JAKARTA (RambuEnergy.com) – Brightoil, an international bunker trader and supplier, has launched a new suite of online tools that will transform the way bunker fuel is traded globally.
Brightoil Bunker Online E-Delivery platform has gone live since Sept. 15, 2017 and includes a Forward Fixed Price (FFP) facility making the process of buying bunkers anywhere in the world faster, easier and more transparent, Brightoil said in a statement.
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;
- Online nomination of FFP contracts for physical delivery and optional cash settlement.
“We are taking a strategic step in this uncertain environment by putting significant resource and financial investment into this online platform,” Brightoil International Trading and Bunkering Chief Operating Officer Stephen Qi Jun said:
“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,” he said.
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 financial instruments.
The platform is accessible via PC, Mac, iOS and Android mobile apps.
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;
- Access to a voyage planner to optimize route and reduce bunker fuel costs.
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, in which more than 60 dedicated staffs were involved.
Brightoil Petroleum (Holdings) Limited is a resource-based energy enterprise focusing on upstream oil and gas resources exploration, along with further developments in midstream and downstream businesses. The Group is principally engaged in the exploration, development and production of upstream oil and gas fields, marine transportation, oil storage and terminal facilities, international trading and bunkering and e-commerce Business.
The Group has owned two in production natural gas field projects in Xinjiang Province, China – Tuzi Gas Field and Dina 1 Gas Field and acted as the operator for these two projects.
The Group currently operates a modernized tanker fleet which includes 5 Very Large Crude Carriers (VLCCs), 4 Aframax and 6 bunker barges with advanced mass flow meter system. The total capacity of the fleet is over 2 million deadweight tonnages. (*)