Platts, a leading global energy, metals, petrochemicals and agriculture information provider, announced today that it has acquired Petromedia, a specialist provider of news and analysis for the shipping and oil industries. The purchase helps extend Platts coverage beyond traditional marine fuels and market fundamentals.
Founded in 2001, Petromedia provides customers with access to up-to-date news, daily prices and analysis on the global shipping and oil markets, including services to help manage counterparty risk, marine fuel quality monitoring, alternative marine fuel and technology awareness, and a bunker procurement platform.
Andy Bose, Platts general manager for petroleum, said: "Bunker fuel is a key link in this chain accounting for 70% of operational costs of waterborne commodity movement. The acquisition of Petromedia extends our bunker coverage beyond price discovery and market fundamentals. Together, we can better serve our customers with new, inventive solutions to address the growing challenges of this dynamic and evolving market."
Matt Cape, CEO of Petromedia, said: "We are excited to join the Platts team who can provide the expertise and scale to help Petromedia accelerate and broaden our product development as complexities within the shipping and oil markets continue to evolve."