Digital freight forwarder Shipwaves has joined TradeLens, the blockchain-enabled shipping platform developed by A.P. Møller – Maersk and IBM.
Shipwaves, based in Mumbai, India, said the move is aimed at accelerating the digitization of ocean logistics, particularly in India and the Middle East. Having recently allowed shipping bills of lading to be filed over a blockchain platform, India has been “betting big on blockchain-enabled solutions to digitize its maritime supply chains,” Shipwaves said.
TradeLens is an open and neutral platform underpinned by blockchain technology and supported by major players across the global shipping industry for the transparent and secure exchange of information to foster greater collaboration and trust across the global supply chain.
Maersk and IBM launched a beta product in August 2018. A commercial product was offered in December 2018 and more than 1 million shipping events per day were being published to the platform.
ZIM Integrated Shipping Services joined TradeLens in April 2019, followed by CMA CGM and Mediterranean Shipping Co. a month later and Hapag-Lloyd and Ocean Network Express in July of last year. TradeLens said by December it was publishing 2 million events per day and its ecosystem included more than 175 organizations.
Founded in 2015, Shipwaves touts itself as Asia’s first digital freight forwarder. It said it helps shippers around the world plan, book and manage shipments by offering instant rates, quick quotes, online booking and real-time visibility. Shipwaves said it also offers value-added services like customs clearance, marine insurance and advanced data analytics to lower freight costs.
Shipwaves COO Sajid Mohammed said joining TradeLens “marks a significant milestone, which will enable us to digitize our customers’ operations and lead them into the blockchain era of global trade. While we were one of the early innovators in the digital freight-forwarding space, the ongoing pandemic taught us that this is not enough. One also needs collaboration to enhance competence and expand capabilities.
“Our SaaS products helped us gain deep insights into the inner universe of clients’ IT systems, how they interact with their logistics teams and shareholders,” Mohammed said. “We believe that the TradeLens platform will truly elevate our value proposition, allowing us to interconnect with shippers, carriers and other stakeholders. The best part is that all this will be done using the innovative technology that ensures security, trust and transparency.”