The Shanghai Shipping Exchange has recently introduced seven new container bill of lading standards to cover major international trade routes. These standards are presented alongside an updated contractual framework that allows shipping companies and cargo owners to link freight payments to published indices.
New Container Bill of Lading Standards
The new container bill of lading standards were introduced on October 20, 2023, at the International North Port Transportation Conference. These standards include rates for 20-foot containers from Shanghai to East Africa, Central and South America, and India and Pakistan. Additionally, four other standards track rates for 40-foot containers to Europe, the Mediterranean Sea, and South and Central America.
Read more: Collection of Emergency Fuel Cards in Five Provinces and New Fuel Supply Restrictions
Updated Contractual Framework
The 20-foot standards for East Africa and Central and South America will be published on a trial basis starting January 2025, while the five other standards will be available from May 2026. The official introduction of these standards in October 2023 marks their formal release, rather than the first data collection of freight.
Furthermore, the Shanghai Shipping Exchange has introduced an updated version of the container service contract template linked to the index. The 2026 framework expands the range of container sizes and freight indices to provide more accurate reference prices for negotiating and settling freight contracts in response to market changes. These changes enable shipping companies, cargo owners, and financial institutions to have more precise reference prices for contracts.
This exchange had introduced the index-linked container contract template in 2023, allowing parties to refer to published freight rates when setting up business agreements. This framework is designed to reduce uncertainty in future transportation costs and create a common basis for agreements between shipping lines and their customers.
The new standards significantly provide additional reference prices across container sizes and trade routes, assisting shipping companies in times of market volatility.
Read more: Actual Reduction in Energy Consumption as the Basis for the Organization's Support for Executive Plans · Sierra Leone Launches National Shipping Company with China's Support
