Samancor Marketing, a subsidiary of global mining and metals company South32, recently went live with ICE CargoDocs electronic bills of lading (eBLs), executing a transaction which also marks the first use of ICE CargoDocs for manganese ore export. Westpac Banking Corporation, Bank of China and Bank of Communications supported the digital execution of the financed trade transaction, leveraging ICE CargoDocs’ ePresentation capabilities.

The milestone transaction covered the sale of 3 parcels of manganese ore, shipped aboard the bulk carrier NM Cherry Blossom, transported from Saldanha Bay, South Africa, to Tianjin, China.

The entire document flow was completed electronically through ICE CargoDocs, including the presentation of the eSet (i.e. eBL and supporting documents) to the banks under an eUCP Letter of Credit. Westpac Banking Corporation (Singapore Branch) acted as the advising bank on behalf of Samancor, while Bank of China (Singapore Branch) and Bank of Communications (Beijing Branch) acted as the issuing banks on behalf of the buyers.

The electronic transaction unlocked significant savings and efficiencies for all trade participants, enabling the quick turnaround of the eSet through a single digital solution – accelerating the transaction time and leading to faster cargo release. This streamlined, centralized process not only mitigated the risk of fraud, as eBLs are less susceptible to fraudulent activity than their paper counterparts, but also enhanced transparency and auditability for the involved parties.

Commenting on the recent transaction, Ruan van der Bergh, Senior Operations Manager, South32, said: “This milestone achievement marks a significant step forward in our digital transformation journey, yielding notable efficiencies for all parties within the value chain.  The benefits from this inaugural shipment include reductions in IDSO and promising potential for further efficiency improvements as all parties continue to refine the process.”