Mercuria goes live with CargoDocs electronic Bills of Lading (eB/Ls)
Mercuria, one of the world’s largest integrated energy and commodity trading companies, recently went live with CargoDocs electronic Bills of Lading (eB/Ls), having participated in its first ever paperless trade transaction for an iron ore shipment ex-Australia to China.
The go-live transaction covered the sale of iron ore lump & fines under an eUCP Letter of Credit (LC), with leading Australian mining company, Roy Hill, acting as seller, and Mercuria China Metals Resources (a wholly owned Mercuria subsidiary) acting as buyer. The transaction was supported by National Australia Bank, acting as both advising bank (NAB Perth Branch) and issuing bank (NAB Singapore Branch).
As part of the eDocs flow, the exporter, shipowner and agent collaboratively reviewed the drafted eB/L online, accessing a single platform to share drafts. Thereafter, the Agents signed the eB/L on behalf of Master and issued it to the exporter, who transferred and electronically presented the original eB/L plus all supporting documents required under the LC.
Commenting on Mercuria’s experience using CargoDocs so far – which includes the recent go-live and four additional shipments since – Janie Lim, Head of Operations (Asia), Mercuria Asia Resources Pte Ltd, said: “Our team finds CargoDocs to be user-friendly, and basis our internal estimates, we are able to achieve times savings of around 50% by using the solution.”
eB/L usage by leading corporates such as Mercuria and Roy Hill, supported by banks such as NAB, continues to play a key role in driving the ongoing expansion of the CargoDocs Metals & Minerals paperless trade ecosystem. Adopting paperless trade and trade finance documentation processes are part and parcel of our customers’ wider digital transformation initiatives – aimed at enhancing trade visibility and security, eliminating exposure to paper-related fraud risks, maximizing operational efficiencies through faster transaction turnaround, whilst crucially supporting environmental sustainability practices.