New Digital Platform for Marine Fuels and Lubricants
A new online platform has been developed to help ship operators source marine fuels and lubricants in ports across the world.
Bulugo said its purpose-built platform is easy to use and aims to provides fast and transparent pricing globally to simplify business for buyers and sellers.
Bulugo enables ship operators to reduce the time and cost involved in sourcing fuel and lubricants by searching an online database of potential suppliers across several criteria – including fuel type, port, date of availability and compliance with IMO sulphur regulations. Fuel suppliers will benefit by tapping into a wider pool of customers, including those that would previously only have been accessible through expensive analogue legwork.
Bunker and lubricant trading is one of the few elements of shipping that remains relatively untouched by digitalization. Opaque pricing, disparate parties and a high level of complexity mean that digital platforms – as with consumer comparison websites – can play an important role in making the market more transparent and less complicated.
The global sulphur cap is a perfect example of increasing cost and complexity. IMO 2020 compliance is upon us, with compliant VLSFO currently trading at a $300/t premium to HSFO at some ports.
On the lubricant side, there are more products than ever on the market, making matching the appropriate lubricant and fuel a more daunting task. Bulugo is said to simplify both elements. Buyers can filter products to find compliant fuel and purchase the appropriate lubricants at the same time.
According to Bulugo operations director Adrian Phillimore, the marine bunker industry will need to embrace digitalization to overcome the challenges posed by IMO 2020 and shipping’s decarbonization.
“Pressure to reduce operating costs whilst addressing climate change makes the bunker industry ripe for technological disruption,” he says. “Bulugo’s smart technology supported by our team’s experience in the marine industry will benefit all users of the platform.”