Alvean looks to Bolero for digitised sugar transaction
12 August 2015 | 2501 views | 0
Alvean Sugar and Lantic Inc, have successfully completed a shipment using Bolero’s cloud-based messaging services in an industry first for the commodity type.
The sugar consignment was sent from a load agent in Brazil to Lantic Inc in Canada. Jeremy Reynolds, Trade Execution Leader, Alvean, said: “The electronic bill of lading was issued to Alvean before being transferred to Lantic Inc, which confirmed receipt within just one hour of submission. Lantic Inc then surrendered the eBL and gave instructions for release to the carrier, Fednav, well in advance of the shipment reaching port in Canada.”
With a trading hub located in Geneva, Alvean specialises in originating, commercialising and trading raw and white sugar globally. The 50/50 joint venture was created by Cargill and Copersucar in October 2014 to serve sugar customers and suppliers all over the world.
“Bolero’s willingness and commitment to partner with us and our customers to on-board the various trade counterparties in the implementation of this and future electronic transactions was a major factor when selecting our preferred solutions provider,” added Reynolds. “Throughout the process, we have been very impressed with the speed and ease with which the transaction was carried out.”
Steven Holt, Documentation Assistant, Fednav Limited, said: “We have actively supported Bolero electronic Bills of Lading for more than two years. We see that certified electronic documents are more secure than their paper equivalent, reducing our risk and significantly speeding up the surrender process. For this shipment we issued the electronic Bill of Lading on Friday and Lantic Inc surrendered it back on Monday.”
Gary Cutress, Sales Director, Bolero, said: “The fact that this is the first time a digitised electronic trade has been carried out for sugar is extremely exciting and highlights the important role Bolero’s digital trade finance solutions are playing in transforming the way organisations trade globally. This is also the first time that an electronic presentation of documents has been carried out over Bolero into Canada, reflecting the technology’s continuing reach and impact on a global scale.”