NEW YORK, NY — April 20, 2022 -- Waybridge, the supply chain operating system for raw materials, today announced an engagement with the Port of Panama City, one of the nation’s most critical gateways for the importation of metals. This collaboration is Waybridge’s first ever port engagement and will grant the port and its customers access to technology for added efficiency, transparency, and resiliency in their operations.
Situated on the Gulf Intracoastal Waterway, the Port of Panama City is one of the nation’s most important transportation hubs. Since 2003, the port has imported millions of tons of metals, primarily from Chile and Peru.
Static, paper bills of lading and tracking systems can make last-mile logistics a challenge for copper suppliers and customers, with shipments increasingly difficult to track, trace, and predict once they’ve left the port. Through the electronic creation of bills of lading, Waybridge will provide an improved, seamless experience for all of the port’s copper customers. By digitizing the process, Waybridge will unlock the tracking of truck and rail shipments from port to final destinations, all within one interconnected, cloud-based platform.
Suppliers that ship material through the Port of Panama City will get access to shipping information as soon as a truck or rail car is loaded so they know instantly what has been picked up and can inform their customers as needed. Port customers will also have the opportunity to track inbound truck and rail shipments after they leave the port, and access shipping information prior to arrival to improve their planning and receiving processes.
The port will deliver a modern customer service experience to all parties, including suppliers, consumers, and carriers, and create a more efficient operation by replacing manual document management with an automated, digital communication to its customers.
“With so much of the world’s copper traveling through the Port of Panama City each year, the impact this engagement will have on copper suppliers and customers across North and South America, as well as the entirety of the supply chain, is monumental,” said Scott Evans, CEO and cofounder of Waybridge. “We see this as the first iteration of a long and fruitful relationship with the port as we continue to transform these previously fragmented tracking processes into a digitized, centralized system. The possibilities of where we go from here are endless.”
Upgrading from siloed paper bills of lading to electronic bills of lading on an interconnected platform provides numerous benefits for both suppliers and customers, allowing shipment information to be viewed by all parties in real-time on the Waybridge platform. This will result in improved transit tracking and predictability around delivery dates, reduced manual data entry, and fraud prevention. Customers will also get back time traditionally spent scheduling shipments, tracking shipments, confirming delivery dates, and matching deliveries to purchase orders. By automating and digitizing the information, substantial manual effort and guess work will be replaced by transparency and certainty.
“We’re very excited to be taking this next step with Waybridge to digitize and automate copper flow into the U.S.,” said Damien Bressler, Deputy Director, Port of Panama City. “As an operating port authority, we are always looking for ways to bring more value to our customers and we’re excited to continue leveraging Waybridge’s expertise in the commodities space.”
Waybridge’s technology will be available to all copper imports through the Port of Panama City in the near future, bringing the overall ecosystem one step closer to a fully-connected global operating system for the buying, selling, financing, and transporting of raw materials.
Waybridge provides unprecedented visibility into the commodities supply chain, connecting all parties and partners onto a single intuitive platform. Our platform allows customers to have end-to-end visibility into their physical materials transactions. Waybridge blends the expertise and vision of commodities and technology experts to create an intuitive platform that makes the exchange of raw materials smarter, faster, and better. Learn more at Waybridge.com or reach out to us on LinkedIn or Twitter.