CargoSmart secures cooperation of Maritime Industry Operators

In its bid to revolutionize the shipping industry, tech firm CargoSmart managed to secure new members to its lineup of cargo operators in the form of the maritime industry operators. These include “CMA CGM, COSCO SHIPPING LINES, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group.” The goal is to make the Global Shipping Business Network (GSBN) a reality via a services agreement.

In a recent press release, the details regarding this new agreement were provided, including what it will mean for the shipping industry. The responsibilities of the members have been spelled out, as well, including compliance with regulations and securing various requirements. Rajesh Krishnamurthy, an executive at, CMA CGM Group spoke about his company’s part in this deal.

“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,” he said.

Hapag-Lloyd executive, Martin Gnass also gave his two-cents on the matter, saying, “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.”

As to what this partnership is even about, CargoSmart CEO Steve Siu says, “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.”

With regards to the details of this arrangement, The Maritime Executive lays out the specifics. Simply put, this deal will make use of blockchain’s capabilities to streamline shipping processes and make them more efficient.