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CargoSmart completes proof-of-concept of data exchange platform

CargoSmart announced the successful completion of a proof-of-concept with eTradeConnect, of the new data exchange platform Global Shipping Business Network (GSBN). The engagement explored ways to enhance global trade through better collaboration among shippers, banks, terminal operators, and ocean carriers, with applications to be further developed once the GSBN is formed.

Shipping giants take part in new data exchange platform

Shipment management software solutions provider, CargoSmart, 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.

Former UBS China banker receives 9-year sentence in jail for insider trade

A former UBS banker in China has been sentenced to nine years in jail by a Shanghai court, on the grounds of disclosing inside information regarding an acquisition deal in 2017. Documents show that the UBS banker shared information with two associates about a Chinese shipping firm’s acquisition of a Hong Kong company. Though it did not name the companies, Chinese media and the Wall Street Journal noted that it was Cosco Shipping’s $6.3 billion acquisition of Orient Overseas Container Line.

OOIL sells Long Beach Container Terminal for US$1.78 billion

Chinese shipping company Orient Overseas (International) Limited (OOIL) announced a Sale and Purchase Agreement to sell 100% of the Long Beach Container Terminal to a consortium led by and Macquarie Infrastructure Partners (MIP), for US$1.78 billion.

Ocean Alliance to deploy 330 ships on new Day 3 product

French container shipping company CMA CGM announced the launch of the Ocean Alliance Day 3 Product, along with its partners in the Ocean Alliance, COSCO Shipping, OOCL, and Evergreen. A total of 330 ships will be deployed under the new service, which is expected to start from April 2019.

Maersk, IBM face problems with blockchain project

Maersk and IBM are reportedly struggling with their blockchain platform, TradeLens, as besides them, only one other carrier has joined in, Pacific International Lines. This comes at a time when, Maersk’s competitors such as CMA CGM, Cosco, Evergreen, OOCL and Yang Ming have also established a similar platform.

Ocean Alliance, Yang Ming collaborate for blockchain platform

Ocean Alliance with Yang Ming and major terminal operators initiated a blockchain consortium in order to establish a digital platform. Τhe pilot project will consist an application which will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December 2018.

OOCL plans bunker recovery charge ahead 2020

Hong Kong-based OOCL announced it will begin transition into the use of Low Sulphur Fuel for its entire fleet during the second half of 2019, in order to meet the 2020 sulphur requirements. OOCL added it will be introducing a bunker recovery approach based on a floating bunker formula.

OOCL expands GHG reporting and verification scope

In line with its efforts to decrease environmental footprint from its operations, Hong Kong-based OOCL announced the expansion of its GHG reporting and verification scope, to include indirect emissions from business travel by air for employees of its Hong Kong office and for its two terminals, in US and Taiwan.  

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