The following is an exclusive interview by Singapore bunkering publication Manifold Times with Nikolas Gkikas, founder of maritime software and brokerage company Nereus Digital Bunkers, on its Nereus Platform which connects purchasers, traders and physical suppliers of bunker fuel:  

MT: What is the current main product of the Nereus Digital Bunkers?

Nereus Digital Bunkers has developed the SaaS Platform ‘Nereus’ which helps purchasers and vendors transact through all stages of the bunkering process. It serves as an ecosystem of tools specifically designed to help purchasers and vendors to save time, reduce operating costs, minimise risk and decrease complexity. The platform provides solutions using sophisticated analytics, oil pricing forecastings that cover and exceed the needs of the industry, from marine fuel suppliers to purchasers. NEREUS platform has an active roadmap with a vision to become the ultimate ecosystem of bunkering in the digital era.

MT: What is the name for this new software and how does it enhance the Nereus Digital Bunkers platform?

The software’s name is ‘Nereus Platform’. It is a software through which vendors (traders, physical suppliers) can upload their indication prices and information about their companies. This way, purchasers can keep in touch with them through Nereus Platform. Currently, the software is in beta version and we are working on it with some strategic clients.

MT: Why will physical suppliers and traders find this software useful?

Nereus Platform provides a set of advantages that make it unique and are destined to make the life and work of supplier and traders easier and more effective. Some of these advantages are:

• For physical suppliers and traders
• Risk Minimisation/ Hedging Optimisation – Using the models outputs, vendors can now hedge more efficiently 
• Time Optimisation – Providing the opportunity to buy or hedge more time efficiently reducing costs.
• Find Clients
• Be part of Nereus ecosystem
• API service

All in all, Nereus aims to be the aggregator of all information related to the bunkering operations, where inquiry information is stored, organised and shared across departments. It serves as a single source of truth for the inquiries of the past and a pilot for the future inquiries. At Nereus we are fully aware that knowledge and information -at the right moment- make all the difference in our industry.

MT: How is this software different from the ones currently offered by various players in the bunkering sector?

Nereus platform differentiates itself from the rest industry like-minded software by integrating many different tools in one platform, facilitating end to end trading, inquiry processing and organised information storing of almost all bunkering operation aspects. The strongest and most competitive advantages of Nereus Platform is that it:

• Simplifies bunkering operation workflows, by including many roles that come into play when an inquiry is processed within a company 
• Helps vendors gain market clarity and stay up to date with market trends, through state of the art analytics and the predictive power of AI technology.

With the Nereus Platform, workload management is reduced by 68% (actual data from user analytics and customer surveys). Our oil forecasting accuracy is 73% (empirical observation from real world platform performance).

MT: What kind of helpful information can users expect from the analytics market insights available in your software and how is this information different from the info available from information providers?

Nereus Analytics is employing various statistical models including multivariate linear models to identify primary risk factors and proxy the fair prices of assets against these risk factors. We also provide historical data across the board for ad hoc decisions, customised signals to clients by exploring “big data” and adding value to the daily workload.

The models can be based on fundamental and technical analysis, sentiment and valuations to generate signals for various assets.  For example, the sentiment signal for buying Oil contracts has a high “Hit” to “Miss” working as a contrarian over a certain time horizon. Our forecasting capabilities have provided a new approach to the bunkering world. Nereus Analytics has developed oil forecasting models based on: Commodity Analytics, Market Valuations, Market Sentiment and more. Using various statistical tools to analyse the market data on oil, Nereus Analytics has managed to provide to their clients the tools to make the right decisions at the right time using the best solution.

MT: What were the challenges and considerations faced through development of this software and how did your team overcome them?

Custom software development is often surrounded by issues of what the client wants and expects and what the development team understands and delivers.      

Budgets ran over, releases were slow and delivery was disjointed, with each party’s expectations never being met. Initially the new engagement also had expectation mismatches but then we created a dedicated team. The teams started working as one team with interactive workshops that resulted in clear user stories which went to development only after sign off. This process was refined over time with constant meetups and even joint testing sessions as a team resulting in a successful integrated team with quality delivery being our main focus.

MT: What visions do you expect from this new piece of software? What do you hope to achieve through its launch?

Through my 18-year career in the shipping industry, where I was working firstly as an agent in the Port of Los Angeles, then as a bunker broker in Connecticut Greenwich and then as a bunker trader in Greece, I had the opportunity to engage with the bunker industry from many different viewpoints. Through my experience, I managed to see the gap in the industry, which of course was the absence of the tools that technology provides. For this reason, market research and communication with clients was a time-consuming process. As a result, by using all the experience and the information I gathered all these years, I decided to create a start-up in the shipping industry and take advantage of the big trend of technological transition that defines our time. Nereus Digital Bunkers’ vision is to create an ecosystem for bunkering, where purchasers and vendors will come in touch with each other and communicate.

MT: Why will physical suppliers and traders find this software useful?

Nereus Platform provides a set of advantages that make it unique and are destined to make the life and work of supplier and traders easier and more effective. Some of these advantages are:

For physical suppliers and traders:

• Risk Minimisation/ Hedging Optimisation – Using the models outputs, vendors can now hedge more efficiently 
• Time Optimisation – Providing the opportunity to buy or hedge more time efficiently reducing costs.
• Find Clients
• Be part of Nereus ecosystem
• API service

All in all, Nereus aims to be the aggregator of all information related to the bunkering operations, where inquiry information is stored, organised and shared across departments. It serves as a single source of truth for the inquiries of the past and a pilot for the future inquiries. At Nereus we are fully aware that knowledge and information -at the right moment- make all the difference in our industry.

Photo credit: Nereus Digital Bunkers
Published: 21 October, 2022