Cyprus concern launches web-based bunker transaction tool

Apr 01 2014

What is claimed to be the world’s first real time buying and selling marine fuel platform was launched by Cyprus-based newly formed company Bunkering at Sea (BAS) last year. is designed to act as a mediator, connecting bunker suppliers, brokers and traders to bunker buyers around the world allowing them to manage the bunker bidding process completely online through an ‘always available’ and transparent system.

The shipowner, or shipmanager, is able to view all platform-registered suppliers and their selling fuel price, thus make an offer and negotiate the best possible closing rate. From the beginning to the end of the negotiations, all the documentation involved is created and available online through the platform, eliminating the time and bureaucracy involved in conventional trading, the company claimed.

By using the platform, all the parties involved can achieve a more efficient and cost-effective business. For example, the shipowner can achieves the lowest possible prices and thus save on operating costs, considering that bunker fuel forms one of the most cost daily expenses in commercial shipping.

The benefits to the physical supplier are that the company has a broader customer pool from around the world, thus increasing volume while reducing management costs. And finally, the broker has the advantage of counter offering competitive prices with increased sales and clientele that pass through his ‘supply zone.’

However, simplifying the bunkering process is not the only advantage to using the online live platform. Transparency is ensured, thus minimising disputes and cancellations between suppliers and owners, BAS said.

In addition, offers online information on oil prices and supply costs at various ports worldwide, giving users the opportunity to strategically plan their bunkering needs for cost effective transactions.

BAS said that its vision was to provide, through electronic auctions, reduced/optimised bunker costs, as well as lowering administrative costs while consuming less time while undertaking a purchase.

The web-based purchasing tool operates in a secure electronic environment to minimise the time required for ordering, or offering bunkers. Registered companies have the ability to address a greater number of providers/customers. Throughout the entire bidding process, the user is in control since he, or she will be able to monitor the order process from start to finish.

The system is designed to facilitate day-today bunkering business while providing flexibility and the ability to manage multiple orders/offers simultaneously.

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