Connect with us

Business

Interview: Nereus Digital Bunkers to launch self-developed bunker procurement ecosystem for shipping sector

Nereus Platform will help purchasers and vendors of bunker fuel transact through all stages of bunkering processes while helping them reduce operating costs and save time, amongst others.

Admin

Published

on

Nikolas Gkikas

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.

nereus digital bunkers 1

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).

nereus digital bunkers 2

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.

nereus digital bunkers 3

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

Continue Reading

Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

Admin

Published

on

By

steve pb from Pixabay

A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

Continue Reading

LNG Bunkering

Titan completes first STS LNG bunkering operation in Cuxhaven

Port of Cuxhaven in Germany had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth, says Titan.

Admin

Published

on

By

Titan completes first STS LNG bunkering operation in Cuxhaven

LNG bunker fuel supplier Titan on Thursday (11 July) said it completed the first-ever LNG bunkering operation by ship in the port of Cuxhaven.

Titan’s bunker vessel Optimus successfully delivered LNG to dredger Vox Ariane operated by its long-term client Van Oord. 

“Our ship-to-ship bunkering in Cuxhaven represents a pioneering step in the region's LNG infrastructure development, as the port had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth,” it said in a social media post. 

“LNG infrastructure development is part of a broader trend, with more ports across Germany adopting LNG operations to support shipping’s clean fuels transition.”

Titan added the improved LNG bunkering capabilities in Cuxhaven, a Niedersachsen Ports GmbH & Co. KG port, also opened up the pathway to maritime decarbonisation via liquified biomethane (LBM) and then renewable e-methane going forward.

 

Photo credit: Titan
Published: 12 July, 2024

Continue Reading

LNG Bunkering

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Firm said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier in the Port of Drammen, Norway.

Admin

Published

on

By

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) on Wednesday (10 July) said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier Auto Achieve in the Port of Drammen on 4 July.

The firm said this was the first time UECC received LNG by barge to any of their vessels in their home country Norway. 

“We also believe that it was the first time LNG was delivered by barge to any vessel in Drammen, and most likely the entire Oslofjord,” UECC said in a social media post.

The LNG was supplied by the Molgas Energy Holding vessel Pioneer Knutsen, owned by Knutsen Group OAS.

“UECC is very pleased to see the expansion of the LNG barge network in Norway,” it said. 

 

Photo credit: UECC
Published: 12 July, 2024

Continue Reading
Advertisement
  • EMF banner 400x330 slogan
  • RE 05 Lighthouse GIF
  • Aderco advert 400x330 1
  • Consort advertisement v2
  • v4Helmsman Gif Banner 01
  • SBF2

OUR INDUSTRY PARTNERS

  • Triton Bunkering advertisement v2
  • HL 2022 adv v1
  • SEAOIL 3+5 GIF
  • 102Meth Logo GIF copy
  • Singfar advertisement final


  • Synergy Asia Bunkering logo MT
  • PSP Marine logo
  • E Marine logo
  • Trillion Energy
  • Kenoil
  • intrasea
  • Auramarine 01
  • Central Star logo
  • Uni Fuels logo advertisement white background
  • MFA logo v2
  • Headway Manifold
  • 400x330 v2 copy
  • Advert Shipping Manifold resized1
  • VPS 2021 advertisement

Trending