Online bunker trading: Evolution from traditional bunker buying
The emergence of online marine fuel trading and broking platforms seems to be one of the main trends of 2016 and 2017. Likewise, Brightoil also launched its solution in the form of Brightoil Bunker Online in 2016; but that doesn’t mean our solution is just like everyone else’s.
At Brightoil, we are fresh from a history of successful online campaigns and operations gained from the China market – taking this experience to the bunker sphere.
Back in 2016, together with Brightoil Bunker Online, what was not fully known to the market was that our company also launched a first-mover service platform for vehicle owners in China with the mission: The online storage of gasoline to save costs and make oil consumption more convenient.
Today, this system is a market leader within the Chinese online-energy consumption industry. It has served more than 5 million consumers generating transactions valued at over RMB 1.5 billion ($240 million) and covers most of the China Tier 1 and Tier 2 cities around Beijing, Shanghai, and Shenzhen.
In short, the services introduced by Brightoil in China to the automotive industry represent, truly, a disruptive innovation.
To explain, the price of gasoline is strictly controlled by the National Development and Reform Commission (NDRC) and several large state-owned enterprises in China; this leaves the vast Chinese car-owners with little bargaining power to the market price.
Brightoil Online changed this traditional model to a direct online-to-offline gasoline service allowing consumers to buy gasoline online at a lower price, for storage and consumption at a later point of time. Additionally, consumers enjoy modern day conveniences such as mobile payment while tremendously saving their waiting time at gas-stations when using our platform.
To continue securing a dominant role in China's energy sector, we have logically decided to complete the eco-system by expanding into the B2B (Business-to-Business) space via Brightoil Bunker Online which is developed and launched in Singapore.
This development diversifies our operations from land-transportation fuel to marine-transportation fuel, and from retail consumers to shipowners in the corporate sector.
These two lines of business divisions complement each other commercially and create operational synergies via tech and development consolidation. Having China and Singapore as headquarters for these two divisions respectively, means Brightoil's e-commerce ambition is well anchored and poised to disrupt the energy industry in Asia and beyond.
We believe the transition away from traditional (offline) bunker buying to online bunker purchasing simply offers much more values and benefits to not only the bunker buyers but also the bunkering industry itself.
Real-time monitoring of bunker price information across global ports, as well as fuel market insights and price trends facilitate bunker buyers on their decision-making while multi-platform accessibility via desktop computers and mobile apps anytime, anywhere, make life easier for stakeholders.
Our ‘user-friendly’ deal mode further allows real-time bid-offer negotiations between buyer and multiple sellers to ensure price competition, as well as Forward Fixed Price (FFP) transaction to lock-in future bunker costs up to nine months forward – all in one seamless documentation package.
The above does not even include our flexible credit options, insurance service, and technical support for Brightoil Bunker Online.
We stand by our solution to the industry and believe it brings much more value, compared to others, for the bunkering sector.
About the Author
Stephen Qi Jun is CEO of Brightoil Bunker E-Commerce and COO of Brightoil Petroleum Singapore. Brightoil is founded in 1992 in Shenzhen, listed in Hong Kong 2008, and is one of the leading suppliers of marine bunker fuel globally.
Brightoil focuses on upstream oil and gas resources exploration, along with further developments midstream and downstream. The group is principally engaged in the exploration, development and production of upstream oil and gas fields, marine transportation, oil storage and terminal facilities and international trading and bunkering business. Aiming at contributing in building up maritime ecosystem, Brightoil has invested in developing e-commerce platforms. Leaded by Stephen, Brightoil bunker team has launched Brightoil Bunker Online for more than two years.
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