Spectra Fuels is based in Ahmedabad, in the north-west of India. File Image / Pixabay
Bunkering firm Spectra Fuels has reported seeing year-on-year growth in both volumes and revenues this year despite the continued impact of COVID-19.
The firm trades bunkers worldwide, with a particular focus on Singapore and Fujairah. The firm is currently seeking to develop its business in the Americas, Ravi Prakash, the company's director, told Ship & Bunker earlier this month.
"We at Spectra Fuels have seen a steady increase in year-on-year revenue and volumes," Prakash said.
"The growth percentage last year is of course not as we would have liked though.
"In general, the market has become more competitive, it seems overall volumes are down and of course there is a pressure on margins."
As well as the effect COVID-19 has had on bunker demand, the firm is also seeing challenges from competitors and tightening credit conditions.
"The competition is cut throat at the moment with traders and suppliers willing to go at any margin to win the business," Prakash said.
"I don't see competition getting eased or margins improving from hereon.
"The credit is becoming difficult and also prudence is exercised before extending any credit."
But during the current difficult market conditions the firm is also working on developing its presence in alternative bunker fuels, as well as building up its digitalised offering.
"We are really excited about the prospects of alternative fuels and we are working on possibilities of offering alternatives fuels, we have an internal team who actively tracks all the important developments which are happening in the alternative fuels landscape," Prakash said.
"All our processes are digitally handled to avoid the possibilities of any errors.
"We already have a good amount of automation in our processes to speed up the tasks and avoid human errors.
"Our in-house team of dedicated software developers works on constantly improving the processes and security of our systems."