Such a captain will accept the sea waybill in lieu of the bill of lading for the purpose of shipping the goods. The goods will be handed over to the consignee who has been identified on the sea waybill. Waybills must necessarily have the name of a consignee who will receive the goods at the destination port. This is another difference between the waybill and bill of lading. The purpose of having a sea waybill is to expedite the process of discharging the goods once the goods have been ferried to their final destinations. Most times, the official bill of lading will not reach the captain in such a manner as to allow for a timely discharge of the cargo.
Another difference between the waybill and bill of lading is the fact that the bill of lading is a negotiable instrument, unlike the waybill. This means that the owner of the bill of lading can transfer the title to anyone he or she pleases. This is not the same with a waybill, which must be transferred only to the person who has been named on the document as the consignee. In this sense, the bill of lading can be used to obtain a loan or line of credit from a financial institution as a collateral since the title can be passed to them. Such is not the same with a waybill, and banks will not accept them as collateral.