Global cloud software company Inatech and marine sector publisher and market intelligence provider Petromedia are today launching STEM, a new online trading tool for the bunkering industry.
The tool is a new multiple supplier to buyer, real-time specialist RFQ (Request For Quotation) platform designed specifically for the marine fuels industry.
It creates trading opportunities and improves the efficiency of executing those deals while helping to ensure they are closed at a fair price.
A joint collaboration between Petromedia and Inatech, STEM is available via Bunkerworld, a specialist online publication.
The tool is powered by Shiptech, Inatech’s intelligent, marine industry, end-to-end fuel management system.
It is a daily challenge for those in the bunker buying community to easily compare quotes and get effective price discovery through multiple suppliers. Billions of dollars are spent on fuel every year in the sector and any improvement in transaction efficiency translates to significant savings.
The STEM RFQ tool also addresses the need for suppliers to increase trading avenues while managing the considerable credit risks related to executing bunker deals. By using STEM's access to credit information suppliers can make more informed decisions regarding credit risks.
STEM also integrates fuel quality benchmarks to help bunker buyers in their supplier selection process.
Jean-Hervé Jenn, CEO of Inatech, said: “Many shipping companies already benefit from having Shiptech’s full end-end fuel management system deployed within their bunker procurement departments. By partnering with Bunkerworld we now bring the power of Shiptech’s RFQ functionality to STEM and a wider audience. STEM is an important step forward in creating greater price transparency and efficiency in bunker buying.”
Matt Cape, Petromedia CEO said: “STEM has been devised specifically to increase trading opportunities, reduce costs and risk, as well as efficiency. We wanted
to seamlessly integrate credit risk, fuel quality analysis with transparent communications to simplify the RFQ process.”
Inatech (www.inatech.com) is a leading global provider of intelligent cloud-enabled and on-premise fuel management systems to the marine industry. It also provides integration, consulting, and ERP software to the manufacturing, logistics, supply chain and retail industries. Inatech’s portfolio of IT and ERP products complements its vast experience of successfully managing Oracle and Microsoft Implementations. Clients benefit from an international delivery model that promotes the competitive edge needed to thrive in today’s dynamic markets.
Petromedia is a specialist publisher and market intelligence provider with an unrivalled understanding and coverage of the marine fuels market. Services include bunker fuel news and prices, and marine credit risk and market analysis.
Committed to understanding the unique needs of its customer, Petromedia strives for excellence and to consistently deliver a service that is reliable, transparent, relevant and trustworthy.
With over 15 years’ experience, Petromedia is trusted because of its independent, intelligent and relevant reporting, analysis and user-friendly tools, helping professionals in this market succeed. Four global offices provide real-time information 24/5, via www.bunkerworld.com,
www.sustainableshipping.com, www.portworld.com and www.oceanintelligence.com.