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Brightoil in pioneering move on e-commerce tool for bunker industry

Brightoil in pioneering move on e-commerce tool for bunker industry
China’s Brightoil Petroleum is pioneering an energy and financial e-commerce platform targeted for use by shipowners and charterers, a novel online tool not yet widely known to the bunkering industry.

The e-commerce platform, known as Brightoil Online, offers realtime data, information on delivery status and operational updates currently linked to Brightoil’s phyiscal supply operations in the ports of Singapore, Shenzhen, Shanghai and Zhoushan-Ningbo. The platform, available in mobile app as well, also incorporates price risk management, regular market news updates, and facilitates enquiries and orders.

“The initial platform has been upgraded and since August we added risk management tools with realtime updates on forward fixed prices and paper swap values. The website has also added new sections and daily markets update, all of which are done with an aim to create greater transparency in the market,” said Hans Staal, global bunker director of Brightoil.

Staal explained that users can use the online price data to make informed decisions on their purchases, as there is also access to various information including price charts, verification of orders, Bunker Delivery Notes (BDNs) and supply photos.Hans Staal

“Looking ahead, we intend to expand our offerings to markets where we may not be physical suppliers,” Staal told Seatrade Maritime News.

He added that Brightoil expects the e-commerce platform to complement its existing core business in oil product trading and bunkering, and to allow the company to become early adopters of technology that can assist its business and clients so as to create more synergies, transparency and efficiency.

Hong Kong-listed Brightoil is China’s largest privately-owned marine fuel supplier, headquartered in Shenzhen. The company is also a Singapore government licensed, or accredited, bunker supplier of the city-state.

For its operations in Singapore, the world’s largest bunkering port, Brightoil presently operates three bunker tankers equipped with mass flow meters (MFM). The supplier is expected to add three more MFM-equipped bunker tankers to Singapore by early next year, when the regulation on the mandatory use of MFM for bunkering is enforced by the Maritime and Port Authority of Singapore (MPA) starting 1 January 2017. The Brightoil bunker tankers’ capacity ranges from 4,000-7,000 dwt.

The group also operates five VLCCs and four aframax oil tankers with a total capacity exceeding 2m dwt. There are no newbuilding orders in the pipeline at this stage.