GSBN signs MoU with SABIC, COSCO Shipping, Hutchison Ports and PSA to enable paperless trade

Global Shipping Business Network (GBSN) has signed a non-binding Memorandum of Understanding (MoU) with shipper Saudi Basic Industries Corporation (SABIC), COSCO Shipping Lines and global terminal operators Hutchison Ports and PSA International (PSA) to enable paperless trade.

The five-way MoU was signed during the ICC Future Trade Forum in Singapore and will see all signatories leveraging the electronic Bill of Lading (eBL) for export shipments by SABIC via COSCO Shipping to ports in Asia controlled by Hutchison Ports and PSA.

Bertrand Chen, CEO at GSBN, said: “What is exciting about this collaboration is the ability to demonstrate the value of end-to-end eBL adoption with Cargo Release.