Bill of Lading (B/L)

The bill of lading is the central document of ocean freight. Issued by the carrier to the shipper, it serves three functions at once: receipt for the goods taken on board, evidence of the contract of carriage, and document of title — whoever legitimately holds the original can claim the cargo at destination.

Because it is a document of title, an original B/L is often required for the buyer to take delivery, and banks use it as security in documentary credit. Electronic bills of lading (eB/L) are progressively replacing paper originals.