Data Exchange and Relevant Legal Considerations in a Rapidly Evolving Digital Landscape," on 21 May, hosted by FIATA. Your participation made the event a resounding success! During the session, we explored crucial aspects of the digitalisation of Bills of Lading (eBLs), including: 🔹 Data Transfer Lifecycle by CargoX Vice President Commercial, Peter Kern 🔹 Role of Insurers by Avalon Risk Management Senior Account Executive Northeast Regional Office, Jennifer Fragale 🔹 Legal Considerations by ICC Digital Standards Initiative Lead Legal Reform/Regulatory Affairs, Tianmi Stilphen and UNCITRAL: United Nations Commission on International Trade Law Legal Officer, Yanying Li! Your feedback is crucial to us. Please take a moment to complete our post-webinar survey. Your insights will help us improve future events and address the topics that matter most to you https://lnkd.in/eA8dG5HX Part 2 of the Digital eBL webinar series will be hosted by BIMCO, in early September, so stay tuned! The FIT Alliance unites founding members across the supply chain, being BIMCO, Digital Container Shipping Association (DCSA), International Chamber of Commerce (ICC), Swift and FIATA International Federation of Freight Forwarders Associations. #ElectronicBillOfLading #Digital #FITAlliance #WebinarSeries #DigitalTrade #InternationalTrade

Spaces available - our industry experts demystify and address crucial aspects and challenges for stakeholders of the logistics industry digitalisation journey. Register and find out more here https://lnkd.in/eu6R38iG #BIMCO #FITAlliance #dataexchange #digitalisation #globaltrade

Help us help you! Are you joining our upcoming webinar on demystifying and addressing crucial aspects and challenges for stakeholders of the logistics industry digitalisation journey? If so, please complete this VERY short (1 minute and 30 seconds) questionnaire to help us tailored our upcoming webinar towards you and your needs. We look forward to seeing you on the 21st May! Take the short survey here https://lnkd.in/e2PiXnFk #ElectronicBillOfLading #Digital #FITAlliance #WebinarSeries #DigitalTrade #InternationalTrade