Libyan crude to travel to New Zealand in rare move

Libyan crude will soon be making the long journey to a refinery in New Zealand in a rare export route for the North African country’s oil, which usually finds homes in Europe and sometimes Asia, trading sources said.

The Suez Fuzeyya was placed on subjects on a Zueitina/Ras Lanuf to Whangarei voyage to carry 1 million barrels of crude for a lump sum of $5 million for December 17-19 loading, sources said.

The cargo, which will include the Amna grade along with a mix of other Libyan crudes, was chartered by Azerbaijan’s Socar Trading, sources added. A source at the company declined to comment on the details of the trade.

This will be the first new time New Zealand has imported Libyan crude in almost three years, according to S&P Global Platts estimates.

The crude will be processed at the 125,000 b/d Marsden Point refinery in Whangarei, operated by Refining NZ. A representative at Refining NZ was unavailable for comment.

New Zealand mainly relies on crude oil imports from Saudi Arabia, United Arab Emirates, Australia, Russia, Indonesia and Malaysia.

The country’s crude imports have been in a range of 120,000-150,000 b/d over the past year, according to S&P Global Platts estimates.

Libyan oil production recovery still under threat

The appeal of Libya’s light sweet crude has broadened over the past year driven by higher production and exports, along with strong middle distillate cracks.

Asian appetite for Libyan sweet crude has also grown in the past few months as refineries in the world’s largest oil demand center start to run sweeter slates.

Libyan crude — which is typically light, contains low sulfur and yields a good amount of middle distillates and gasoline — is extremely popular among refineries in the Mediterranean and Northwest Europe.

Libyan oil production has averaged around 1.1 million b/d in the past month, nearing a five-and-a-half-month high and marking a major change of fortune from early June when fighting at key oil export terminals sent production into freefall.
Source: Platts

Will alliances be blocked?

Container alliances under fire as consortia block exemption up for review in Europe.

Cooperation is rife in the container shipping world. Despite working in an industry that has often displayed a dark tendency for ruthless undercutting, carriers appear to brush aside any ill-feeling that might be caused by predatory commercial behaviour and generally play well together operationally.

There are very few standalone container services in the key trades with vessel sharing agreements (VSAs) and slot charter deals the standard. VSAs are purely operational co-operative structures that promote efficiency and cost reduction, and do not discuss or agree upon rates or other commercial issues. They can range in scale; from a single service agreement between two carriers to much deeper strategic connections among multiple lines as seen with the big three alliances – 2M, Ocean Alliance, and THE Alliance – that cover the East-West routes.
Source: Drewry

How Will Ships Help Save the Environment?

The search for zero emissions is at the forefront of the maritime industry development. The regulations on the horizon, limiting the sulphur content in marine fuel, are only the first step in making shipping green. Stricter rules and initiatives will continue going forward, and there are already ways to prepare for a clean and environmentally friendly maritime future. One of them is hydrogen fuel cells that could revolutionise the way vessels are powered.

Companies are already looking into the possibility of fuel-cell technology for ships. A maritime research group Sintef Ocean and the pioneering technology group ABB are collaborating to examine ways fuel cells could power full-sized vessels. The scientists believe that this technology could become competitive with fossil fuels, even when it comes to big vessels. Right now the process is still in the experimentation stage, testing diesel, battery and fuel cell combinations under different loads on a vessel simulator.

As of yet, it is unclear when the research portion of the process will yield tangible results. However, fuel cells have already proven its usefulness in busses, trains, trucks and are receiving significant investments in the automotive industry, paving the way for marine applications. According to ABB, this technology could have an extensive reach in the maritime sector within three to five years after the implementation of the first systems.

Already the industry is moving forward with the idea. Japan’s NYK Group has recently unveiled a new concept ship, the NYK Super Eco Ship 2050. It is designed to be powered by solar energy and hydrogen fuel cells produced from renewable energy sources.

Further along in development, a hydrogen fuel cell powered passenger ferry is being built in the San Francisco Bay Area and is expected to be operational by the end of 2019. The vessel named the Water-Go-Round could possibly become the world’s first hydrogen fuel-cell ferry. It will be 70 feet long and able to carry 84 passengers at the speed of 22 knots. Competing for the ‘first of its kind’ title is the HySeas III vessel under construction in Scotland by Ferguson Marine. However, the European vessel is expected to launch only in 2021, but with construction delays in the US or streamlined processes in the UK – both ferries could hit the waters at the same time. At this point, it’s too early to tell which one will become the world’s first.

