General Index is a price reporting agency covering a range of crude and refined product markets. File Image / Pixabay
Price reporting agency General Index has launched a new marine fuels pricing service with Bunker Holding Sister Firm BunkerEx.
The service plans to come up with 771 end-of-day marine fuel assessments across 502 ports worldwide in partnership with the hybrid brokerage BunkerEx, it said in a statement on its website on Tuesday.
General Index will take BunkerEx's market data, combine it with other data sources and apply its technology to come up with the assessments, it said.
While the cost for the new service was not revealed, a spokesperson for General Index told Ship & Bunker interested parties could contact them to discuss their pricing requirements.
"The market needs an independent source of regulated prices to measure performance, negotiate bunker rates in charter parties, settle supply contracts, etc," Ishaan Hemnani, CEO of BunkerEx, said in the statement.
BunkerEx was acquired by USTC, the parent company of marine fuels conglomerate Bunker Holding, in March 2021.
At the time, a USTC representative told Ship & Bunker that BunkerEx would remain at arm's length, without favouring offers from Bunker Holding brands.
Currently, key independent players in the marine fuel pricing space include S&P Global Commodity Insights, Ship & Bunker, and Argus Media.