Bitcoin Crawls into Shipping
Digitalization seems to be ushering in a new era in all segments of the shipping industry, including payment in cryptocurrency.
A Ukrainian shipping company Varamar, is reportedly negotiating its first bitcoin deal with a client, Bloomberg writes citing Alexander Varvarenko, founder of the Odessa-based shipper.
According to Varvarenko, bitcoin, a decentralized digital currency, the value of which stands at around USD 10,000, will facilitate how the company does business.
This, in particular, relates to the countries affected by sanctions such as Pakistan, Russia, Yemen, and Qatar and clients with restricted access to bank financing. Furthermore, the cryptocurrency allows for faster transactions as it requires less paperwork when compared to doing business with commercial banks.
Even though the deal is still in its initial stage, the move points to the ever greater popularity of bitcoin across the board.
The company was created in 2009 to offer semi-liner and tramp services for transportation of cargo by sea. Among the cargo carried are heavy and oversized units, project cargo and general cargo, ro-ro equipment and containers, steel and bulk. Its semi-liner services connect Europe to South America, Central America, Africa, Middle East, Asia and Far East and Australia.