Newsletter 3-Aug-2018
Latest about Booking Deposit Module
After several weeks of UAT (user acceptance tests) and some adjustments to our smart contract to reduce mining costs on the Ethereum blockchain, our Booking Deposit Module commence operation on 24th July.
The first shipment through our production system was a 20'dry container from Mitsui Chemical on a MCC Transport operated vessel from Singapore to Keelung. The shipper submitted booking deposit in TEU tokens on 24th July and the carrier quickly responded by putting up an equal amount of TEU tokens on the very same day. The shipment was gated in on 25th July and then loaded on 26th July, all in accordance with the booking plan. “We welcome solutions such as the one provided by 300cubits that help reduce No Show and Rolling, which, in our view, are some of the main pain points hurting both our customers and our own operation. We would like to see more shippers providing financial commitment at the booking stage. In return, we will provide equal commitment to ensure these shippers that their shipments will be loaded according to their bookings.” said Naresh Potty, Chief Commercial Officer of MCC. Mitsui Chemical is a leading chemical material and product manufacturer while MCC Transport is a regional specialist handling all Intra-Asia containerised cargo for the Maersk group.
27 TEU in shipment volume has been put in our Booking Deposit Module during the first two weeks of operation.
At the moment, each participating liner has been paired up with couple shippers of their choice to work in their respective pilot program. We will include more of the long list of shippers already signed up for our solution and sign up more shippers who still have not signed up.
Most of our industry contacts suggest that the shipment volume this year has not been strong despite we are already in the traditional peak season. However, the carriers’ capacity withdrawal has created some space tightness that is sufficient to make the shippers worry. Our solution helps both the shippers and carriers to secure their bookings according to their existing contract rates while not adding any working capital burden on either party. If you are a shipper and interested in using our solution to secure your bookings, please sign up here or reach out to us at info@300cubits.tech.
Click here for Shipper Sign Up
Collaboration Update
We have recently been short-listed for PlugandPlay’s accelerator program. PlugandPlay is the largest incubator and a venture capital company headquartered at Silicon Valley where it was an early investorin Dropbox, Paypal etc. We look forward to working with the rich network of corporate partners and investors on PlugandPlay’s platform.
