BOLERO.NET SIGNS 5 KOREAN BULK CARRIERS ONTO SYSTEM

BOLERO.NET SIGNS 5 KOREAN BULK CARRIERS ONTO SYSTEM

   Bolero.net, the electronic trade facilitator, has signed five Korean bulk carriers that will participate in a trading chain with Korean steel company Posco, and metals and mining giants BHP Billiton and Rio Tinto.

   The bulk carriers are Hyundai Merchant Marine, Hanjin Shipping, Korea Shipping, Keoyang Shipping and Pan Ocean Shipping.

   The arrangement will see 25 million tons of imported iron ore and coal, valued at $500 million sent from Australia to Korea, with all contractual, settlement and fulfillment details processed electronically through the Bolero system.

   Posco said it expects to see a reduction in the financial and time costs involved in certification, data management and greater security in its business transactions through the use of the Bolero system. Posco said it expects to use the Bolero system to ship other raw materials, in addition to coal and iron ore.

   'This is the first time bolero.net has been used by the dry bulk shipping community and we see it as a significant move in our development,' said Peter Scott, bolero.net's commercial director.

   Besides BHP Billiton and Rio Tinto, Brazilian iron ore producer CVRD signed up to the Bolero system in October.