Brightoil Petroleum (Holdings), a bunker supplier in Singapore and China, is introducing the next stage of its Brightoil Online strategy, combining its existing e-commerce platform with a newly updated mobile app now providing buyers with real-time price risk management tools.
The newly updated app and revamped website will be unveiled at the 19th Singapore International Bunkering Conference (SIBCON) which takes place in Singapore from today (Tuesday) until Thursday.
The app, which is both iOS and Android compatible, is a mobile version of the online web platform.
Brightoil’s latest investment in technology underlines its commitment to staying ahead in a rapidly changing global bunker market. It expects the global markets will continue to see greater transparency and increased efficiencies due to technological advances.
Hans Staal, Brightoil Global Bunker Director, said: “Brightoil believes the future of the global bunker market lies in easy access to current market movements and forward prices. Users of the e-commerce platform today have access to past and present orders and supply data including Bunker Delivery Notes (BDN) and photos, all accessible via smartphones for people on the go.
“We also foresee greater integration between ship owners and suppliers’ operations systems resulting in increased operational efficiencies and stronger commercial cooperation.”
The centrepiece of the upgraded web platform is a new and useful price risk management tool, which includes live physical Fixed Forward Price (FFP) indications.
Brightoil says the FFP tool has already been well received by many ship owners using it on a regular basis. The updated web platform now also features daily market updates and a maritime news feed aimed at helping users gain greater market knowledge and understanding.
Mr Staal added: “Users can now feel the exact pulse of the fuel oil market with easy access to paper swap values and Fixed Forward Price indications of up to nine months.”
“We offer 380 CST and 500 CST forward pricing in Singapore and Chinese ports of Shanghai, Shenzhen, Ningbo and Zhoushan, where Brightoil controls the entire supply chain, hence we are confident on both pricing and supply integrity at any one time,” he added.