A Sea Waybill is a non-negotiable ocean transport document. It performs two of the three functions of a traditional bill of lading — receipt for the goods and contract of carriage — but it is not a document of title. Cargo is released to the named consignee against ID, without surrender of an original document.
Sea waybills are issued when the shipper and consignee have a trusted commercial relationship and don't need the title-control function of a negotiable BOL. They are common in:
- Intra-corporate shipments (parent to subsidiary)
- Established open-account trade between repeat counterparties
- Any shipment not financed by a letter of credit
The practical advantage is speed. Original BOLs must physically travel through the banking chain or the carrier must issue a Telex Release — both add days. A sea waybill needs neither. Cargo is ready for release the moment the vessel arrives.
The trade-off is the loss of negotiability. Title cannot be transferred while goods are in transit, and a bank cannot hold the document as collateral. For letter-of-credit transactions, a negotiable Ocean Bill of Lading "to order" is still required.
Sea waybills are governed by the same regimes as BOLs (COGSA, Hague-Visby) and carry the same carrier liability limits.