Marine Online - LIVE BUNKER PRICES OVER 280 PORTS WORLDWIDE BY MARINE ONLINE

LIVE BUNKER PRICES OVER 280 PORTS WORLDWIDE BY MARINE ONLINE

News | Published Wednesday, July 15, 2020 9:17 AM
Reported by MARINE ONLINE

Marine Online announced the launch of Live Bunker Prices, a new feature on the Marine Online’s website - https://www.marineonline.com/bunkering that is entirely free for all to use!

The Live Bunker Prices provides real time, latest prices in 280 ports worldwide, offers convenience and accurate insights to shipowners and Charterers to help them plan better for their bunker or as cost reference. This has become exceptionally important due to the drastic changes in oil prices recently. Every price difference means a great deal. Without having a platform with up-to-date bunker prices, shipowners and suppliers will have limited pricing visibility which may cause them more spending than they needed to.

According to Mr Melvin Koh, Head of Bunker for Marine Online, the capture of real-time intraday volatility of $5-$15/mt combined with close of business price reports provides a valuable post–stem benchmarking tool for competitive market in key and secondary ports. With ports having a spread of $5-$75/mt on any given day, buyers need to shop by comparing spot and forward prices, while sellers need to monitor spreads between their supply ports and competing ports for business. With that, Marine Online also facilitates as a broker to more than 30 ports worldwide, giving wide accessibilities to Bunker supplies to shipowners.

During the interview with Mr Tiger Cai, Chief Operating Officer of Marine Online shared the challenges that shipowners faced, such as managing of the operation cost for the vessel and bunker fuel represent the majority as it constitutes almost 50% of ships operating cost. There will be a direct and major impact on the shipowners and charterers especially to the smaller shipowners owning lesser than 10 vessels. This is because they do not have bargaining power over bunker suppliers, considering the fact that vessels do not usually call a fixed port or the same supplier for bunkers. The recent Bunker Group Buy, launched by Marine Online can be a direct solution to shipowners where they can enjoy better discounts through consolidating volume with other shipowners.

This will result in a significant improvement directly in the bunker quality and value by the prices indicated and its live update by Marine Online platform.

In addition to the Live Bunker Prices, there are also other useful marine tools free for use in Marine Online:

Vessel Search – where ship positions, bunker consumption, vessel contacts and other 360 ° vessel information can be easily detected and searched for

Port Search – where worldwide shipping ports' position, country, UNCTAD port code, GMT for accurate docking can be searched and located

Distance Calculator – where it can be used for route + distance calculation and voyage planning of seagoing vessels

Vessel Valuator – where shipowners can use to find out the value of the vessel calculated to account for its vessel’s physical condition

Port Cost Estimator – a simple and convenient way for shipowners to calculate an estimated port cost based on based on selected categories such as port, vessel type, deadweight, activity.

Voyage cost Estimator – where shipowners can evaluate the accuracy of voyages by calculating profitability based on the estimated figures

About Marine Online: Marine Online is a B2B e-commerce platform for shipping services that includes chartering, bunkering, crewing, port agency, ship supply, ship purchase & sell and other marine services. With a team of marine professionals coupled with AI data, MOL provides feasible solutions to vessels sailing globally. We have unified and digitalized information to value-add the maritime industry.

By implementing advanced technology into the traditional practices, we make business processes convenient for all services within a single platform – Marine Online.

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For more information, please contact:
Dillon Yong
Marine Online (S'pore) Pte Ltd
10 Pasir Panjang Road #15/16-01/02
Mapletree Business City Singapore 117438
Direct : +65 6571 8933
Email : dillon.yong@marineonline.com
Website : www.marineonline.com

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