Tanker company Torm has partnered with Glencore subsidiary Inatech to develop the new ‘Smart Trader’ app to tackle the anticipated complex bunkering landscape in shipping after 2020.
Torm has also provided input on the app’s design.
Using Smart Trader, shipping companies will be able to map their complete fleet of ships and visualise best routes according to sea and port conditions.
They can track vessels on an integrated system that manages fuel levels on-board and provides updates on live prices and news for supply en route.
The toolkit leverages bunker alerts and pricing data from information and benchmark prices provider S&P Global Platts.
Major shipping companies are investing in new technology ahead of the implementation of the International Maritime Organisation’s (IMO) rules to cap sulphur emissions to 0.5% from the existing 3.5%.
New rules are set to come into force from January.
Inatech CEO Jean-Hervé Jenn said: “Improved technology is vital because the new IMO rules will not only increase costs but could also trigger unprecedented volatility in prices as a widening array of choice between the various fuel oil types skews supply and demand dynamics in what is still a relatively opaque market.
“That motivates our push to broaden the available options for bunker buyers, who will suddenly be immersed in an infinitely more complex market in less than a year’s time.”
The interactive Smart Trader platform displays information relating to ships in the fleet that are running low on fuel and also if their fuel type is compatible with availability and optimal pricing in the direction of travel.
It uses S&P Global Platts data and provides information on all standard grade oils, including ultra-low sulfur, low sulphur, intermediate, marine gas, and marine diesel at more than 350 ports worldwide.
The Smart Trader app includes S&P Global Platts’ new IMO 2020 compliant 0.5% sulphur cargo price assessments for the ports of Rotterdam, US Atlantic Coast, US Gulf Coast, Fujairah, and Singapore.
The app builds on Inatech’s Shiptech platform while addressing market risk and availability of required fuel type at the destination port.