Structured Trade & Commodity Finance
Pre-Export Finance
Lending against confirmed export contracts — offtake agreements from Shell, Glencore, Trafigura — where the commodity hasn't shipped yet but the buyer is investment-grade. Structured as receivable purchase, not a loan.
Key figures
How it works
From offtake contract to pre-shipment liquidity.
Verify offtake and buyer credit
Binding offtake verified on-chain with reserve certification confirming 3x coverage of PXF commitment.
Binding offtake agreement with investment-grade buyer is verified on-chain. Price formula, payable percentage, force majeure, and assignment consent clauses reviewed by Caviar legal.
Buyer creditworthiness verified against oracle feed. Reserve certification (JORC 2012, NI 43-101, or SPE-PRMS 1P) confirms 3x coverage of PXF commitment against proven reserves.
Disburse in tranches, auto-repay
Three-tranche waterfall tied to shipment milestones. Self-liquidating via assignment-of-proceeds.
Tranche 1 (60%) on BoL issuance and AIS vessel departure. Tranche 2 (20%) on SGS/BV staked assay confirmation. Tranche 3 (20%) on offtaker payment receipt and provisional-to-final price reconciliation.
Offtaker pays Caviar directly via assignment-of-proceeds clause. Self-liquidating structure with AIS vessel tracking from loading port to discharge. Parametric price protection on downside.
Capabilities
Oracle-verified PXF at CLO funding costs.
Offtake contract oracle
Binding offtake agreements verified on-chain with price formula audit, payable percentage confirmation, and ISDA/EFET force majeure review. Assignment consent clause enables direct proceeds collection.
AIS vessel tracking
Real-time vessel position monitoring from loading port to discharge terminal. Voyage progress confirms shipment milestones that trigger tranche disbursements. Marine cargo insurance (ICC Clause A) verified on-chain.
DFI first-loss guarantees
IFC GTFP, AfDB Trade Finance Program, and US DFC Section 40207 first-loss enhancement compresses effective cost of risk. Enables competitive pricing on West African and critical minerals transactions.
Production risk monitoring
Reserve certification oracle integrates JORC 2012, NI 43-101, and SPE-PRMS 1P reserve reports. Life-of-mine models confirm minimum 3x coverage. CONAF water table oracle for lithium production sustainability.
Reserve certification oracle
Independent Competent Person reviews dated within 18 months. Proved plus probable reserves verified against facility commitment. Oil and gas uses Ryder Scott, Gaffney Cline, or NSAI reserve auditors.
Multi-tranche facilities
Three-tranche waterfall keyed to documentary milestones eliminates advance-before-shipment risk. Each tranche evidenced by on-chain MsgPerfectLien with ZK-proofed documentary hashes to prevent double-financing.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Syndication timeline | 4–6 months bank syndication | Weeks via CLO funding stack |
| Legal costs | $500K+ per facility | $10K smart contract deployment |
| Monitoring | Quarterly site visits | Real-time AIS + oracle feeds |
| All-in cost | SOFR+350–500bps | SOFR+120–140bps via CLO |
Use cases
Real-world applications
Nigerian crude oil
Seplat and Aiteo-class independents with Shell and TotalEnergies offtake agreements. 70–80% advance against Dated Brent via DECO TLS. SPE-PRMS 1P reserve certification. AfDB TFP first-loss enhancement.
DRC copper concentrate
First Quantum Minerals and Ivanhoe with Glencore offtake. 60–70% advance against LME cash times payable percentage. Three-tranche waterfall with SGS staked assay at Tranche 2. IFC GTFP co-financing.
Kazakh uranium
Kazatomprom production with Cameco and EDF long-term offtake. 62–72% advance against UxC spot. Nuclear regulatory compliance review including IAEA safeguards and bilateral 123 agreements. AIFC governing law.
Deploy pre-export finance.
Finance against investment-grade offtake contracts. Three-tranche waterfall, real-time vessel tracking, DFI first-loss enhancement.