August 25, 2022

Covantis sees rapid gains in North American market

Since launching in North America in February 2022, Covantis has seen impressive growth in its market share, the Geneva, Switzerland-based company said.

Covantis' 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 the company' 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 company said.

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, and Temco, Posco International, ETG, ADM Medsofts and Parrish & Heimbecker (P&H).

Covantis plans to significantly expand its North American network, helping participating companies to digitise their commodity trade execution processes. Digitalisation offers greatly improved security and efficiency, reduced errors and lowered costs.

Sorin Albeanu, Covantis' head of commercial, said: "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 digitalisation of agri market trade flows by helping trading companies change their processes and move away from email, and in the future, from paper processes."

- Covantis