Customers of Optimise will now have access to BunkerEx’s fuel price data. The company, which was recently acquired by Shipping and Trading group USTC, observes over 2,000 marine fuel prices per day, systematically processes every few minutes to publish what it calls a ‘true price’ in every port for both the spot and forward physical markets.
To date, BunkerEx has analysed over 1.3 million price points each tied to a specific time, port, fuel grade and Brent reference.
The algorithms that decipher all this data took over a year to develop with complications around alternate names, multiple time zones, different pricing methodologies per port and a changing supplier landscape.
Every data point is fused in real-time with oil derivatives, credit ratings, nearby ports, freight prices (FFAs) and alternative datasets such as weather patterns. The result is an increase in both accuracy and coverage of bunker ports.
BunkerEx and ZeroNorth have been in working alongside one another as strategic partners since ZeroNorth’s inception, with BunkerEx providing its data to Optimise to unlock advanced vessel insights.
This announcement builds further on this partnership, ensuring that operators can optimise voyages with optimal operating speeds and recommendations on when, where and what to bunker for vessels across their fleet.
Ishaan Hemnani, co-founder and CEO of BunkerEx said: “Since inception, we structured all systems with data sharing in mind, whether it’s via our streamlined API or direct integrations with innovative providers like ZeroNorth. Their mission to reduce emissions through vessel optimisation is key to a greener future, and we’re happy to play our part towards that goal.”
Lora Jakobsen, chief purpose activist at ZeroNorth commented: “Greater understanding and transparency of bunker pricing is key to shipping’s decarbonisation journey. Only through accurate and informed data can operators make effective decisions for their fleet and operations to help reduce their CO2 emissions. BunkerEx has long been a trusted and valued partner of ZeroNorth’s, and we’re pleased to have their robust data into Optimise to power considered and meaningful decision-making.”