Agreement between Ferrexpo and Chinsay aims to support Ferrexpo’s work flow, collaboration and productivity around charter party agreements
Ferrexpo Plc, a London Stock Exchange listed iron ore company with assets in Ukraine, has signed an agreement with Chinsay, the market leader in dry bulk freight software, to implement Chinsay’s Recap Manager (RM) a single cloud-based SaaS solution for end-to-end contract management and counter-party collaboration tool for their Ocean Freight operations.
Michael Gardiner, Global Freight Manager stated, “With operations across the globe, we view Chinsay as an efficient and critical tool to ensure we achieve operational excellence in our contract operations. We look forward to working with their friendly team of experts to explore how we can unlock further value from our contract data to drive better decision making across our business.”
Ferrexpo will use Chinsay’s Recap Manager for managing digital freight contracts across their offices around the world. Ferrexpo will be able to create, edit, review and share contract information both internally and externally via Chinsay’s Recap Manager. The Chinsay platform will enable Ferrexpo to significantly reduce the time to finalise all their charter party work and minimise the potential for contractual errors with risk and compliance oversight.
“We are excited to partner with Ferrexpo and support their team with our technology,” said Dag Sundén-Cullberg, Founder and Chief Executive Officer of Chinsay. He continued, “We have provided contract management services for the iron ore sector for over a decade and will be able to provide Ferrexpo with market best practices by using our secure cloud based collaborative platform to help identify and manage risk and use analytics technologies to enhance their performance.”
“Our expanding client base is providing positive network effects for users of Chinsay and enabling further “digitalisation at origin” with respect to charter-party generation. We are experiencing a significant increase in digital contracts coming through our system and expect this trend to continue.” stated Colin Hayward, Managing Director of Chinsay’s Singapore office. He continued, “Our entry into the commodities market with our Commodity Contract Manager will allow these positive benefits to reach an expanded and diversified set of companies trading in a variety of markets, such as metals, agriculture and mining.
Chinsay’s platforms for freight and commodities enable global businesses to collaboratively create, review and manage their trade contracts. Chinsay’s digital workflow unlocks efficiencies and mitigates the risk of contractual errors while ensuring that internal and external compliance is automatically enforced. By using digital contracts on Chinsay, contractual data is easily visualised and analysed which enables faster and better decision making.
Chinsay is the leading cloud platform for the end-to-end drafting, issuance and administration of contracts in the multi-trillion-dollar global commodities and freight markets. With offices in Sweden and Singapore, Chinsay provides Software-as-a-Service contract and risk management solutions that enable its customers to enforce compliance, save time and provide insight to their trading process. Chinsay is fully independent and has a +10 year track record of supporting multinational corporations, brokers, and commodity traders in over 40 countries.