Rio Tinto & Bosai Minerals execute first ever paperless bauxite shipment
essDOCS customers Rio Tinto and Bosai Minerals recently executed the first ever CargoDocs bauxite shipment – supported by banks DBS and Agricultural Bank of China – marking the first ever use of any paperless trade solution in the bauxite commodity sector.
The shipment involved a cargo of bulk bauxite transported from Australia to China under a Letter of Credit, with Rio Tinto Marketing Pte acting as the Supplier and Bosai Minerals Group Co. as the Cargo Receiver, and with DBS Bank Ltd. (Singapore) acting as the advising bank on behalf of Rio Tinto and Agricultural Bank of China Limited (Chongqing Branch) as issuing bank on behalf of Bosai Minerals.
The original electronic Bill of Lading (eB/L) and all supporting documents were handled via CargoDocs, with all key actions such as drafting, collaborative review, sign, issue, present to banks, transfer and surrender carried out online via the essDOCS platform.
Specifically, following online collaborative document drafting via CargoDocs, the electronic Bill of Lading (eB/L) was electronically signed and issued by the Agents on behalf of the Owner to Rio Tinto Marketing Pte. The eDocs were then presented online to the Advising bank, DBS, who swiftly identified necessary corrections and instantly returned back to its customer via CargoDocs. Rio Tinto re-presented the corrected eDocs to DBS, who then transferred them to Issuing bank, Agricultural Bank of China. The original eB/L and supporting documents were subsequently sent directly to the final buyer, Bosai Minerals – eliminating the time spent delivering the physical documents to the buyer and enabling timely discharge of the cargo against original eDocs.
The milestone paperless transaction also marks the first ever use of CargoDocs by Bosai Minerals Group, DBS Bank Ltd. (Singapore) and Agricultural Bank of China Limited (Chongqing Branch).
As yet, our CargoDocs DocEx network is the largest eTitle Network in the maritime shipping & trade sector, spanning 6,400+ DocEx-enabled companies across 77 countries.