World News
Inatech Launches Cloud-based Fuel Procurement System
Marine software and IT services company Inatech says it has launched its cloud-based fuel procurement system designed to reduce fuel costs and make buying simpler.
ShipTECH, launched at the Cruise Shipping Miami conference, provides real-time data and can integrate with other shipping and bunkering technology management systems to enhance the fuel procurement process, as well as manage risk.
"The cruise shipping sector has had a profitable few years compared with the wider arena," said Inatech CEO Jean-Herve Jenn.
"However this is expected to flatten over the next two to three years as changes in regulations relating to sulphur emissions caused by fuel usage drive profits down as companies are forced to adopt fuel with less sulphur during their purchasing.
"Therefore, more efficient procurement management methods will become absolutely vital for these companies if they want to stay profitable."
Inatech says the industry spends over $180 billion in fuel costs per year, which represents up to 20 percent of the total cost of a cruise shipping companies' operations, so saving even a fraction of one percent can add millions of dollars directly to a company's bottom line.
In an interview with Ship & Bunker in October, Jenn said its BunkerTECH Shipping Solution is especially helpful for mid-size companies that may not have large in-house IT departments.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
Popular Now More
-
Apr 28Failing to keep track of energy density variations could be costing shipping companies as much as $25/mt in fuel bills, Shipergy CEO Daniel Rose tells Ship & Bunker. -
Apr 29The ships are accused of delivering cargo to ports under the control of Yemen's Houthi movement. -
Apr 28The product is being produced at the company's 100,000 b/d Fujairah refinery, and the firm's ship the Elandra Falcon was the first to take on the new fuel at Fujairah.