Roy Hill goes live with CargoDocs
World-class Australian iron ore mining company, Roy Hill, recently went live with CargoDocs, successfully executing a series of shipments using electronic Bills of Lading (eB/Ls) for transactions on Open Account and under eUCP Letter of Credit payment terms.
Roy Hill’s shipments involved bulk cargoes of iron ore lump and fines, exported from Australia to China and South Korea. All key trade stakeholders – i.e. exporter, agents, carrier, banks and importer – used CargoDocs to digitally draft, approve, sign, issue and transfer the original eB/L plus relevant supporting documents.
Roy Hill also used CargoDocs’ ePresentation capabilities for its export shipments, with a leading Chinese trading & manufacturing conglomerate acting as buyer, supported by its bank in China acting as issuing bank, and an Australian bank acting as advising bank on behalf Roy Hill. Trade document drafting, transfer and presentation times were slashed to just minutes as opposed to days or weeks required in paper-based LC transactions, accelerating the trades and enabling swift discharge of the cargoes against original eDocs.
Adopting CargoDocs is part of Roy Hill’s ongoing digital initiative to streamline and centralize its post-trade document processes – eliminating reliance on printing, mailing and couriering of documents, and enhancing operational efficiency.