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150 shipowners join forces on ENGINE Online for bunker market real-time transparency

Shipowners share their information anonymously either by trading on the platform, or by submitting bunker delivery notes when they fix stems.
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6 years ago

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U.K.-based digital bunker platform ENGINE Online on Tuesday (2 March) reported 150 shipowners now use ENGINE daily. Through their platform, shipowners are pooling together their information on stems to get real-time price benchmarks.

ENGINE is working with a team to develop a bunker procurement tool that is bringing shipowners together for more transparency in the bunker market.

“The bunker market has one big problem and that’s a lack of transparency,” said Ove Munthe-Kaas, ENGINE developer.

Buying bunker fuel has long been an opaque ordeal, said the company. For decades bunker buyers have been in the dark, trying to catch up with scattered and transient information from bunker ports around the world.

Ship operators might spend hours gathering information, calling around to ask for fixing levels seen in Singapore or Rotterdam, and the latest price indications and fuel availability estimates in other ports along the route.

By the time they have gathered all that data, the first part of it might already be outdated, so they will have to start over again to get the latest, it said.

Transparency is important because it balances out some of the information asymmetries in the market. When ships sail into a port or an area it is not trading in on a regular basis, their owners will not be able to benchmark their bunker prices against their peers in real-time. They will not know if their prices are good compared to what other shipowners get.

There is a huge amount of data and bunker market information, more than ship operators can possibly keep up with and make sense of throughout the day. Especially when buying bunkers is only one of a million things to do.

“Unless you are working for a large, very resourceful shipowning company that has focused on generating internal systems that create bunker-related intelligence you will most likely be absolutely blind,” added Munthe-Kaas.

Transparency increases when enough shipowners share anonymised information with each other rather than sticking to their own guns, gambling that they have enough information to buy bunkers at good prices.

Through agreements with five bunker sample testing firms, ENGINE is fed raw fuel quality data that is untouched and directly displayed on the platform. 250,000 bunker fuel samples are inserted every year and growing.

This means that shipowners using the platform have a very good indication 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.

Shipowners share their information either by trading on the platform, or by submitting bunker delivery notes when they fix stems.

“You can improve the calorific value, the kilojoule per gramme of energy you get from a particular stem. Simply put, the bang for your buck,” explained Munthe-Kaas.

If shipowners transact through the platform, the information will automatically be anonymized and displayed on the platform for others to see.

What users will see is the price, a quantity range, at what time of day it was done and how long the delivery time is. They will not be able to see the supplier name, vessel name or even the exact quantity.

Fuel availability statuses are updated for global ports on a regular basis by a team that gathers information from the market and makes sure it’s up to date.

Shipowners and operators that essentially compete with each other every day are now combining their information and knowledge to get the best bunker information.

Photo credit: ENGINE Online
Published: 3 March, 2021

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Winding up

Singapore: Liquidator of Xin Bo Shipping Pte Ltd issues notice of dividend

First interim dividend of Xin Bo Shipping is payable by 7 October, according to Government Gazette notice.
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5 hours ago

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September 24, 2026

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RESIZED Drew Beamer

A notice of dividend for Xin Bo Shipping Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (23 September). 

The following are the details of the notice:

Name of Company : Xin Bo Shipping (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 199003660R
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 30.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : By 7 October 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

 

Photo credit: Drew Beamer
Published: 24 September, 2026

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Winding up

Singapore: Creditors’ meeting for Fair Wind Chartering Pte Ltd scheduled for 6 October

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place at 3pm on 6 October, according to a Government Gazette notice.

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5 hours ago

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September 24, 2026

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Resized benjamin child

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place on 6 October, according to a Tuesday (22 September) notice on the Government Gazette.

The meeting will be held via video conferencing at 3pm for the following agenda: 

  • To receive a Statement of Affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims.
  • To confirm the appointment of Chee Fung Mei, Licensed Insolvency Practitioner, of CHEE FM & ASSOCIATES 110 Middle Road #05-03 Singapore 188968 as Liquidator of the Company for the purpose of such voluntary winding up, and that the Liquidator’s fees be based on her normal scale rates and disbursements incurred be paid out of the Company’s assets.
  • To consider and if deemed fit appoint a Committee of Inspection.
  • To consider any other matters which may properly be brought before the meeting.

According to the Singapore Business Directory website, the company’s principal activity is shipping and chattering of ships or boats. 

Note: To entitle you to vote thereat, your Proof of Debt must be lodged with the Provisional Liquidator not later than 10:00am on the 5th October 2026. Please submit your Proof of Debt and register your attendance by email to [email protected] to receive further details on the video conference.

 

Photo credit: Benjamin Child
Published: 24 September, 2026

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Business

Straits Energy proposes MYR 90 million capital reduction to offset accumulated losses

Straits Energy Resources proposed to undertake a reduction of MYR 90 million of its issued share capital to offset accumulated losses of the company and strengthen its financial position.
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5 hours ago

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September 24, 2026

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Resized Straits Energy Resources Berhad

Bursa Malaysia-listed Straits Energy Resources Berhad (Straits) on Monday (21 September) proposed to undertake a reduction of MYR 90 million (USD 22 million) of its issued share capital to offset accumulated losses of the company and strengthen its financial position.

In a filing with Bursa Malaysia, the company said the proposed capital reduction entails the reduction of the issued share capital of Straits via the cancellation of the company’s paid-up share capital, which is substantially lost or unrepresented by available assets. 

The corresponding credit of MYR 90 million arising from the proposed exercise will be utilised to partially offset the accumulated losses while any balance credit will be credited to the capital reserve account which would serve as an additional credit buffer to set off future losses of the company.

The MYR 90 million was determined by the Board, after taking into consideration amongst others, the unaudited accumulated losses of the company for the financial year ended 30 June 2026 of MYR 101.91 million.

The proposal will not have any effect on the number or percentage of shares held by the substantial shareholders of the company as it does not involve any issuance, cancellation or transfer of shares held by the shareholders.

“Barring any unforeseen circumstances and subject to all required approvals being obtained, the proposed capital reduction is expected to be completed in the first quarter of 2027,” the company added. 

 

Photo credit: Straits Energy Resources
Published: 24 September, 2026

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