Recently, COSCO SHIPPING Lines, CMA CGM, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International, and Shanghai International Port Group (SIPG) signed a shareholders’ agreement indicating their intention to become shareholders of the proposed Global Shipping Business Network (GSBN).
The signing of the agreement symbolized the fortified cooperation among the consortium as well as the conclusion of an important step towards the GSBN’s official establishment. Once all regulatory approvals have been obtained and the GSBN is formed, it will lead to the development of innovative applications to create value to stakeholders in the supply chain.
The shareholders’ agreement for the nine shareholders of the GSBN confirms the consortium’s governance structure and nature of the business. The GSBN will be established as a not-for-profit organization that operates and facilitates a secure and trusted data exchange platform for all stakeholders along the supply chain. The consortium will nurture community participation and introduce a wide range of innovative services and applications to streamline operation processes and improve overall efficiency. To support this vision, CargoSmart will be the technology solutions provider and platform operator for the GSBN.
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).
The PoC proved that the GSBN and its associated technologies will be able to bring actual benefits to the industry. It also demonstrated how the GSBN’s unique combination of carriers and terminal operators can provide a more balanced perspective, bringing up new ideas to transform the industry by going beyond the conventional carrier-centric business model.
The proposed Global Shipping Business Network (GSBN) will operate as a not-for-profit organization with shareholders that will include global carriers and terminal operators. It intends to provide a data exchange platform for all shipping supply chain participants to work collaboratively to accelerate the digital transformation of the shipping industry.
Source:COSCO SHIPPING
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