In our latest quarterly issue: Recent use of negotiable eBLs as secured collateral unleashes value for corporates and financing banks, energy shipping & trade digitalization initiatives gain traction, key developments around implementing MLETR-aligned legislation, enabling shipping’s digital future through platform interoperability + much more! + SUBSCRIBE

Industry News & Views

PODCAST: Concept becomes reality – Trafigura’s borrowing base facility leads the way on use of eBLs: Hear about the first deal to recognize eBLs as fully secured collateral in the syndicated loan market, involving an ING-led syndicate of 27 banks for the $2.8bn borrowing base facility relating to Trafigura’s concentrates business (source: LMA Talks Loan Markets via Spotify). + READ MORE

NGFA members exceed 150,000 negotiable electronic barge BLs issued and exchanged using BDT Solution: A major milestone for digital trade, as the US Agri trade community exceeds 150k negotiable barge eBLs issued & exchanged using the ICE CargoDocs-powered Barge Digital Transformation (BDT) solution (source: NGFDS). + READ MORE

Interoperability key to unlocking shipping’s digital potential: Insights from a recent discussion between DCSA’s CPO, Niels Nuyens, and Lenzing AG’s Logistics Director, Parsan Chand, on the opportunities and challenges faced in scaling up eBL platform interoperability through common standards (source: DCSA). + READ MORE

Singapore’s port to be world’s first to implement full digital bunkering in 2025: With effect from 1 April 2025, all bunker suppliers in Singapore will have to provide digital bunkering services and issue electronic bunker delivery notes (eBDNs) as a default, instead of paper (source: Business Times). + READ MORE

Worldscale Adopts ICE’s Benchmark EUA Carbon Pricing for its Tanker Freight Rates: Making ICE’s EU Carbon Allowance (EUA) futures settlement price the benchmark carbon price for calculating 2025 tanker freight rates – providing a solution for how the physical freight market can comply with rules expanding EU ETS to maritime (source: ICE via Business Wire). + READ MORE

In Abu Dhabi, the Oil and Gas Industry Gets a Glimpse of the Future: The Journal of Petroleum Technology (JPT) visits the ADIPEC conference in Abu Dhabi, providing a glimpse into the innovative use of AI and other technologies by leading energy players including ADNOC and more (source: JPT). + READ MORE

Sire 2.0 ensures human factors are not over-simplified: Industry experts weigh in on SIRE 2.0, OCIMF’s digital-first tanker inspection regime in effect since September 2024, and how the upgraded program’s in-depth inspection reporting outcomes place a key emphasis on human factors (source: Splash247). + READ MORE

FIT Alliance's 2024 eBL survey shows steady rise of electronic bill of lading adoption globally; collaboration across trade supply chain could unlock further gains: Highlights from the industry group’s latest eBL survey, including latest facts and figures on stakeholder adoption and readiness, diverging trends across geographies and sectors, and more (source: FIT Alliance). + READ MORE

UNCTAD Review of Maritime Transport 2024: According to UNCTAD’s 2024 Review of Maritime Transport, the sector is projected to grow by a modest 2% in 2024 and an average of 2.4% annually through 2029, while ongoing geopolitical and climate risks continue to weigh on a lasting maritime trade recovery (source: UNCTAD). + READ MORE

ICC UK launches Roadmap to Digitalise UK trade: Providing guidance on where UK businesses should start their digital trade journey, actions to be taken to scale digitalisation, tools to unlock private sector investment and de-risk the transition to data-led trade processes and more (source: iC4DTI). + READ MORE

EU trade finance banks puzzle over Basel as deadline looms: Coverage of Basel 4’s new capital requirement rules, examining doubts remaining over the treatment of trade finance products incl. differing interpretations of capital rules for medium & long-term trade finance guarantees and concerns about the impact of the reforms on banks’ use of credit insurance  (source: GTR). + READ MORE

VIDEO – Why is shipping moving to electronic bills of lading (eBLs): BIMCO’s Mads Wacher Kjærgaard explains how the traditional negotiable paper bill of lading compares to its electronic counterpart, as he follows the journey of an iron ore shipment from Australia to China (source: BIMCO). + READ MORE

Pioneering green trade facilitation: Exploring successful supply chain digitalization initiatives in less developed countries (LDCs) to address key sustainability concerns, leveraging technologies such as AI, blockchain and IoTA new conceptual framework: Highlights from UNESCAP’s green trade facilitation conceptual framework – covering four major pillars for enabling greener and sustainable trade processes, starting with digitalizing trade procedures (source: UNESCAP). + READ MORE

Saudi Arabia, UNCITRAL Discuss Emerging Trends in Digital Trade Law: Highlights from a recent UNCITRAL workshop in Vienna, where Saudi Arabia engaged with the UN organization to discuss emerging trends in digital trade law and how countries can modernize regulation to keep pace with global transformations (source: Leaders MENA). + READ MORE

How the electronic bill of lading (eBL) is transforming digital trade: ICE Digital Trade Co-Head, Marina Comninos, contributes to ICC Academy’s series of educational articles on digital trade, providing inputs around the challenges and opportunities in digitizing BLs and the critical role of eBLs in the global shift to digitalizing trade (source: ICC Academy). + READ MORE

ISO standard for interoperability of vessel applications launched: A new ISO standard (IS0 4891) has been launched to provide an operational and performance framework for the interoperability of smart applications onboard marine vessels (source: Smart Maritime Network). + READ MORE

VIDEO – Approaches to the MLETR: ICC DSI’s Managing Director, Pamela Mar, examines the key challenges faced in MLETR adoption and practical implementation, how investment could pose a solution, and the impact of the model legislation on trade document digitalization (source: TFG). + READ MORE

The hidden world of trade based financial crime: Insights around leveraging technology to deal with a persistent problem in trade & trade finance, as recent estimates on the impact of Trade Based Money Laundering (TBML) translate to $240-600 billion laundered every year (source: Finextra). + READ MORE

Whitepaper – Are we doing enough to bridge the trade finance gap?: Identifying practical solutions to reduce the $2.5 trillion trade finance gap, including an overview on the present and future of the industry’s digitalization efforts, seen as a key catalyst for reducing the gap (source: TFG). + READ MORE

ICE Digital Trade News

Vale & DBS inaugurate iron ore inventory finance transaction using eBLs, supported by ICE CargoDocs: The inventory financing was secured using a pool of eBLs transferred to DBS on ICE’s platform, as collateral, with the entire documentation process conducted online via ICE CargoDocs. + READ MORE

GIGA Shipping adopts ICE CargoDocs Local Law eBLs to digitize 100% of its Ocean and House Bills of Lading: Becoming the first ICE Digital Trade customer to operationally roll out Local Law eBLs, leveraging the UK’s Electronic Trade Documents Act to digitize the 10,000+ BLs it processes annually. + READ MORE

ICE Digital Trade in Numbers