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Electronic Bills of Lading

 

“Australian mining giants BHP Billiton and Rio Tinto are among the first companies worldwide to start using electronic documents when shipping iron ore by sea.”

The first trade-financed iron ore shipment using an electronic bill of lading were completed in late October.   The bill of lading, which covers the terms between shipper and client for freight shipped by sea, gives all the details including the captain and the ship, the port and the destination of the ship and the goods, the consignee and the freight rate.   All of this information can be handled efficiently and transmitted much more quickly than the paper documents, which can take weeks.

“With an array of costs that can include ship hire, on top of insurance, fuel and port fees, companies are keen to make savings by speeding up the logistical and administrative process to streamline invoicing and customs clearance.”  This documentation has a long history, so of course there will be a certain inertia to making changes, but the advantages will outweigh custom.

Due to some banks requiring paper documentation, smaller traders say it will take time for them to change and will be held up until major banks accept the idea.  It will probably be popular with many shippers.

 

Read more: http://www.itnews.com.au/News/367187,bhp-rio-tinto-digitise-iron-ore-shipping-paperwork.aspx#ixzz30hZBdhjg

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