Greek bunker fuel and marine lubricants trader Shipoil has appointed Inatech, a unit of Glencore, to digitalise its trading and supply operations as part of a strategy to prevent new low-sulphur emissions rules from 2020 eating into profits.
Inatech’s energy trading and risk management (ETRM) system for the bunker industry uses cloud-based computing to reduce operational and counterparty risk, improve efficiency, and maximise profitability. The Bunkertech ETRM provides a real-time view of bunkering operations and enables bunkering companies to complete profitable deals by streamlining trading, credit, cash flow, operations and if required inventory.
According to Inatech, the technology is in high demand as the IMO’s global sulphur cap is set to enter into force in less than 6 months’ time, spurring the introduction of new fuels and hybrids, and complicating the decision-making processes for bunkering.
“At this critical juncture in terms of both our own expansion and the onset of new fuel regulations, it is critical that we employ systems that optimise and streamline our bunker decision-making process,” said George Tsoris, managing director at Shipoil in Piraeus. “Inatech was able to implement its product to meet our exact requirements, leaving me reassured that we have the best foundation possible to drive our business forward.”
Inatech senior vice president Alok Sharma, said: “As the sulphur cap deadline approaches, traders, suppliers and shipowners must review how they specify, source and finance their supply. Inatech gives Shipoil a helping hand in managing that transition for its clients.”