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Brightoil launches online bunker trading platform

Stephen Qi Jun, Brightoil Stephen Qi Jun, Brightoil

Bunker trader and supplier Brightoil has launched a set of online tools to assist global bunker buyers, allowing them to lock-in costs for up to nine months forward and reduce their exposure to price swings.

{mprestriction ids="1,2"}The Brightoil Bunker Online E-Delivery platform’s Forward Fixed Price (FFP) facility has no initial margin or margin calls, the company says, and allows for online nomination of FFP contracts for physical delivery and optional cash settlement.

“We are taking a strategic step in this uncertain environment by putting significant resource and financial investment into this online platform,” said Brightoil International Trading and Bunkering chief operating officer, Stephen Qi Jun.

“We are launching now because we recognise that our customers’ business environment is rapidly changing. There is a constant need to improve process efficiency and create cost saving in the intensely competitive shipping markets.”

Other features include the ability to connect and negotiate with physical bunker suppliers in major ports worldwide, and a monitoring tool to keep track of global ports’ bunker delivered prices. Access to a voyage planner to optimise routes and reduce bunker fuel costs is also available within the application.

The new platform is the result of a year-long collaboration between commercial and IT development teams from Brightoil’s Singapore and Shenzhen offices, with more than 60 dedicated staff were involved, the company says.{/mprestriction}

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