Since launching in North America in February 2022, Covantis has seen impressive growth in its market share. The Geneva-based company’s agri commodities shipping ecosystem uses blockchain and digital technologies that offer significant advantages over legacy email and paper-based systems. Since launch, over 50% of all chartered vessels out of the United States have been executed in Covantis’ platform. The North American volumes executed have significantly increased Covantis’ coverage of the global grains and oilseeds flows.
The Covantis platform enables market participants loading in North America to execute contracts involving the bulk shipment of a growing list of commodities, such as soybeans, soybean meal, corn, corn meal, wheat, canola, sorghum, barley, DDGS, rice, and beat pulp pellets.
The benefits of the Covantis platform are attracting more and more forward-looking companies. Within the North American market, companies already participating in the Covantis network include ADM, Bunge, Cargill, Cofco, Louis Dreyfus Company, Viterra, Marubeni, Amaggi, CHS, Zennoh Grain, Enerfo, Perdue, Sollio, EGT, Columbia Grain International, and Temco, Posco International, ETG, ADM Medsofts, and Parrish & Heimbecker (P&H). Covantis plans to greatly expand its North American network, helping participating companies to digitize their commodity trade execution processes. Digitalization offers greatly improved security and efficiency, reduced errors, and lowered costs.
Sorin Albeanu, Covantis’ Head of Commercial, comments, “We are happy to see such early adoption by the North American market. We will see increased usage as the network continues to grow and value further develops. This is a key stepping-stone in the digitalization of agri market trade flows, by helping trading companies change their processes and move away from email, and, in the future, from paper processes.”