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 digitalizing our core processes: vessel nominations & string management, documentary instructions, appointment of third-party providers, drafts management, documents issuance and documents presentation. Additionally, Covantis digitalizes the B2B communication that currently is taking place through phone and emails.
Our long-term objective is to digitalize 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.
Covantis – Our journey so far
Covantis launched in February 2021 to manage bulk shipment execution flows of soybeans and corn from any port in Brazil to any destination in the world. Covantis adopts an origin-market strategy for based approach for development and implementation. By the end of 2021 the platform had been used to manage the execution of more than 1000 vessels for grains and oilseeds.
In February 2022 Covantis added export flows originating in the USA and Canada, and many more grains and oilseeds commodities. More companies joined Covantis and by the end of the year over 3400 vessels had been executed, and volumes captured in the platform increased by 264% year-on-year.
In February 2023 Argentina & Uruguay were added.
Covantis now covers all the major export markets in the Americas, supporting trading companies to execute their contracts from the biggest origination markets in the world. Covantis will continue to add other origins and commodities.
These global flows bring inefficiency and errors to the active market participants because of their complexity—precisely what any international commodities business seeks to execute without a hitch.
Stay tuned on the next origination markets and progress via our regular status updates.
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