Latest news from Heavy Lift & Project Forwarding International Magazine

Blockchain initiative suspended

300cubits has suspended its blockchain initiative geared towards the shipping industry.

Hong Kong-based 300cubits created a booking deposit module in the form of the teu token, a cryptocurrency based on the Ethereum blockchain network, in 2017. From March 2018, the company started accepting trial shipments and launched live production in 2018.

However, the system failed to garner enough commercial interest, despite participation from some of the largest shipping companies. According to 300cubits, Sealand, CMA CGM, MSC and Cosco have been involved in the company’s initiative. Li&Fung Logistics, BASF, JF Hillebrand, Esprit and Mitsui Chemical are just some of the shippers that have used the system, added 300cubits.

“The lack of clarity in regulatory regimes surrounding digital currencies has proved to be the greatest hurdle in the 300cubits’ marketing efforts,” said the company.

“Many potential users simply shied away from trying, being not sure about what regulatory measures the authorities may take. A potential partnership with INTTRA, one of the largest shipment booking portals in the world, had to be stopped at the eleventh hour due to regulatory concerns.”

300cubits added that the lack of liquidity of the teu tokens and the volatility of all cryptocurrencies in general also cast a constant doubt among the users on whether the value of the tokens could be realised.

www.300cubits.tech

Heavy Lift | News

Well positioned to ride out the crisis thumbnail image

Well positioned to ride out the crisis

April 9 - Lucius Bunk, director at shipowner Auerbach Schifffahrt, discussed the current and potential impacts of the Covid-19 crisis on multipurpose shipping, along with the group's plans for the years ahead.
Views: 321
Container shipping’s complex Covid-19 reaction thumbnail image

Container shipping’s complex Covid-19 reaction

April 9 - A wave of consolidation in container shipping has made the sector more robust over the past five-seven years. Nonetheless, the outbreak of Covid-19 will be a considerable stress on all container shipping finances, according to analyst Ti.
Views: 363
Multipurpose shipping braces for Covid-19 impact thumbnail image

Multipurpose shipping braces for Covid-19 impact

April 9 - Demand growth in the multipurpose and heavy lift shipping sector for the two years to end 2021 is dependent on the containment of the coronavirus outbreak in the fourth quarter of the year. Even then, growth will be weak, said analyst Drewry.
Views: 350

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.