• ICICI Bank was the banker to CEAT Tyres to digitally execute the international trade transaction
   

ExxonMobil Chemical Asia Pacific and CEAT Tyres recently completed the first ever liner eDocs transaction involving chemicals import into India. 

The milestone transaction covered the sale of chemicals in containers by ExxonMobil Chemical Asia Pacific (a division of Exxon Mobil Asia Pacific Pte Ltd) (EMCAP) in Singapore, to CEAT Limited in India. The trade was supported by ICICI Bank (the first Indian bank to join the CargoDocs network) acting as collecting bank on behalf of CEAT Limited, for cargo shipped on an Ocean Network Express (ONE) vessel ex-Singapore to Nhava Sheva Port, India.
 
Key transaction steps included:

• Carrier ONE digitally signed the CargoDocs electronic Bill of Lading (eB/L) and issued it to EMCAP
• EMCAP uploaded the supporting documents and electronically presented the eSet of documents to ICICI Bank
• After reviewing the eSet, ICICI Bank digitally transferred the documents to CEAT Limited 
• CEAT Limited submitted the documents to ONE
• ONE digitally accepted the eB/L, enabling swift discharge of the cargo against original eDocs
   

Key transaction milestones included:

• First ever chemicals shipment using CargoDocs eB/Ls for imports into India
• First use of CargoDocs eB/Ls for leading tyre manufacturer CEAT Limited
• First ever electronic Documentary Collection transaction for imports into India, supported by ICICI Bank
  • Electronic Documentary Collections are governed by the ICC electronic Uniform Rules for Collections (eURC). By using our CargoDocs eB/L and ePresentation capabilities, trade participants are able to replace paper doc collections with eDocs to enable simultaneous settlement and transfer of title
     

Commenting on the milestone transaction, Georgios Diallas, Global Strategy & Improve Manager, ExxonMobil Chemical, said: “First of all, we would like to thank all the participants that contributed to a successful trial. The use of platforms like the eB/L ecosystem will increase the safety, speed and efficiency of document transfers, and will significantly enhance customer experience.”