BIMCO joins DNI Initiative and launches its “25 by 25 pledge”

BIMCO – the global shipping community of 2,000 members present in 130+ countries – has decided to join our DNI Initiative as part of its commitment to accelerate uptake of electronic bills of lading. BIMCO members cover over 60% of the global fleet and consist of local, global, small, and large companies.

BIMCO has launched the “25 by 25 pledge”, a commitment by some of the world’s biggest shippers in the bulk sector to target moving 25% of their annual seaborne trade volume for at least one commodity using electronic bills of lading by 2025. The pledge is part of an ongoing effort to accelerate trade digitalisation and streamline the supply chain process in the bulk sector.

The use of electronic bills of lading (eBLs) increases efficiency, reduces costs and improves the overall transparency and security of trade. In contrast, paper bills of lading are inefficient, slow down trade and are vulnerable to fraud and human error. The use of paper bills therefore poses unnecessary legal and commercial risks such as relying on letters of indemnity or getting lost in transit.   
 
“The wider adoption of electronic bills of lading is an important step in the shipping industry’s digital transformation,” said Grant Hunter, Director of Standards, Innovation and Research at BIMCO. “We are delighted that some major players in the dry bulk sector have already backed this community initiative to reach 25% usage across the entire bulk sector. These mining companies have made good headway with adopting eBLs over the past years, mainly with iron ore, but much more can be done,” Hunter said.

“I am very impressed by BIMCO’s commitment to move the transport and logistics industry into 21st century digital practices. Such move is extremely welcome on the banking side as financial institutions ought to reduce operational costs and mitigate fraud risks when handling trade documents. Through the DNI Initiative that was established in 2019, we are supporting the industry embrace advanced policies and technologies to make this a reality in the most interoperable way. BIMCO’s and ITFA’s efforts are converging and will pay off.”, comments André Casterman, Chair Fintech Committee, ITFA.

The BIMCO “25 by 25 pledge“ has already been supported by Vale, BHP, Rio Tinto, Anglo American, COSCO SHIPPING Lines, Oldendorff Carriers GmbH & Co. KG and Star Bulk as per the recent press release.