Benchmark provider General Index on Tuesday (20 September) said it has partnered with digital marine fuels platform BunkerEx to launch an extensive global service of 771 end-of-day benchmarks across 502 ports globally.
The technology partnership sees General Index leveraging BunkerEx’s technology and extensive port level trade data as a key input into its marine fuel price methodologies. The new benchmarks provide port level marine fuel prices for locations which have previously not been available to the market.
General Index combines BunkerEx’s data with other data sources and uses technology to apply an independent, consistent, robust methodology. General Index is authorised as a benchmark administrator by the UK’s Financial Conduct Authority and all General Index benchmarks are audited under the global IOSCO standard after launch.
The daily indexes are built on several hundred data points each day from multiple trade sources, including real stems for all 771 benchmarks. As well as delivering end-of-day prices for marine fuels of varying grades to the major bunkering hubs, the service offers benchmark prices for smaller bunkering locations around the world – giving all of those involved and exposed to the trade and consumption of marine fuels, access to more robust, reliable, and transparent pricing.
The end-of-day service is provided independently to BunkerEx’s existing intra-day indicative marine prices and builds upon General Index’s global offering of crude and refined products assessments.
Neil Bradford, CEO and Founder of General Index, said: “We’re very excited about this collaboration with BunkerEx. Our unique tech-led approach, combined with decades of commodity pricing expertise, will give the industry access to granular port-level bunker indexes that have not been available before.”
Ishaan Hemnani, CEO and Founder of BunkerEx, said: “General Index’s vision to create a new, trusted Bunker Fuel Index is one we support.The market needs an independent source of regulated prices to measure performance, negotiate bunker rates in charter parties, settle supply contracts, etc. Their modern approach and breadth of port coverage is impressive. As one of the leading marine fuel technology platforms, we are delighted to contribute as one of their providers.”
Photo credit: General Index
Published: 22 September, 2022
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