www.300cubits.tech will issue container shipping industry tokens called TEU tokens. These tokens will be used initially as shipment booking deposits and eventually as the de facto settlement currency for the shipping industry ($150bn revenue p.a.).
Why are booking deposits the best place to apply TEU tokens?
The industry is losing $23bn a year and spending tens of millions to try to fix a situation called “No-Show Bookings”.
The “No-Show Bookings” occur when a customer books container space but does not turn up with the cargo according to the confirmed booking. Unlike airline ticket bookings, container liners’ customers do not need to pay up-front. Usually the container liners suffer. However, liners over-book capacity to counter this issue. So customers sometimes also cannot load their cargo on board despite having confirmed bookings.
The industry has tried imposing cash deposits, bank guarantees, etc as solutions to reduce “No Show Bookings”. However, the industry’s over-capacity and the cost implication of the existing solutions have rendered them ineffective.
A percentage of TEU tokens will be provided to industry participants on condition that they be used as booking deposits for a period of time, tentatively 2 years, instead of selling them in the secondary market.
Industry participants’ incentives to use these tokens:
- All shipping participants want to eliminate “No Show Bookings”.
- The tokens will appreciate in value once they are applied in daily operations because the market capitalization of all the TEU tokens will be far below what is needed as deposit for an industry with $150bn revenue.
- We will develop a TEU Ecosystem ( Contract Builder, Booking, Market Place & Positive Credit Rating Modules ) with unique value propositions to enhance application of the TEU tokens’.
- Apart from usage as booking deposits, TEU tokens will also be used as freight payment and replace fiat currencies.
- Eventually TEU tokens will be used in the entire container transport value chain. Once TEU tokens are used like money, the application of the TEU tokens would far beyond the $150bn container shipping industry.
50 years’ combined experience in shipping & fiat currencies.
Johnson Leung split his 20 years work experience in container shipping (Maersk and Hutchison Ports) and cash equities focusing in shipping (JP Morgan, Tufton and Jefferies).
Jonathan Lee has 20 years’ experience in fiat currencies. He was a bank treasurer (UBP, Coutts, Pudong Bank, CCB) in the past 10 years after having spent previous 10 years in various functions with different financial institutions (Bank of NY Mellon, StanChart, JP Morgan and HK Future Exchange).
Why do we stand out?
1. Huge economic benefit: we provide a solution that could potential reduce the wastage by $23b without heavy capital investment from either sides.
2. Tap into established $150b industry: we don’t reinvent the wheel or create a new platform but simply tap into the established market with weekly turnover of $3b.
3. Incentive and vested interest providing to participants free-of-charge: we provide TEU token, on condition that the tokens are used for booking, to participants free of charge which all other attempts require capital deployment from participants.
4. Easy implementation and user experience: we simply add 1 extra step in the booking process – “secured by TEU token?” before confirmation, which is similar to booking hotel online secured by credit card. The extra click is an user experience the participants encounter in all other day-to-day booking experience.