Shipowners can now look forward to real-time transparent bunker prices
Fluctuating bunker prices have been a constant challenge for shipowners actively looking for good-priced fuel. Vessels that periodically call on ports are subject to inaccurate bunker prices and unaware if they are getting the best available rates.
Getting around fluctuating bunker prices
Emphasising the need for bunker market transparency, Ove Munthe-Kaas of ENGINE, noted: “The bunker market has one big problem and that is a lack of transparency.” He observed that bunker buyers have been on fruitless frantic attempts to catch up on information across ports worldwide, only to realise the rates have revised.
To protect their own interests, shipowners have combined forces to get real-time price benchmarks through ENGINE – a comprehensive bunkering platform that displays real-time fuel data. Through agreements with five bunker sample testing firms, ENGINE is given raw fuel quality data that are directly displayed on its platform. 250,000 bunker fuel samples are inserted annually. This translates to shipowners receiving very good indications of fuel quality in terms of off-specification samples and metrics like calorific content. By going for the fuel with the highest calorific content, ships can sail longer and save $2-3/mt in energy costs against fuel with lower calorific content.
Information is collected when shipowners trade through ENGINE, or by submitting bunker delivery notes when they fix stems. If they transact through the platform, the information will automatically be anonymised and displayed for reference. Shipowners will hence see the prices, a quantity range, at what time of day it was transacted and the delivery timeline. They will not be able to see the supplier’s name, vessel name or even the exact quantity. Fuel availability statuses are also updated for global ports on a regular basis.
Hellenic Shipping News