Augusto Beato of Portland SEO called upon shippers to start using the electronic bill of lading (eBL) and be benefitted regarding lower costs, faster processing of transactions and tighter security than traditional paper methods.
Beato was reacting to the news that Singapore-based NR Capital, a digital commodity trade finance fund manager, has executed the “world’s first-ever” eBL provided by Bolero for an SME in a gasoil floating storage investment transaction.
“It’s about time for shippers to digitize all operational processes in the shipping ecosystem,” said Beato, who is the CEO of Portland SEO. “The industry should be able to enjoy the efficiency that flows from the use of electronic trade documents.”
NR Capital entered into an agreement early this year to use Bolero’s eBL technology, enabling it to provide investment support to companies in the bulk physical commodity markets around the world.
Tom James, co-founder and chief investment officer/CEO of NR Capital, says the that in gasoil storage transactions it can now sell back and transfer legal title for pre-agreed volumes “at the speed of light.”
The transaction involved the NR Capital Trade Flow Fund buying gasoil diesel from its SME customer in storage on a large oil tanker. As part of the transaction, the SME customer digitized and transferred the title and other trade documents over to NR Capital using the Bolero solution, and upon receipt, an investment was released to the SME customer. The SME customer will buy back the gasoil as it needs it for its business operations during the agreed investment period.
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