Today Saudi Aramco-controlled chemicals firm SABIC signed a memorandum of understanding (MoU) for paperless trade with the Global Shipping Business Network (GSBN) and three of its members, COSCO Shipping, Hutchison Ports and PSA ports.
SABIC, with a market capitalization of $73 billion, provides chemicals to various industries ranging from construction to agriculture.
GSBN’s blockchain trade network supports electronic bills of ladings (eBLs), and structured eBL data will also be used by SABIC for GSBN’s cargo release application. The deal covers SABIC cargo carried by COSCO Shipping to Hutchison and PSA ports in Asia.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
