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Global Shipping Business Network (GSBN) has announced that it has reached a new milestone with the rollout of Cargo Release in Latin America, starting with ports across Mexico and Panama.
Cargo Release is a blockchain-enabled application offering a paperless, efficient and transparent solution connecting everyone involved at the port of import including shipping lines, consignees, their agents, and terminals.
This product cuts the time for cargo to be document-ready for release from days to hours.
Due to their proximity with North and Latin American markets, Mexico and Panama are strategically important ports for global trade.
The latest announcement marks the first anniversary of Cargo Release which was first rolled out across China in 2021 and has since followed successful deployments across Southeast Asia, Europe and most recently Latin America, serving over 10,000 customers to date.
Bertrand Chen, CEO at GSBN, said: “As global trade continues to face an evolving and increasingly dynamic environment, digitisation is playing a critical role in helping the shipping sector adapt.
“Mexico and Panama are strategically important locations for global supply chains, and we hope the rollout of Cargo Release will help further accelerate the digital leap the shipping sector is undergoing.”
Involved in the rollout are COSCO SHIPPING Lines, OOCL and global port operator Hutchison Ports.
Zhang Chi, Latin America/Africa Trade Division General Manager at COSCO SHIPPING Lines, said: “We are delighted to see Cargo Release spread its wings across the world following its successful debut in China a year ago where it has slashed cargo release times from days to a matter of hours.
“The adoption of Cargo Release is essential to reducing the bottlenecks faced by the sector and its latest rollout in Latin America further ushers a modern era for global trade.”
GSBN is an independent, not-for-profit technology consortium building a blockchain-enabled operating system designed to redefine global trade.
In June this year COSCO SHIPPING SPE. signed an agreement to enter GSBN.
GSBN earlier this year also announced that an electronic bill of lading (eBL) application built using GSBN’s Application Programming Interface (API) has obtained the approval by the International Group of P&I Clubs.
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