ESSDOCS-CARGODOCS
essDOCS CargoDocs eBL platform competitor Bolero acquired IQAX 2022.
Definition
essDOCS CargoDocs features: (1) CargoDocs eBL: electronic Bill of Lading issuance + transfer + surrender, multi-party workflow (carrier + shipper + consignee + banks + customs + ports), approved International Group of P&I Clubs marine insurance acceptance. (2) CargoDocs DocsTrade: trade documents lifecycle management (commercial invoice + packing list + Certificate of Origin + Inspection Certificate + multiple trade documents). (3) CargoDocs DocsFusion: data integration between essDOCS platform + carriers TMS + shippers ERPs + banks trade finance systems. (4) CargoDocs DocsCargo: container freight forwarder application connecting forwarders + customers + carriers. (5) essDOCS Rulebook: contractual multilateral legal framework for eBLs + electronic trade documents, similar Bolero Rulebook. (6) Customers: commodity traders Trafigura + Glencore + Vitol + Mercuria + Cargill, banks Citibank + JPMorgan + BNP Paribas + ING + Standard Chartered, carriers Maersk + MSC + CMA CGM + Hapag-Lloyd. (7) Acquisition IQAX 2022: essDOCS acquired by IQAX (Hong Kong digital trade tech company associated OOCL container line), enhanced focus container shipping eBL coupled IQAX existing container documentation offerings + Asian markets reach. (8) FIT Alliance + DCSA collaboration: essDOCS founder FIT Alliance 2022 with Bolero + others, advocating eBL standards via DCSA Digital Container Shipping Association eBL standards 100% digital BoL ambition by 2030.
Origin
essDOCS founded 2005 ; CargoDocs eBL approved International Group P&I Clubs ; acquired by IQAX 2022 ; ~6M+ documents 2005-2024 cumulatively.
Example in context
Trafigura ships LNG cargo $200M from Australia to Japan via essDOCS CargoDocs eBL: carrier Maersk LNG Gas issues eBL via essDOCS platform, Trafigura accepts as shipper, transferred to bank Citibank trade finance, on arrival Japan Trafigura sells cargo to JERA buyer, transfers eBL to JERA via essDOCS endorsement, JERA presents eBL to carrier releasing LNG cargo from terminal ; entire eBL chain digital, settle ~24 hours vs ~5-7 days physical BoL courier.
Related terms
- Bolero eBL — eBL competitor.