A glimpse of the future
While technology spawns innovations in other industries, bulk international shipping lags in the paper era. The agri post-trade execution process is both labor-intensive and error-prone. Isn’t it time to give our industry a digital upgrade?
Overview of scope
Moving our industry into a higher level of performance starts with digitalising our core processes: vessel nominations & string management, documentary instructions, appointment of third-party providers, drafts management, documents issuance and documents presentation. Additionally, we are planning to digitalize the B2B communication that currently is taking place through phone and emails.
Our long-term objective is to digitalise the entire execution process for international agri bulk commodities, from trade confirmation, contract management, appointment of third-party providers, generating drafts and final documents up to vessel finalization.
Where we’ll start
We will adopt an origin market based approach for development and implementation of Covantis. The first origin market will be Brazil. The first execution flows captured in Covantis are for bulk shipments of soybeans and corn from any port in Brazil to any destination in the world.
These global flows through their complexity bring inefficiency and errors to the active market participants—precisely what any international commodities business seeks to execute without a hitch.
In the future, we will add other origins and commodities to our roadmap. Stay tuned on the next origination markets and progress via our regular status updates.
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