Baffinland goes live with ICE CargoDocs eB/Ls
Leading Canadian mining company, Baffinland Iron Mines Corporation, recently went live with ICE CargoDocs electronic Bills of Lading (eB/Ls). The go-live involved a series of consecutive eB/L transactions covering the sale of iron ore lump & fines, shipped ex-Canada to Europe and involving a leading commodities trader as the buyer.
Baffinland started its journey to digitization in March 2021, prompted by COVID-related supply chain disruptions faced in 2020. The company sought to implement a trusted solution to enhance operational efficiency, expedite and centralize documentation processes, improve visibility and minimize exposure to paper-related delays and risks.
Baffinland’s transition to paperless trade commenced with digital management of its paper Bill of Lading and Letter of Indemnity (LOI) drafting, review and approval process via ICE CargoDocs. After realizing the full potential of the solution, the company extended its use to end-to-end electronic B/Ls with one of its key counterparts, a leading commodities trader.
Commenting on the recent go-live transaction, Robin Nundoo, VP Sales & Logistics, Baffinland Iron Mines Corporation, said: “Our short supply chains have made our requirement for time-efficient digital documentation solutions apparent for a while now. Having said this, speed is only one factor to be considered – and it cannot be at the expense of security. Given our comfort that ICE Digital Trade’s solution satisfies both security of documentation and speed, we are glad to have finally started using the service.”
Katerina Anagnostara, Director, Customer Success, ICE Digital Trade (IDT), said: "We are delighted to assist Baffinland and their key buyers in their efforts towards digitalizing post-trade documentation processes. The IDT Customer Success team looks forward to supporting Baffinland in the company’s change management initiatives towards paperless.”