Provider of Cloud ETRM & Fuel Management Software Inatech on Monday (15 November) said it has been chosen by Norwegian marine fuel trader and broker Bergen Bunkers to future proof its operations.
Bergen Bunkers had been seeking a new system to deliver the automation needed to capture data likely to be demanded by audit and regulatory reporting requirements while at the same time maintaining efficient operational workflow.
“We needed to future-proof our operations and conducted a thorough selection process,” said Sveinung Juvsett, CEO of Bergen Bunkers.
“Inatech was very convincing with its deep knowledge of the industry and its highly experienced team. It was essential to us that we have a system that will ensure support for the long term and Inatech provided this comfort along with better workflow and analysis opportunities. It gives us confidence in a rapidly evolving market.”
Bergen Bunkers is focusing onchanging environmental requirements, in particular the path that the bunker industry is taking towards more environmentally friendly fuels, and to guide its customers to optimal purchasing decisions amid the conversion to low carbon fuels.
The cloud-based system caters not only to the company’s back-to-back trading operations in which it serves as an intermediary between supplier and client but also to its brokerage work, it said.
It is important for Bergen Bunkers to have a software solution that will be developed and improved along with the marine fuels market changes in the years ahead.
Bunkertech is an extension to Inatech’s Techoil software for managing complex physical oil trading and is fully integrated into existing back-office systems to provide a full trading and risk management solution.
It supports the entire business processes and workflow, from responding to initial client inquiries to delivering full electronic invoicing and accounting procedures, as well as providing real-time information on credit lines and trading P&Ls.
“We are delighted to work alongside such an ambitious and independent company as Bergen Bunkers,” said Alok Sharma, Senior Vice President at Inatech in London.
“This exciting partnership widens our footprint with the bunker industry and reinforces our ability to support B2B and full brokerage services while focusing on local compliance requirements, regulatory reporting and automation.”
Manifold Times in June reported Estonian bunker trader Arte Bunkering integrating Bunkertech, the energy trading risk management (ETRM) system owned by Inatech, into its operations.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.