Maersk has signed Sri Lankan container terminal SAGT to the TradeLens blockchain. SAGT is based in the Port of Colombo. TradeLens, the container shipping supply chain, is a joint initiative from IBM and Maersk, with each of the companies signing up new members independently.
By far the biggest number of TradeLens members is Port terminals, which amounts to more than 150 of which Maersk says 110 have integrated. However, the number of companies is smaller. For example, Maersk owned APM Terminals has 40 terminals listed as members.
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SAGT, the first Public Private Partnership (PPP) container terminal in Sri Lanka, also became the first terminal in the country to adopt the Blockchain Technology by collaborating with TradeLens, a digital platform jointly developed by A.P. Moller – Maersk and IBM. This move will help in accelerating the digitisation agenda of shipping industry in Sri Lanka by transforming manual, paper-based and time-consuming administrative processes into digital ones.
SAGT has played an important role in facilitating global trade through Sri Lanka by serving most of the world’s shipping lines with the ambition of empowering the hub aspirations of Sri Lanka. With an annual throughput of over 2 million TEU containers (Twenty-feet Equivalent Units), SAGT is a pivot for movement of cargo through South Asia. The collaboration with TradeLens will allow SAGT to bring together data from the entire global supply chain ecosystem that includes shippers, shipping lines, ports and many more supply chain players from around the world. This data, based on the Blockchain-powered TradeLens platform, will improve operational efficiency through better visibility of container flows across multiple modes.
Ted Muttiah Chief Commercial Officer of SAGT said: “Digitisation and digitalisation offer all stakeholders to the supply chain significant operational cost efficiencies. SAGT is firmly committed to embracing technology in our efforts to constantly drive efficiencies towards an “ease of doing business” customer experience. The collaboration with TradeLens is a very important step forward in strengthening our digital agenda and staying ahead of the curve when it comes to digital transformation.”
“SAGT is a flagship company on the Board of Investment in Sri Lanka and we are excited to be a part of the digital journey that TradeLens offers the Sri Lankan shipping and logistics industry.”
TradeLens provides visibility across the entire supply chain, from booking to clearance to payments and is built on a wealth of input from the industry including direct integrations with more than 110 ports and terminals, 15+ customs authorities around the world and an increasing number of intermodal providers.
Bimal Kanal Head of TradeLens, South Asia said: “TradeLens is an open and neutral platform that is digitalising the global supply chain ecosystem. With SAGT coming onboard, we have an important partner in South Asia which believes in our efforts of bringing efficiencies in logistics and thus helping our customers in bringing down cost of logistics.”
“Our ambition is to have all stakeholders including shippers, shipping lines, ports, banks, custom authorities and so on, involved in the global supply chain to be on a common platform that will benefit the entire industry.”