Bolero for Carriers
Exporters have an increasing interest in electronic bills of lading (eBL's) and the carrier industry is being asked to support their adoption. From an Exporter’s perspective, the bill of lading typically acts as one of the triggers for payment for the goods, therefore any delays in the presentation of the bill can create a knock on impact on payment. Paper bills of lading are notorious for getting lost or delayed, or arriving after the goods, especially over short shipping routes, and particularly so when the bill of lading needs to pass through multiple holders.
Unlike past initiatives, today's pragmatic approach is to simply use a carrier’s existing systems to create the bill of lading in the normal way and then convert it into an electronic bill. This simple approach has removed many of the previous barriers to adoption.
Support for eBL makes sense for a carrier because:
- Carrier fleet becomes more marketable. Exporters are now requiring support for electronic bills of lading before fixing a ship
- eBLs significantly reduce the need/volume of letters of indemnity helping to reduce carrier risk and operational disruption
- No cost or fees to a carrier to issue eBLs over Bolero
- Open technology – no change to the process for creating the bill of lading document; a carrier or their agent can use existing systems and processes
- Simple process to start using eBL; setup over the phone in a matter of minutes
- International P&I Club approved solution
Bolero simply takes a carrier’s bill of lading document, attaches an electronic title registry record and issues this to the designated first holder; there is no change to the document creation process and the bill of lading does not have to be created on Bolero technology.
Please see our Carrier Customers page to see which carriers have adopted the Bolero eBL solution