First use of CargoDocs electronic Bills of Lading for Intra-Middle East trade
Leading mining company, Vale, and Direct Iron Reduction Company, a wholly-owned Al-Ittefaq Steel entity, recently executed the first ever Intra-Middle East transaction involving CargoDocs electronic Bills of Lading (eB/Ls).
The transaction also marks the first ever use of CargoDocs eB/Ls for exports out of the Sultanate of Oman and imports into the Kingdom of Saudi Arabia, and is the first eDocs shipment for Direct Iron Reduction Company.
The shipment involved a cargo of iron ore pellets exported from Sohar, Oman to Dammam, Saudi Arabia, with Vale International SA acting as Shipper and Direct Iron Reduction Company Ltd. as Receiver.
The original electronic Bill of Lading (eB/L) was handled online via CargoDocs, with all key actions such as drafting, collaborative review, sign, issue, endorse and surrender carried out online via a single, secure platform.
Being a short-sea voyage in a trade lane where there is a critical need for speedy document transfer, the use of CargoDocs ensured that the eB/L was processed and transferred well in advance of the vessel arriving its destination – with transfer from seller to buyer and surrender to ship-owner carried out in a matter of minutes.
Commenting on their first experience using CargoDocs, Mohammed Abdul Rahman Al Kholb, GM-Procurement, Direct Iron Reduction Company Ltd., said: “We found the essDOCS solution to be very suitable, secure and time-saving.”