BunkerEx
Technology Area(s) : FinTech
Oil prices move every millisecond, yet bunker prices are largely static throughout the day despite these being over 95% correlated with each other. This means shipowners cannot benefit from sudden intraday dips in the market. In addition, there is often a large gap between when ships are fixed and bunkers are stemmed. As soon as ships are fixed, their revenue is locked for that voyage, often with an assumed bunker price. If the oil price rises before the bunkers are bought, the whole voyage P&L can be eradicated. To solve this, BunkerEx has created a physical bunker price screen showing firm offers in real-time up to 6 months ahead. These move in milliseconds with every tick in the oil market giving shipowners a real-time transparent way to book bunker prices in advance.
