World News
Shipping Companies Starting to Feel the Benefits Digital Bunker Buying: BunkerEx
After many years of apparent indifference, Shipping companies are finally starting to see the benefits of digital bunker buying, according Ishaan Hemnani, the founder and CEO of online marine fuel market place BunkerEx.
Launched last year, Hemnani says the platform now features over 200 bunker suppliers and traders registered across 700 ports.
"Data shows we achieve a better price for our clients on 9 out of 10 enquiries, and many shipping companies are clearly starting to feel the benefits of going digital not just in price but also by getting access to insightful data. This has sparked a growth in usage and we have over 50 shipowners and operators currently signed up on the platform. That includes some very large dry bulk companies, but we're actively looking to break into the tanker and container segments," Hemnani told Ship & Bunker.
"We're quite agnostic about the type of shipping company we deal with. With such a large network of suppliers and traders, we can service almost every kind of vessel."
BunkerEx has been described as a "hybrid bunker bunker" model and despite the online element to the platform, Hemnani stressed that all pre and post-fixture support remains traditional.
"The idea of the platform is not to replace a bunker buyer's existing process, but instead to empower them to easily get more coverage and compare offers alongside their own. As there is no obligation to buy via the site, BunkerEx acts as a free comparison tool," he said.
Last month Ship & Bunker announced that calculations for its Ship & Benchmark Bunker Price Indications now exclusively include a BunkerEx price that is derived from actual transactions taking place on the BunkerEx platform.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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