In any case, the zero-emission maritime future is coming closer with the rapid development of fuel-cell technology. This power source could completely eliminate carbon dioxide emissions and provide considerable advantages to the environment.

Could hydrogen fuel cells become the preferred source for marine propulsion in the future? Ask shipowners, maritime experts and high-level shipping professionals at the 2nd Green Maritime Forum in Hamburg on 2-3 April 2019. The event will have presentations, panel discussions, a focus exhibition and networking breaks where you will have direct access to key industry innovators and leading decision-makers
Source: Wisdom Events

Experts seek sustainability solutions to freight transport

Governments, shipping companies and trading industries will need to balance economic, social and environmental concerns to achieve sustainability in maritime transport, experts will say at an UNCTAD meeting in Geneva, Switzerland, on 21–23 November.

The Multi-year Expert Meeting on Transport, Trade Logistics and Trade Facilitation comes just months after the International Maritime Organization (IMO), a United Nations specialized agency responsible for the safety, security and cleanliness of shipping, adopted an initial strategy on the reduction of greenhouse gas emissions from ships.

The IMO decarbonization strategy represents the first global framework for shipping and follows the commitments made by countries in the 2030 Agenda for Sustainable Development and the Paris Agreement on climate change in 2015.

Sustainable transport encompasses three dimensions: the economy (an efficient and competitive transport sector); society (an inclusive transport industry that leaves no one behind); and the environment (clean transport that does not pollute the planet).

Growing momentum on sustainability and climate action, rising awareness about the strategic role of maritime transport, and rapid growth in innovative technological advances, are making the balancing of these three dimensions more and more possible.

“The exponential growth and potential of digitalization entail a transformative effect on the world as we know it. Digitalization is already reshaping the transport and logistics operating landscape and, depending on its pace and extent, will ultimately redefine the underlying business models,” Shamika N. Sirimanne, UNCTAD’s director of technology and logistics, said.

“In the run up to the next international climate meeting, COP 24, at the beginning of December in Poland, everyone involved in transport and trade logistics needs to come together and put sustainability at the top of the agenda,” she said.

On its opening day on 21 November, participants at the expert meeting will consider the state of play of the climate discussions at the IMO and the operational, technical and policy aspects of decarbonization in international shipping, including market-based mechanisms like carbon pricing.

On the move

The first day’s sessions are co-organized with the Carbon Pricing Leadership Coalition, which brings together leaders from government, private sector, academia, and civil society to reflect on potential use of carbon pricing policies, and benefit from the participation of World Bank Group and IMO experts, and representatives from developing countries, industry and non-governmental organizations.

These sessions will allow participants to scrutinize the “decarbonization agenda” and exchange views on its possible implications.

The strategic construction of integrated land transit corridors linked with ports to scale up sustainable freight transport will be discussed on the second day. Officials from transit corridors in Africa will discuss their experiences on this topic as well as their cooperation with UNCTAD to help them to better understand, develop and implement the strategies and policies that build the sustainability of their transport systems.

With small island developing states, such as those in the Pacific Ocean and the Caribbean Sea, depending on marine transport for their livelihood and on climate action for their resilience, the second session of the meeting will add their voice to the debate and focus on the sustainability and resilience strategies they and their international partners might adopt.

Sessions on the final day of the meeting will concentrate on the rise of the digitalization of the cross-border movement of goods and the simplification of administrative processes. Participants will also discuss the increasing relevance to shipping, ports and airports of innovations such as artificial intelligence, blockchain, the internet of things and automation.

A highlight of the meeting will be the presentation on 23 November of a commemorative companion volume to UNCTAD’s Review of Maritime Transport, which marked its 50th year of publication in 2018.
Source: UNCTAD

The China Navigation Company officially opens new China headquarters




The China Navigation Company (CNCo) opened its China headquarters officially in Shanghai on 05 November 2018, marking a significant return to its birthplace 147 years ago, and a significant milestone in its history.

CNCo started operations on the Yangtze River in 1872, operating a modest fleet of Mississippi-style paddle steamers. Today, CNCo is a major global player in the shipping scene, with operations spanning Australia, China, PNG, Fiji, India, New Zealand and the US. Headquartered in Singapore, CNCo owns and manages more than 130 vessels through its three core divisions – Swire Shipping, Swire Bulk and Swire Bulk Logistics.

A series of posters showcasing the growth of CNCo in China over the years.

