• #TEU tokens and #blockchain may shape the future of container shipping contracts - The Loadstar
    https://theloadstar.co.uk/teu-tokens-blockchain-may-shape-future-container-shipping-contracts

    Blockchain initiative 300cubits has created a new type of cryptocurrency to solve liner shipping’s US$23bn “booking shortfall” conundrum.

    Named TEU, the de-facto industry currency is distributed as tokens on the Ethereum network and will be tradeable on various global cryptocurrency exchanges.

    300cubits claims the tokens will help to eliminate shipping’s “trust issue” by reducing the counterparty default risk, caused by shipper ‘#no-shows’, and by carriers ‘rolling’ cargo.

    According to New Jersey Institute of Technology’s Professor Michael Erlich, the impact of this booking shortfall can be quantified as 5m teu a year, which costs the industry $23bn when knock-on effects, such as carriers’ lost revenue and shippers’ additional inventory costs, are calculated.

    300cubits’ solution is to use TEU tokens as booking deposits. The tokens are coded with a set of immutable conditions to create blockchain-enabled smart contracts to govern the booking transaction.

    Once committed, neither party can alter what has been agreed,” said 300cubits.

    Both the container lines and their customers will be given TEU tokens that will be held as deposits with conditions, and paid out later, upon the execution of the shipment booking.

    The container lines will be compensated with the TEU tokens if the customer does not turn up with cargo. Likewise, the customer will be compensated with the TEU tokens if their cargo is rolled.
    […]
    After a first batch of TEU tokens are given to some early adopters, 300cubits plans to offer an ‘initial token sale’ to monetise the new currency. Use of the tokens by industry players will validate and enhance its value, it said, adding that only 100,000,000 tokens would be created to ensure their long-term value.
    […]
    The ‘initial token sale’ is planned for November, after trials are completed.

    • FAQ - 300 Cubits
      https://www.300cubits.tech/faq

      Who is behind 300cubits?
      ETH Smart Contract Tech Ltd, a company incorporated and headquartered in Hong Kong.

      ETH Smart Contract Tech Limited - Hong Kong Company Formation Search
      https://www.hongkongcompanieslist.com/eth-smart-contract-tech-limited-cfipelq

      ETH Smart Contract Tech Limited
      (CR No. 2553818)

      ETH Smart Contract Tech Limited was incorporated on 10 Jul 2017 as a Private company limited by shares registered in Hong Kong. The date of annual examination for this private company limitedis between Jul 10 and Aug 21 upon the anniversary of incorporation. The company’s status is listed as “Live” now.

    • Hong Kong startup launches blockchain project designed to transform container shipping - Splash 247
      http://splash247.com/hong-kong-startup-launches-blockchain-project-designed-transform-containe

      300cubits is a project initiated by ETH Smart Contract Tech (ESCoT), a company founded in Hong Kong by Johnson Leung and Jonathan Lee. Leung started his career with Maersk. Later on he moved into the finance world, as regional shipping analyst at JP Morgan and then a senior shipping analyst for Tufton Oceanic, before joining Jefferies as the head of regional transport and industrials research for the Asia Pacific region. Lee, meanwhile, worked for a variety of Chinese, European and American banks in his career before founding ESCoT with his old university friend, Leung.

      J. Leung est vice-président de l’association des anciens élèves de son université HKUST (Hong Kong University of Science and Technology)

      HKUSTAA - The Executive Committee - Know More About Us
      http://www.ustaa.hk/content/aboutUs_exe_details.htm

      Deputy President
      Johnson LEUNG
      1994 BSc (Bio)

      I am Johnson Leung, graduated in 1994 with a Biology degree from UST. During my undergraduate days I spent as much time in sports such as track & field and basketball as I did in organizing various student interest clubs and associations.

      After my undergraduate studies, I had a short stint in drama production and then I spent most of my last ten years abroad through several international assignments at a shipping company, for which I have lived in places such as Beijing , Sao Paulo , Copenhagen , Lisbon , Fontainebleau and Philadelphia . My career choice brought me back to Hong Kong early 2004. Now I am practicing corporate finance in a boutique investment bank.

      In my spare time, I do sports such as hiking and basketball, reading in subjects such as biography and history, and hanging out with my friends. I had three fantastic years in UST and always love the UST community. I thinkalumni association is effective as well as essential in the development of an institution and I am grateful to have this chance to serve a term in the Ex-co of the UST Alumni Association.

    • Ça démarre aujourd’hui.

      TEU tokens – first cryptocurrency for container shipping is launched - The Loadstar
      https://theloadstar.co.uk/teu-tokens-first-cryptocurrency-container-shipping-launched

      Container shipping could see the first widespread use of a cryptocurrency this week.

      Hong Kong-based blockchain developer ETH Smart Contract Tech will tomorrow start handing out its bespoke TEU tokens to shippers, forwarders and 3PLs under its 300cubits project.

      The company will release some 20m TEU tokens, “custom-designed as digital shipping booking deposits, using smart contract blockchain technology, to solve the no-show and rolling problems plaguing the container shipping industry”, to container line customers for free – but on a first-come-first basis.

      Interested shippers and forwarders need to demonstrate their eligibility for 300cubits, and are currently restricted to those that bought slots in 2016.

      After passing the eligibility test, container line customers will allocated TEU tokens based on how much they have spent with the lines, which cumulatively saw sales of $150bn in 2016.

      For example, if the eligible participant has paid $50m as freight payment directly to container lines during 2016, the eligible participant would be entitled to at least 0.03% [$50m as a % of $150bn, the revenue of the entire container shipping industry] of the TEU tokens to be distributed to the customers of container liners – about 6,667,”according to its prospectus.

      300cubits said the total supply of TEU tokens will be fixed at 100m.