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Liners, Terminal Operators to become shareholders of Global Shipping Business Network

Nine ocean carriers and terminal
operators have signed a shareholders’ agreement indicating their intention to
become shareholders of the proposed Global Shipping Business Network (GSBN).

The companies include CMA CGM,
Port of Qingdao, PSA International, and Shanghai International Port Group

The signing of the agreement
symbolized the conclusion of an important step towards the GSBN’s official

The GSBN aims to provide a
platform for the shipping supply chain participants to work collaboratively to
accelerate the digital transformation of the shipping industry.

The establishment of the network
is yet to receive all regulatory approvals. It will operate as a
not-for-profit organization and offer a data exchange platform.

To support this vision,
CargoSmart will be the technology solutions provider and platform operator for
the GSBN.

“We expect the trusted blockchain
platform will accelerate the sharing of verified logistics and cargo data,
streamline business operations across the whole supply chain, and create value
to each stakeholder,” Martin Gnass, Managing Director IT of Hapag-Lloyd, said.

“Existing data exchange and
practices in the shipping industry do not adequately address all terminal
operational details, leading to missed opportunities to improve overall

“With terminal operators being founding members of the blockchain
platform, we believe the GSBN will capitalize on new and existing opportunities
on the terminal side and expedite digital transformation in the industry,” Ding
Songbing, Manager of Strategy & Research Department of SIPG, said.

In preparation for the
establishment of the GSBN, CargoSmart has conducted a number of
proof-of-concepts (PoC) to validate opportunities to generate value for the
participants in the GSBN.

One example is the PoC with
eTradeConnect, the trade finance blockchain consortium facilitated by the Hong
Kong Monetary Authority (HKMA).

According to CargoSmart, the PoC
proved that the GSBN and its associated technologies will be able to bring
actual benefits to the industry.
World Maritime News

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