Strong partnerships

With the rise of China as a major player in the shipbuilding industry, CNCo has built strong partnerships with key Chinese shipbuilders. Mr James Woodrow, Managing Director of CNCo, said, “Shipping markets have come to depend heavily on China and we believe the shipping industry will continue to be greatly influenced by China. While China generates demand, it also creates supply.”

“China’s growth as a major player in the shipbuilding industry has truly been remarkable. The partnerships we have established with key Chinese shipbuilders is testimony of this growth. We have since built 37 vessels in China and have eight feeder container vessels to be built at the China State Shipbuilding Corporation’s Wenchong shipyard for delivery in 2019/20. We will continue to assess modern and fuel-efficient designs to provide an industry-leading product to our customers in China far into the future,” added Mr Woodrow.

The opening ceremony was officiated by Barnaby Swire, outgoing Chairman of CNCo, incoming Chairman Samuel (Sam) Swire, James Woodrow, Managing Director of CNCo, and other members of the Board of Directors.

During the cocktail reception, guests, which included government officials, customers and employees, networked over food and drinks.

Said Randy Selvaratnam, Country Manager: “With our Shanghai office now being a full-fledged operating subsidiary as well as our other offices in Qingdao, Beijing and Guangzhou, we are even more confident of delivering innovative and sustainable shipping solutions that will meet the needs of our customers. Currently, we offer four separate services from China covering the South Pacific Islands, New Zealand, and North Australia trades.”

The Shanghai office houses the Swire Shipping and Swire Bulk divisions. The office is located in the HKRI Taikoo Hui building, a mixed-use development by Swire Properties situated within Jing’an District, a key commercial and financial sector of Shanghai.

Source: China Navigation Company (CNCo)

Shippers worried low pollution fuel could carry high price tag

Cleaning up smokey funnels could could land New Zealand shippers with much higher fuel bills as the Government inches towards cutting pollution levels.

The Ministry of Transport will shortly begin public consultation on whether to ratify Annex VI of an international maritime convention (MARPOL) which makes use of lower sulphur level fuel mandatory from 2020.

Shipping line Maersk​ converted to using the cleaner burning fuel in New Zealand waters in 2011, but switched back after its fuel bill soared by $1m during the one year trial, forcing the company to turn down a nomination for a Clean Air Society achievement award.

Maersk makes about 1000 New Zealand port visits a year and its oceania operations manager Stuart Jennings said the more expensive fuel cut sulphur levels in exhaust gases by more than 80 per cent, but the company regrettably suspended the pilot due to lack of support from other local industry stakeholders.

“We believe that a strong enforcement regime is crucial to ensure a level playing field for carriers as well as shippers, and to make sure that health and environmental benefits are continuously maximised.”

Maersk shipping line cut sulphur emissions at the Port of Auckland by 72 tonnes a year after it switched to a cleaner fuel, but the change proved too expensive and was abandoned after other shippers failed to follow suit.
Maersk shipping line cut sulphur emissions at the Port of Auckland by 72 tonnes a year after it switched to a cleaner fuel, but the change proved too expensive and was abandoned after other shippers failed to follow suit.

Jennings said that from 2020 all vessels in its global fleet would comply with the Annex VI requirement to reduce maximum sulphur levels from 3.5  per cent to 0.5 per cent, regardless of whether New Zealand had ratified the clause.

Atmospheric scientist Jennifer Barclay​ nominated Maersk for the clean air award and said the company’s switch to cleaner burning diesel reduced the amount of sulphur released into Auckland skies by 72 tonnes a year.

It was disappointing other shippers had not followed suit, but she understood Maersk’s reversal. “It’s not their fault, central government needs to pull finger and do something.”

Ministry of Transport international connections manager Tom Forster said the Resource Management Act allowed for discharges into air for normal ship operations, and New Zealand had not previously signed up to Annex VI “because our weather conditions and comparatively small ship numbers meant maritime air pollution was not seen as a significant issue.”

He said domestic legislation would need to be changed if ratification was agreed on once consultation was completed.

Members of the NZ Shipping Federation, including the InterIslander, are anxious to know where they stand over the supply and cost of low sulphur fuel.
Members of the NZ Shipping Federation, including the InterIslander, are anxious to know where they stand over the supply and cost of low sulphur fuel.

NZ Shipping Federation executive director Annabel Young said she expected New Zealand to ratify the clean fuel clause by 2023, but 98 per cent of shipping capacity worldwide had already done so. “We are the outlier.”

