On July 30, COSCO SHIPPING Lines, together with Changan Automobile, China Construction Bank, and Bank of China, successfully issued the first electronic negotiable cargo document (eNCD) based on the world's first template for negotiable cargo documents (NCD). This marks a major breakthrough in the field of multimodal transport, signifying that the NCD "one-document system" has officially transitioned from institutional innovation to commercial practice, injecting strong digital momentum into the "Chongqing vehicle exports" initiative.

The template was jointly released by COSCO SHIPPING Group and Dalian Maritime University in October 2025, with the aim of extending the legal functions of negotiable documents from maritime transport to all modes of transport, providing a unified rule framework for the negotiability of documents across various transportation scenarios. With the United Nations Convention on Negotiable Cargo Documents adopted by the UN General Assembly in December 2025 and scheduled to open for signature in Ghana in the second half of 2026, international shipping and trade rules are undergoing profound transformation.

In terms of commercial value, eNCD effectively addresses the financing bottleneck for inland exports:

In this transaction, Changan Automobile's cargo was loaded onto the train in Chongqing, and the document was issued immediately on the IQAX eBL platform. Compared with the traditional model where a bill of lading could only be issued after the cargo was loaded onto a vessel in Qinzhou, Guangxi, the NCD achieved issuance 10 days earlier.

Leveraging GSBN's blockchain technology, the efficiency of document circulation among banks has been significantly improved, with the entire process shortened from the traditional 3–5 days to less than 2 hours.

This dual acceleration — "earlier issuance and faster circulation" — enables enterprises to enter the bank's collection and settlement process ahead of schedule, helping clients present documents earlier and secure payment sooner, effectively releasing capital that was previously tied up in goods in transit. It endows negotiable cargo documents with the same financial value as marine bills of lading, allowing Chongqing's export-oriented industries — such as automobiles, motorcycles, and electromechanical products — to enjoy the same document circulation efficiency on their global routes as their coastal counterparts.

This transaction involved cross-border multimodal transport. To ensure the success of the inaugural operation, Chongqing COSCO SHIPPING and its Thai subsidiary leveraged their global network synergies to efficiently coordinate all operational nodes from origin to destination, ensuring seamless end-to-end service under the "one-document-to-the-end" model.

From rule consensus to practical issuance, the entire closed-loop process was completed in just one and a half months, demonstrating remarkable execution and coordination efficiency.

Looking ahead, COSCO SHIPPING Lines will continue to deepen collaboration with manufacturing enterprises and financial institutions, actively promote the application of eNCD in more competitive industries, empower the high-quality development of the New International Land-Sea Trade Corridor through digital means, and contribute more "China solutions" to the digital transformation of global supply chains and the implementation of international rules.