Anglo American and Bahrain Steel recently completed the first ICE CargoDocs electronic Bill of Lading (eBL) transaction for imports into Bahrain. DBS Bank and HSBC Bahrain supported the digital execution of the financed trade transaction, leveraging ICE CargoDocs’ ePresentation capabilities.

eBLs are digital versions of a document that represents legal proof of ownership of goods in transit. The eBL for this transaction was processed electronically through ICE CargoDocs, thereby enabling secure, online real-time collaboration between all parties across drafting, approving, signing, issuance, transfer and electronic presentation of the eBL and relevant supporting documents.

With all key actions completed in a matter of hours, this represents significant efficiency gains compared to processing paper-based Bills of Lading, which typically takes days or weeks as documents need to be printed and physically couriered across different parties. It also mitigates the risk of fraud as an eBL is less susceptible to being doctored as compared to its paper counterparts.

In addition to being the first use of ICE CargoDocs for imports into Bahrain, the milestone transaction – which covered the sale of iron ore pellet feed shipped from Acu Port, Brazil to Hidd, Bahrain – marked the first use of ICE CargoDocs by Bahrain Steel and HSBC Bahrain. DBS Bank acted as the advising bank on behalf of the exporter, Anglo American, with HSBC Bahrain acting as the issuing bank on behalf of the buyer, Bahrain Steel.

Commenting on the recent transaction, Yousif Yaqoob Majid, Group CFO, Bahrain Steel said: "Implementing ICE CargoDocs for our import transaction with Anglo American marks a significant milestone in Bahrain Steel's digital transformation journey. This efficient, paperless solution not only accelerates our trade processes but also enhances security and transparency, ensuring smoother operations across the value chain."

“As the world’s leading trade bank, we continue to leverage our global expertise in trade finance to offer innovative, digital and bespoke solutions to our corporate clients to meet the evolving and dynamic needs of the market,” said Cheryl Menezes, Head of Global Receivables and Finance at HSBC Bahrain.

Mike Zhang, Managing Director and Global Head, Metals and Mining industry Group, DBS Bank, added: “As Southeast Asia’s largest bank, DBS provides comprehensive financial services through specialized industry groups, such as Metals & Mining, to best serve our clients across the entire industry value chain We are proud to have supported Anglo American on their digitalization journey by facilitating the adoption of an end-to-end paperless solution in a typically paper-driven process. eBLs have the potential to make international trade flow more efficiently and at lower cost, ultimately benefitting businesses and consumers alike.”

“We are delighted to support our clients HSBC Bahrain and Bahrain Steel in their efforts to digitally transform their trade and trade finance processes. Bahrain remains at the forefront of digital trade innovation, and we look forward to supporting local supply chain stakeholders in adopting an efficient paperless process which empowers secure, transparent, and sustainable trade,” said Katerina Anagnostara, Director, Customer Success, ICE Digital Trade.