Brightoil Implements New Phase of Digital Online Strategy

Brightoil has announced that it has launched the next stage of its online strategy.

Brightoil Petroleum (Holdings) Limited (Brightoil) this week announced it has launched the next stage of its online strategy, which includes an updated website, and combines the company's e-commerce platform with a newly updated mobile app.

The updated app and website were launched at this week's SIBCON, marking the availability of real-time data to buyers via the mobile app.

"Brightoil believes the future of the global bunker market lies in easy access to current market movements and forward prices. Users of the e-commerce platform today have access to past and present orders and supply data including Bunker Delivery Notes (BDN) and photos, all accessible via smartphones for people on the go," said Hans Staal, Brightoil's Global Bunker Director.

"We also foresee greater integration between ship-owners and suppliers' operations systems resulting in increased operational efficiencies and stronger commercial cooperation."

Brightoil says the centrepiece of the upgraded web platform is its new price risk management tool, which includes live physical Fixed Forward Price (FFP) indications, which the company notes has already been well received by a number of shipowners utilising it regularly.

The updated web platform also now features daily market updates, as well as a maritime news feed intended to provide users with deeper market knowledge and understanding.

"Users can now feel the exact pulse of the fuel oil market with easy access to paper swap values and Fixed Forward Price indications of up to nine months," said Staal.

"We offer 380 CST and 500 CST forward pricing in Singapore and Chinese ports of Shanghai, Shenzhen, Ningbo and Zhoushan, where Brightoil controls the entire supply chain, hence we are confident on both pricing and supply integrity at any one time."

Brightoil says that technological advances such as this will continue to encourage greater transparency and increased efficiencies within global markets.

Last year, Brightoil said it was looking to give its bunker business a boost with the launch of Brightoil Online, which it described as the "first 'internet-petroleum-finance' comprehensive energy and financial e-commerce platform in the PRC."