Asia/Pacific News
Brightoil "Ready for the Long Haul" with Online Bunker Procurement, Launches Latest Phase of Its E-Bunkering Platform
Brightoil today has launched the next phase of its Brightoil Online E-Bunkering platform, and the international bunker trader and supplier says the process of buying bunkers anywhere in the world will be faster, easier, and more transparent as a result.
A key feature of the new platform is a live feed of Forward Fixed Prices (FFPs).
"FFP is a game changer. Prices will be available to the user on a real time basis for a period of up to nine months into the future. Customers can then lock in the price which will lead to a physical delivery - this is not speculative hedging using paper financial instruments," says e-commerce director Kelvin Low, who spoke to Ship & Bunker in the days leading up to today's launch.
"FFP will give certainty to our customers and help them manage cost better by reducing exposure to price fluctuations."
Brightoil will initially offer the FFP mechanism to its customers at eight ports: Singapore, Shenzhen, Shanghai, Zhoushan, Hong Kong, Houston, Fujairah, and Rotterdam.
The minimum volume required for a future purchase is just 500 metric tonnes (mt).
Among other changes being rolled out today are a voyage planning tool.
"This gives the user a big view of a world map where they can see ports, their conditions, and global bunker prices," says Low.
"So by using E-Bunkering, owners and charterers can now monitor bunker prices in ports worldwide, and with the new Brightoil app, buyers and sellers can now send bunker spot and term enquiries digitally to ports anywhere in the world."
The new features form part of a wider platform of E-Bunkering services that allow buyers to connect with suppliers from all over the world.
"There is a vetting process in terms of who is included, as the quality and credibility of the suppliers on the platform is very important to protect our customers and our reputation," Low assures.
Today's launch follows a flurry of recent activity in the online bunker procurement space, and Brightoil are among those who believe the bunker industry is finally ready to take steps into a digital future.
"Brightoil has made a big investment in this project over the last two years and will continue to make further developments going forwards. We believe in a digital future for bunkering and Brightoil are ready for the long haul as we are a listed company with the financial strength and in various businesses" CEO of Brightoil Bunker E-Commerce and COO of Brightoil Petroleum Singapore, Mr Stephen Qi Jun, told Ship & Bunker.
"But we also understand that this industry is very traditional and it will be a long road ahead before the use of such technologies will become the norm. But we ultimately believe it will be of benefit for the whole industry and help people buy at a better price and be more efficient. In the meantime, the early adaptors of Brightoil Online stand to gain a competitive advantage."
