BunkerEx, the online marketplace for bunker purchases, has vetted and added over 50 new suppliers in the past month, doubling it’s global port coverage in the process.
“We now have over 200 bunker suppliers and traders registered across 700 ports, all reachable on our site at the click of a button” Hemnani, founder of BunkerEx said. “It allows bunker buyers to scan and see firm offers from a huge portion of the market faster than any other traditional method. As a result of such a large supplier network, the data shows we achieve a better price for our clients on 9 out of 10 enquiries.”
This has sparked a growth in usage, with over 50 shipowners and operators currently signed up. “Many shipping companies are clearly starting to feel the benefits of going digital, not just in price but also by getting access to insightful data. As a result our retention rates are extremely high meaning if they fix a deal with us once, it’s rare they don’t come back.”
All suppliers undergo a rigorous vetting procedure before seeing any enquiries. Some services will remain traditional though, Hemnani went onto say, such as all pre and post-fixture support to ensure clients still receive a personal service.
“The idea of the platform is not to replace a bunker buyer’s existing process, but instead to empower them to easily get more coverage and compare offers alongside their own. As there is no obligation to buy via the site, BunkerEx acts as a free comparison tool.”
Additional focus has been added on smaller, more niche ports where buyers like to rely on a broker’s experience and can use BunkerEx’s credit service to set up more credit lines.
Current users of the platform include some very large dry bulk companies, however Hemnani says they are actively breaking into the tanker and container segments.
“We’re quite agnostic about the type of shipping company we deal with. With such a large network of suppliers and traders, we can service almost every kind of vessel.”