CargoSmart has announced the execution of Global Shipping Business Network (GSBN) Services Agreements with maritime industry operators CMA CGM, COSCO SHIPPING LINES, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group. Under these agreements, each signatory commits to provide resources to support preparatory work required to establish the GSBN, a not-for-profit joint venture to accelerate the digital transformation of the shipping industry. That preparatory work includes obtaining all necessary regulatory, competition and antitrust approvals required for the establishment of the GSBN. CargoSmart will provide software solutions and services to the GSBN once it is formed.
Rajesh Krishnamurthy, Executive Vice President – IT & Transformations, CMA CGM Group, said, “In line with our Customer Centric and Digital First approach, the CMA CGM Group is committed to facilitate increased transparency and to spur innovation with the entire supply chain ecosystem. The GSBN blockchain consortium provides us a concrete opportunity to bring greater value for our customers and the supply chain as a whole.”
Martin Gnass, Managing Director IT Technology at Hapag-Lloyd added, “We are focused on offering our customers the best choices for their supply chain needs. Once it is established, the GSBN will work, with its JV structure and strong carrier and terminal participation, to increase efficiency in cross-network operation for the benefit of the various stakeholders in our industry.”
Upon its establishment, the GSBN intends to provide a platform for all shipping supply chain participants to work collaboratively to accelerate technology innovation and develop solutions through trusted and secure data exchange platforms. The signatories firmly believe that the GSBN can unlock underlying value and create exciting new opportunities for all shipping supply chain participants in a more open and transparent way. While the current signatories are shipping lines and terminal operators, it is envisaged that other participants in the shipping industry may wish to join the GSBN or otherwise benefit from the innovative solutions it develops.
“Together with other industry participants, PSA is pleased to work towards the establishment of a not-for-profit entity to promote fair and open exchange of data, consistent with each participant’s regulatory obligations. Having an ethos of open architecture and good data governance among supply chain participants will go a long way towards building an Internet of Logistics. We believe this greater connectedness will benefit the supply chain and facilitate a more efficient and transparent future for global trade,” said Ho Ghim Siew, Head of Group Commercial, Strategy and Cargo Solutions, PSA International.
“CargoSmart is pleased to support the strong industry commitment, represented by the GSBN Services Agreements, to build a solid foundation for the digitization of the shipping industry and the development of innovative solutions based on distributed ledger technology,” said Steve Siu, Chief Executive Officer of CargoSmart.