OceanConnect Marine Makes IMO2020 Upgrades to its Online Bunker Platform

Monday July 15, 2019

OceanConnect Marine has announced the completion of a number of upgrades to its online bunker purchase platform, which it now declares as being “IMO 2020 ready”.

“Buyers and sellers asked for upgrades and the new site responds with features that make it easier than ever to buy and sell bunker fuel online,” says OCM Global Managing Director, S.I. Shim.

“The new platform incorporates lessons learned from nineteen years and millions of tons of online fuel transactions.”

Enhancements in the new system include proxy bidding, which allows sellers to enter their best price and the system automatically lowers their bid in increments until the best price is reached. Previously, sellers would have to continuously monitor the auction and make manual adjustments.

Other user requests now implemented include detailed reporting, mobile compatibility, the ability to auction term contracts, and delivery barge vetting.

Bunker requirements are still filled via reverse auctions, in which suppliers compete to offer the lowest price, but buyers can now run multiple auctions at once, or they can run a single auction for multiple ships and / or multiple product grades.

The platform also now handles split deliveries allowing multiple suppliers to fulfill a request.

And with credit expected to be a major headache next year, another new feature is that suppliers can now sell “for the account of OCM” if their credit line for a buyer is fully utilized. The bid price simply includes a pre-agreed margin for OCM.

Further details on the new platform can be found here: https://www.oceanconnectmarine.com/#auctionconnect

Interested parties may also email auction@oceanconnectmarine.com to request more information.