essDOCS completes first operational use of electronic bill of lading (eB/L) solution in the container line market involving an NYK Line ocean eB/L
London, United Kingdom, 24 March 2014: essDOCS has successfully completed the first operational use of essDOCS electronic bill of lading solution covering a container movement. The negotiable electronic ocean or master bill of lading was issued by NYK Line to a global essDOCS customer, for a shipment from Singapore to China on the M/V Vancouver Bridge.
The NYK Line eB/L was issued to Elite International Logistics Singapore (the forwarder working on behalf of the customer) on February 7th, who in turn added the necessary supporting eDocs and presented the set of electronic documents (eSet) to the American trade finance bank. After completing its review of the eSet, the American bank presented the eSet to the issuing bank, China CITIC Bank. Following that transaction, China CITIC Bank accepted the eSet under the terms of the eUCP letter of credit and in turn sent the original eDocs to Wuhan XinLianChuang Plastics. Wuhan XinLianChuang then surrendered the eB/L to NYK and received their cargo at Shanghai port.
This shipment marked many firsts for essDOCS:
First operational use of essDOCS eB/L solution in the liner segment
First use of eUCP involving a liner eB/L
First containerised chemical shipment using eB/Ls
First operational use by NYK Lines of essDOCS solution
First operational use by Elite International Logistics
First operational use by leading American trade finance bank (essDOCS’ first American Bank to adopt ePresentation solution)
First operational use by China CITIC Bank (essDOCS’s first Chinese Bank to adopt its ePresentation solution)
First operational use by Wuhan XinLianChuang
The eB/L was created from XML data pushed by NYK Line into the essDOCS eB/L solution using a standard message, resulting in an eB/L comprised purely of data based on NYK Line’s standard B/L template. This approach reuses Lines’ current IT capabilities and transitions the majority of interfacing work to essDOCS.
Most crucially, all documents involved in this transaction were managed electronically, therefore handled as eDocs only. Electronic documents used in addition to electronic bill of lading included:
Notice of Completeness
LC Negotiation Form
This significant live transaction followed several weeks of testing in Q4 2013, involving all the trial participants. essDOCS has been undertaking similar tests with a number of other container lines who have completed successful testing last year and are planning to transition to operational use in coffee and metals trades later this quarter. essDOCS is in advanced talks with a number of other lines, and expects the number of users testing its liner eB/L solution to increase steadily throughout the year.
Lincoln Leung, Global & AOC BPM of NYK Line, said:
“The use of our existing XML files and data structure meant we could populate the electronic NYK Bill of Lading draft quickly, and send it with one click to Elite to verify. Once Elite confirmed the eB/L draft, our Export Documentation Team in Singapore signed and issued the eB/L upon vessel departure. Overall we were not asked to change our process much, which is a good thing.”
Yong Liu, General Manager of International Banking Department of China CITIC Bank said:
“It’s a pleasure to issue and honour the first Letter of Credit requiring eDocs including eB/L presented through essDOCS in China. China CITIC Bank always focuses on innovation, and will devote to promote the use of electronic documents in trade finance.”
Alexander Goulandris, CEO of essDOCS, said:
“Today marks a major milestone in essDOCS history which couldn’t have been accomplished without the vision and collaboration of our customers, who are supported 24/7 by essDOCS’s dedicated eB/L specialists. Our first liner eB/L marks essDOCS entrance into it’s last major shipping segment, and demonstrates the growing interest of eDocs, and in particular, the eUCP in the Asia Pacific market.”
essDOCS[i] propels paperless trade through a wide range of Global Trade Execution (GTE) solutions. Specifically, our solutions automate document processes relating to operations, finance and compliance of physical cargo movements. Our cornerstone product, the industry-leading electronic bill of lading (eB/L), is currently used by over 1, 350 customers globally, ranging from half of the Fortune 10 Global companies to innovative SMEs.
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