UK- based digital bunker fuel and lubricant platform Bulugo on Tuesday (4 August) said it has partnered with Whitehall Finance to provide a credit solution to bunker fuel and lubricant buyers.
Bulugo explained that it can now offer buyers external unsecured finance of up to USD20m under an exclusive agreement with Whitehall Finance.
The implementation of IMO 2020 at the beginning of the year, followed by the unprecedented disruption to the global economy, has had a significant impact on the marine credit market.
In response, Bulugo said it has launched an innovative credit solution, as financing options are a key consideration when buying marine bunker fuel and lubricants.
“Whilst the traditional bunker market has been ready for digital disruption for some time, we believe the reason why the pace of adoption has been so slow is partly due to the lack of substantive lines of credit offered to buyers via the digitization route,” said Grant Norton, Partnership Director, Bulugo.
“Our exclusive partnership with Whitehall Finance will give Bulugo customers that option.”
Bulugo supply chain finance gives ship operators the ability to immediately settle supplier invoices whilst also optimizing their own cash flow, it said.
In line with market requirements, Bulugo can offer payment terms of up to 120 days for buyers on a revolving credit account. Buyers just need to sign up once, agree the terms and manage their transactions through the Bulugo portal.
“The Whitehall Finance team have built a next generation platform that allows us to seamlessly integrate our technology with theirs, providing our customers with a unified quoting, purchasing and credit journey,” said Peter Rossi, Chief Technical Officer, Bulugo
Whitehall Finance’s credit solution is currently available to UK-based operators with a view to expanding internationally over the coming months.
Photo credit: Bulugo
Published: 5 August, 2020
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