World News
Survey Points to a Lack of Trust in the Bunker Industry
A recent survey of shipping and bunker industry players by marine software and IT services company Inatech has indicated there is a lack of trust in the bunker industry.
Respondents also said that when dealing with their partners in the bunkering industry, trust was a bigger issue than price.
When asked, "What is the biggest operational challenge in bunkering a vessel", 57 percent of the poll's respondents said it was "trust in bunker pricing information reflecting the market", while "cumbersome / fragmented internal systems" was the second most selected answer with 29 percent of the votes, and "barge operations" received 14 percent.
The poll was one of four conducted last month as part of an Inatech Webinar in which the company also showed how its BunkerTECH and ShipTECH products can help companies make decisions on fuelling and bunker trading based on current data and price trends.
Trust a Bigger Issue than Price
When asked, "What is the biggest issue with your partner in the bunkering industry", "trust" was once again the top answer which received 56 percent of the votes, while "price" was selected by 33 percent, and "communication" received 11 percent of the votes.
The biggest challenge facing the industry, according to 43 percent of respondents, was "bunker price volatility", while 29 percent thought it was "credit risk", with "environmental regulations" and "inventory risk" both receiving 14 percent.
In the last poll, participants were asked, "What function could benefit the most from automation and integration", with "operations" and "risk management" being the top responses with 40 and 30 percent of the votes respectively, while "claims" received 20 percent of the votes, and "sales" 10 percent.
The webinar was run by Alok Sharma, who the firm announced last month had joined as the new European head of sales for its Marine Solutions Unit.
Inatech said it includes its customer feedback as one of the drivers for product innovation thus driving bottom-line benefits.
The company's next webinar will be held on March 7, 2013, 4pm London, 11am New York and will provide the bunker industry in the Americas with the opportunity to join the debate.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
Popular Now More
-
Apr 28Failing to keep track of energy density variations could be costing shipping companies as much as $25/mt in fuel bills, Shipergy CEO Daniel Rose tells Ship & Bunker. -
Apr 29The ships are accused of delivering cargo to ports under the control of Yemen's Houthi movement. -
Apr 28Gross profit from the marine segment was $35.7 million in Q1 2025, down from $48.4 million a year earlier.