BunkerEx Introduces New Credit Service for Bunker Buyers

by Ship & Bunker News Team
Monday January 15, 2018

Hybrid bunker broker BunkerEx has introduced a new service aimed at setting up new, and improving existing lines of credit, Co-Founder and CEO Ishaan Hemnani has told Ship & Bunker.

"We've noticed that credit is the single biggest hurdle stopping buyers dealing directly with suppliers, hence increasing their coverage and achieving a lower price. Much of the time it's not because the supplier won't give credit, but because the buyer hasn't had someone to facilitate the set up," said Hemnani.

"This means bunker buyers can be stuck with just one or two suppliers because of credit, significantly lowering the competitiveness of their enquiries and thus increasing their bunker costs."

The new service, aimed at bunker buyers, trader/brokers, and suppliers, determines which documents are needed to set up the lines, and how many potential lines a buyer should have for good, competitive coverage.

The system can also determine how to maximise supplier coverage for buyers who do not wish to divulge their financials, and automatically highlight when coverage should be improved in a certain port.

"The credit situation within the bunker industry has changed dramatically in the last three years: oil prices are lower, interest rates are lower, and there is more data and transparency available on counter-parties than ever before," said Hemnani.

"A supplier who didn't want to offer credit five years ago may well do now, but it's up to the buyer to be proactive to begin the process."

Credit can currently be set up with all 200 verified suppliers registered on the BunkerEx platform.

More information about the service can be found at: https://bunker-ex.com/credit/.