Given the potential of electronic Bills of Lading (eBLs) to make international trade more efficient, reliable, sustainable, and secure, The FIT Alliance has launched a Declaration of the electronic Bill of Lading to secure commitment from all international trade stakeholders to drive digitalization, starting with eBLs, within their industries.

Every year, ocean carriers issue around 45 million bills of lading, one of the most important trade documents in shipping. Currently, many international shipping documents are not standardized, and the majority are still paper based, requiring physical hand-off between participants. The adoption of eBLs will enable the trade industry to benefit from faster transactions, cost savings (e.g. reduced administrative cost of cargo holding and document processing), and lowered fraud risks (through the use of digital authentication systems).

In 2022, only 2.1% of bills of lading and waybills in the container trade were electronic. This is despite the fact that end-to-end digitalization of trade documentation, starting with eBL, will cut costs, make international trade more efficient, reliable, secure, sustainable and less susceptible to illegal activity or fraud. 

“This declaration is a significant symbol of our joint dedication to shape the future of shipping. Transforming document exchange through a globally applicable eBL will accelerate trade digitalization to the benefit customers, banks, customs, government authorities, providers of ocean shipping services and all other stakeholders.”

As many of the technical and legal obstacles to universal eBL are already being addressed, a clear commitment to digitalization from everyone involved in international trade is a crucial next step. By signing the FIT Alliance eBL Declaration, all stakeholders can publicly signal their readiness for change and their commitment to collaborate to drive digitalization within their industries.

The FIT Alliance was formed in 2022 by BIMCO, the Digital Container Shipping Association (DCSA), the International Federation of Freight Forwarders Associations (FIATA), the International Chamber of Commerce (ICC), and the Society for Worldwide Interbank Financial Telecommunications (Swift). In forming the alliance, the groups have united behind the mission to standardize the digitalization of international trade.