Her members, who include the InterIslander, Strait Shipping and Coastal Bulk Shipping, were anxious to know where they stood over the supply and cost of low sulphur fuel.

Diesel was the only fuel in New Zealand that met the specified sulphur content, but cost up to 50 per cent more than what many vessels currently used, and it was unclear whether the Marsden Point refinery would retool to produce low sulphur marine fuel, said Young.

A Refining New Zealand spokesman said they were still investigating options for the refinery to make 0.5% sulphur fuel oil.

“That process will give a good indication of the production costs involved, and quantities we can make on behalf of our oil company customers.”

Young said another complication was that a recent amendment to Annex VI prevented ships entering the ports of more than 80 signatory-countries from carrying dirtier-burning heavy fuels.

That meant New Zealand coastal ships, such as the interisland ferries, would have to switch fuel before entering dry docks in Australia or Singapore, and it cost hundreds of thousands of dollars

“Switching fuels takes months, it’s not something you do lightly …going to dry dock will be a very expensive transition.”

Young said that methanol was a clean fuel option that more shippers were seriously considering, but there were questions about the security of supply once the Crown Minerals Amendment Bill passed.

However, a Methanex New Zealand representative said that would not be an issue. “If the shipping industry used methanol we’d be guaranteeing supply.”


ASB makes New Zealand exporting history

Thursday 1 November 2018

ASB makes New Zealand exporting history with first bank-led blockchain trade

ASB in partnership with VerifyUnion has successfully launched this country’s first bank blockchain single trade window. It comes after the platform was used by Kiwi meat exporter Greenlea Premier Meats to make a trade with a large Korean importer. The platform was used in parallel to the traditional trade process.

All the relevant documents relating to the trade were able to be uploaded, shared and updated within the secure platform which will save time for all those involved in the supply chain – from ASB, Greenlea, the shipping company, to Maritime New Zealand and other government agencies.

ASB’s GM Global Transaction Banking Greg Beehre says “This is a significant new chapter in the history of New Zealand sharing our products with the rest of the world. We’re proud to be one step ahead progressing New Zealand’s single trade window and excited to be using blockchain technology to digitise and improve the trade process for our customers.”

Having a secure blockchain platform to conduct business not only reduces the time New Zealand exporters will need to spend on documentation throughout the trade process, as Jack Vollebregt CFO of Greenlea explains, it also reduces the risks of fraud and cyber security threats.

“We’re exporting to 40 different countries and being able to use the ASB blockchain platform removes the weak spots and ensures the integrity of the data. We also especially like the instant translation capability which will limit any misunderstandings or human error that can come from dealing with businesses based in different countries and time zones,” Vollebregt says.

“Plus, it offers traceability and is scalable across the whole supply chain ecosystem giving all partners in the process a competitive advantage. That was really important to us here at ASB,” Beehre says.

Witnessing the milestone trade was VerifyUnion who designed the platform for ASB.

“New Zealand is an export led economy. It was really important to us to be able to use emerging technologies to help ASB solve a real problem facing its exporting customers. At the documentation layer, the blockchain-enabled supply chain allows partners to access key documents, such as a bill of lading, certificates of origin and other documents required by customs, which streamline these processes. The application of blockchain technology in trade creates the potential for multi-beneficial productivity gains to the supply-chain,” AJ Smith, VerifyUnion CEO says.

Also involved in the test is insurer Vero, whose marine insurance division is one of the leading export insurers in New Zealand, and Prodoc, New Zealand’s leading export documentation processing company.

“New Zealand exporters are some distance from most of their overseas markets, and having secure verified insurance certificates is critical to protecting local businesses from the risk of transit incidents,” Allen Chong, Executive Manager, Marine at Vero says. “Marine insurance is an old and very traditional form of insurance, but blockchain has a lot of potential to provide an efficient and reliable successor to previous paper-based systems. It’s exciting to be moving marine insurance into the modern world of automation.”

Prodoc CEO Steve Cox says, “Using couriers and email for the ‘last mile’ of documentation has always been a source of cost and possible fraud. By reducing the cost and bringing in blockchain to verify the authenticity of documentation, the trade can be facilitated faster and the trust relationship between the exporter and their customer can be improved.”

In its quest to continue to innovate, ASB says the next stage is doing a trade via airfreight. Participants will be announced in coming weeks.

