The global agri commodity trade joins digital trade movement

The agricultural commodity trade is taking a significant step towards modernising global grains and oilseeds trade by committing to the adoption of digital trade documents, and including the bill of lading. This forward-looking move is supported by some of the sector’s most influential companies, with over 39 trading companies signing on to a Gafta letter including Archer Daniels Midland (ADM), Bunge, Cargill, Louis Dreyfus Company, Agrocorp, CHS, COFCO Resources SA and many other Gafta members. See the full list of companies.

Together, these industry leaders are driving the transition away from paper, setting a new benchmark for efficiency and transparency in the critical agri food supply chains.

For the bulk shipping sector, this marks a new opportunity to collaborate with agricultural exporters and importers in driving digital transformation. By transitioning to electronic bills of lading and related trade documents, stakeholders can expect faster transactions, reduced risk of fraud, and improved transparency.

For shipowners, the adoption of eBLs by the agri trade means less reliance on letters of indemnity when faced with delivering cargo without presentation of the original bill of lading.  Although in its early stages, over 5 mmt of grains and oilseeds have been transported using eBLs with 80 vessels via the Covantis Platform (approved by the P&I Clubs). See the full details. 

The move towards digital documentation aligns with global efforts to enhance efficiency and sustainability in international trade. Working together, the agricultural sector and the maritime industry can unlock new levels of operational excellence and customer satisfaction.

BIMCO is committed to supporting it's members transition to eBLs. Find out more about eBills of Lading or contact Grant Hunter.