Brightoil Bunker Online E-Delivery platform is now live and includes a Forward Fixed Price (FFP) facility which the company says will make “the process of buying bunkers anywhere in the world faster, easier and more transparent”.
The new facility enables customers to lock-in bunker cost for up to nine months forward, “thereby reducing exposure to major price swings”. The features of the new E-Delivery platform include: price risk management providing real time FFP indications; up to nine months forwards are tradable; no initial margin or margin calls and online nomination of FFP contracts for physical delivery and optional cash settlement.
Brightoil International Trading and Bunkering chief operating officer Stephen Qi Jun said: “We are taking a strategic step in this uncertain environment by putting significant resource and financial investment into this online platform. We are launching now because we recognise that our customers’ business environment is rapidly changing.
There is a constant need to improve process efficiency and create cost saving in the intensely competitive shipping markets. This is why we have worked hard to incorporate a full spectrum of new
and innovative tools available now at your fingertips.”
Brightoil says the platform gives bunker buyers security and transparency to a level that has never been available
in the market before. The settlement culminates in physical bunker delivery rather than speculative hedging using paper
The platform is accessible via PC, Mac, iOS and Android mobile apps. The company says that other “unique features” include: the ability to connect and negotiate with physical bunker suppliers in major ports worldwide; monitoring of global ports’ bunker delivered prices and access to a voyage planner to optimize routes and reduce bunker
In addition, credit options are available from Brightoil.
The new platform is the result of a year-long collaboration
between commercial and IT development teams from Brightoil’s Singapore and Shenzhen offices.