Bulugo is a newcomer to the digital bunkering space Image Credit: Bulugo
Online bunker-buying platform Bulugo is offering bunker buyers unsecured finance of up to US$20m through parter Whitehall Finance.
Bulugo, a newcomer to the digital bunkering space who soft launched their platform during IP Week earlier this year, says the offer applies to transactions conducted through the Bulugo portal with payment terms of up to 120 days.
While Whitehall Finance’s credit solution is currently only available to UK-based operators, it aims to offer this internationally over the coming months.
In addition to helping with general pressures in the current marine credit market, Bulugo Partnership Director, Grant Norton, says he hopes the availability of credit through the platform will also boost the general uptake of digital bunkering services.
“Whilst the traditional bunker market has been ready for digital disruption for some time, we believe the reason why the pace of adoption has been so slow is partly due to the lack of substantive lines of credit offered to buyers via the digitization route," he said.
Bulugo has a free-for-buyers, $1/mt for delivered bunkers pricing model.