BunkerEx Co-Founder and CEO Ishaan Hemnani. Image Credit: BunkerEx
Having successfully secured venture capital investment, newly formed BunkerEx today has formally launched a new "hybrid" bunker broker concept that combines traditional brokers with an online bunker buying platform, all in an effort to improve transparency for the bunker buyer, Co-Founder and CEO Ishaan Hemnani has told Ship & Bunker.
The London-based firm says it aims to save buyers an average of $4.00/mt.
"There is absolutely no transparency on a broker's final fee, as many will actually try and sell higher to earn bigger commissions. Bunker buyers are unknowingly paying margins and hidden fees of an average $5.00/mt," said Hemnani.
"Also, owners and charterers can not be certain that their broker has covered the whole market, negotiated the price down as much as possible, or been completely objective and unbiased in choosing the supplier.
Ishaan Hemnani, Co-Founder and CEO, BunkerEx
We don't just claim to be more transparent, we actually show our clients everything that goes on
"We are looking to change this at a crucial time for the shipping industry."
A key part of BunkerEx's offering is a trading platform it has built that allows buyers to generate an enquiry and negotiate prices with suppliers.
"We don't just claim to be more transparent, we actually show our clients everything that goes on. The beauty is that our technology allows buyers to place a stem quickly and with less hassle, saving an average of 40 minutes per enquiry. At the same time, our brokers continue to offer a world-class and personalised service. It gives ship owners and charterers all the benefits of having a bunker broker, without having to pay the price," said Hemnani.
"BunkerEx takes just $1.00/mt, and is the only broker in the market where the buyer can fully trust and be 100% certain on the commissions they are paying."
To further improve transparency, Hemnani says the company has been selective in the suppliers it works with.
BunkerEx says its technology allows buyers to save an average of 40 minutes per enquiry. Image Credit: BunkerEx
"We don't just let anyone in. Our suppliers are hand-picked based on reputation and then continually monitored on their trading activity, competitiveness and frequency of claims," he said.
"Ultimately we are more of a broker than a software company, putting human interaction at the heart of everything we do. Most of the processes have one of our experienced brokers behind them who are available 24/7. We understand that it's important to provide regular broking services as well, especially when deliveries get complicated. We just use technology to ensure our clients get the best deal possible."
Hemnani says the company has been encouraging its early users to get a quote via the BunkerEx platform at the same time as they use their existing broker/trader channels, to use it as a comparison with no obligation.
"They can use it on a one off basis or to drive the price down - it costs them nothing to just get some other offers directly from physical suppliers via our platform," he says.
Hemnani says BunkerEx is free for buyers and its fee is taken from the supplier when the delivery is completed.
"Most traditional service industries are going completely digital. We don't believe the bunker industry is fully ready for that, so have built a hybrid between the two: traditional human brokers with a technology platform to make the process fairer, faster and cheaper," Hemnani concluded.
Contact details for Hemnani are as follows:
T: +44 (0) 203 874 7740
M: +44 (0) 772 679 2916
Group email: firstname.lastname@example.org