Shipping emissions talks stall in London

Two weeks of talks in London on what measures the global shipping sector should take to reduce its climate impact have failed to make progress. Governments meeting at the UN’s International Maritime Organisation (IMO) were supposed to start delivering on their April commitment to decarbonise international shipping but instead became bogged down in procedural matters. The Clean Shipping Coalition [1] said the total lack of urgency was in stark contrast to the impassioned pleas for action made to delegates by the authors of the recent report of the Intergovernmental Panel on Climate Change (IPCC).

Measures are urgently needed if the IMO’s agreed plan – to reduce shipping’s carbon intensity by at least 40% by 2030 and total emissions by at least 50% by 2050 – is to be met. The April agreement included a commitment to deliver immediate measures that reduce emissions before 2023. Yet developments this week mean that consideration of those measures will now only commence in May 2019, over a year after the original agreement was reached.

Bill Hemmings, shipping director at Transport & Environment, said: “Time is running short but that’s not the feeling you get inside the room. The commitment last April to agree and implement in the short-term immediate emissions reduction measures has fallen victim to procedure, bureaucracy and delay spearheaded by countries who were never really on board. The US, Saudi Arabia and Brazil head that list. And all this despite the authors of the IPCC report making absolutely clear to IMO members that now is the time for action.”

The lead proposal being considered is mandatory speed reduction – either as a standalone measure or as an element of one that sets a target for improving ship efficiency. Either approach, if done right, could meet the agreed 2030 carbon intensity goal and deliver fuel savings for industry. Sections of industry oppose speed reduction but have failed to put forward any alternatives that come close to the cut in emissions that will be required.

John Maggs, senior policy advisor at Seas At Risk, said: “The stakes are high. Ships have deployed slow steaming over the past decade in a way that has seen dramatic reductions in emissions. The world is not blind to this. Speeds must initially be capped to avoid backsliding, then progressively lowered. The impact on emissions is immediate and incontestable. The commitment of many at the IMO to genuinely reduce ship emissions is not.”

The IMO today also overturned a decision to tighten new ship design standards, known as the EEDI, even for container ships meeting the standard a decade in advance.

Bill Hemmings concluded: “While congratulating itself on quite mediocre progress on greenhouse gas emissions, the IMO had no qualms in killing any remaining hopes for requiring the building of more efficient ships in the future. If this is the pace being set to implement the IMO’s Initial GHG Strategy, then some of the delegates returning back home from future negotiations won’t have a country to land on.”

Shipping emits 3% of global CO2 – and emissions are increasing year on year – yet it remains one of the few sectors of the global economy without sector-specific emissions reduction measures.

‘Unplugged’ shipping forging a new era

One thing that has become clear to anyone within the maritime industry is how quickly things change.
Ports and shipping generally face significant changes that will either be enforced within a couple of years or are already happening, often with little notice taken.

One of the things to be affected by international legislation involves ship emissions. By January 1, 2020, just 15 months away, new UN-enforced ship emission laws come into effect in which container ships will have a 0.5% sulphur cap imposed.

For the shipping lines that means one of several things. One of these is to install special “scrubbers” to reduce the amount of sulphur (CO2) emitted into the atmosphere. Another is to avoid the use of conventional thick bunker fuel oil; some ships are now being designed around using liquid nitrogen gas (LNG) instead of oil-based fuels.

The major shipping lines, led by Maersk, MSC and CMA CGM, have reacted in a startling way, saying that the costs of adapting their ships will be passed on to the cargo owner.

These charges will be as high as $160 per TEU (20-foot container equivalent). MSC intends adding a fuel surcharge as from January 1, 2019, one year ahead of the IMO requirement, “to help customers plan for the impact of the post-2020 fuel regime”. The other lines have followed similarly.

CMA CGM has placed orders for nine LNG-powered container ships and will probably use scrubbers for the existing fleet.

According to Maersk the sulphur cap will increase its fuel bill by up to $2 billion a year, to be recovered with bunker surcharges.

However, the Global Shippers Forum (GSF) calls the surcharges “suspicious”.

“Given historical experiences with surcharges, shippers are naturally suspicious over something shipping lines say is ‘fair, transparent and clear’. GSF will be taking this piece of financial engineering apart piece by piece as we suspect this has more to do with rate restoration than environmental conservation. Asking customers to contribute to new environmental costs is to be expected, but this charge lacks transparency; no data is available to let customers work out how the charge has been calculated.”

The GSF also said the lines were “helping themselves to a whole year of higher fuel surcharges a full 12 months before the rules requiring them to use surcharges actually come in”.

