Glencore

Switzerland based, British–Swiss multinational commodity trading and mining company, Glencore has joined a group of charterers aiming to digitalise transactions globally. In October 2018, world’s four largest grain traders: ABCD (Cargill, Louis Dreyfus, Archer Daniels Midland, Bunge) and later on COFCO started a chartering revolution and joined together in order to investigate new technologies such as blockchain and artificial intelligence to automate grain and oilseed post-trade execution processes, reducing costs needed to move agricultural and food products around the globe. Glencore has joined the group for digital shipping initiative. Group is expecting to launch of the new platform in Q2 2020 subject to regulatory approval. According to Glencore’s CEO David Mattiske, group  intends to develop digital platform that will leverage the newest technologies and has the potential to revolutionize shipping industry, making contract execution processes more efficient, more accurate and more transparent. Digital platform benefits will be felt by companies of all sizes along the post-trade value chain. A pilot project will soon be run covering shipments of soybeans from Brazil to China.