These new IMO rules refer back to UN climate change talks held in Durban in 2011.

Meanwhile, ship owners and operators, engine builders, oil companies and others are devising ways at reducing ship emissions while keeping costs down. The changes are all about global warming and an international response to the challenges facing the world generally and some nations more particularly. Consider the dilemma facing a country like the Marshall Islands which boasts one of the world’s biggest ship registries, but whose low-lying islands and atolls lie threatened by the rising waters of global warming.

Another challenge involves the fast-developing trend towards autonomous shipping at sea and within the ports. The march towards a new era is being unveiled with unmanned ships and unmanned port equipment under development or already in service.

The port of Shanghai, the world’s busiest container port handling an incredible 40.23 million TEU in 2017, almost seven million TEU more than its nearest rival, Singapore, already has a large section of the port under automatic control, with just a few people in attendance in a control room.

When the Shanghai Yangshan Deep-Water Port’s Phase IV container terminal started its trial operations in December last year, it signalled the way for future port terminal handling. The automated Phase IV terminal will cement Shanghai’s leading position with an additional seven berths and another 4-6 million TEU of capacity. That’s more capacity than the whole of South Africa’s four container ports and 15 berths combined!

At sea a similar revolution is taking place. Already in the Baltic fully automated coastal or “short-sea” operations are testing the ability of ships to load cargo in one port and deliver it to another without anyone “driving” it.

The Norwegians are among the leading developers in the autonomous field, with Kongsberg leading the way with a company called Yara, to develop the world’s first all-electric, fully autonomous container ship.

To become meaningful ships with considerably more capacity than 100 containers will be necessary but they will follow, more than likely burning LNG and with just a few maintenance technicians on board. Savings will be considerable but before anyone cries about job losses, consider that there will be a reported shortage of 147000 officers worldwide by 2025.

“Sailors fear for their jobs when they hear about what we are doing, but autonomous does not mean unmanned,” said Peter Due, a director at Kongsberg Maritime.

Source: The Mercury

Swire Shipping World First using eBL

Swire Shipping has become the first company to send containerized grain from one country to another powered entirely through electronic bills.

Bolero International, which specializes in making trade finance go digital, facilitated these bills. Labelled as electronic bills of lading (eBL), they have never been used on the route between Australia and New Zealand before, and they should significantly speed up trade route deliveries.

Swire Shipping achieved this in collaboration with Cargill Australia, which provides the grains in question and various other commodities, and BSM, which optimizes the trade execution process.

With BSM offering easily facilitated execution solutions and Bolero providing multi-party documentation processing, Cargill can save a large amount of resources by digitizing as much of the trade route process as possible.

The project has already proved to be a success, and eBLs are now set for use in more trade routes. The route that connects Australia to the Solomon Islands is next on the list for Cargill. With the certification process becoming more digital with each passing year, there is a clear need for companies to keep on top of the trends and react to market expectations. The burgeoning fintech sector is making this a lot easier for the bigger companies.

Digitized processes offer several other benefits, which include increased security. Backup takes place for all the proper documentation, and losses that cause serious backlogs and delays are less likely to occur.

Swire Shipping General Manager Jeremy Sutton said that the company is “wholly committed to bringing customers the highest standards of service through sustainable innovation.” He went on to  describe its “successful use of Bolero’s electronic bills of lading to support a grain shipment,” calling the deliver “a significant first for us and for the region.”

Sutton was quick to point out how Swire Shipping has “been impressed with the substantial gains in speed of execution, simplicity of use and security” that came with the eBL pioneering, and said that he expects this accomplishment to be just the first of many.

Meanwhile, BSM Managing Director Robert Flemming hailed his business offering, saying that it is “dedicated to smoothing workflows and super-charging the efficiency of trade.” He added that the use of eBLs “demonstrated all the advantages of digitization in terms of speed and cost.” Flemming expects that BSM’s “partnership with Bolero is certain to go from strength to strength.”

Cargill, the company set to see the largest benefits from this process, feels that it is great news for several reasons.

David Werner, Trade Execution Manager for Cargill’s Australian operations, said that he is delighted by “the speed and efficiency generated by the Bolero solution.” He lauded “the fast release of our cargo,” saying that it would give “our customers the best level of service possible.”

He went on to mention that Cargill believes that “our use of digitized trade documentation is certain to expand to other routes in line with our determination to bring customers the real benefits of digital innovation while upholding the integrity of our documentation.”

With current tech advances showing no signs of slowing, trends such as this should only continue.