Fuel procurement is a process which involves multiple stakeholders such as sellers, physical suppliers, buyers, agents, brokers, vessels, operators etc.
With so many parties involved and with the cost of fuel still accounting for anything up to 50% of a ship’s operating costs, we wanted to establish the level of involvement by management in fuel purchasing and get a feel for how processes, tools and technology were being used across the industry.
We asked survey participants these questions:
73% of respondents
From our research the simple answer is yes by 73% of respondents.
Fuel costs are still seen as a large ticket item for the shipping industry even despite the recent drop in prices. This means that fuel procurement and the final decisions around the adoption of new technologies that can drive significant efficiencies within an organisation still reside with senior management. The 73% statistic simply confirms that.
44% still see room
When it comes having the right tools in place to get the best deal – 56% strongly agree or agree with the statement. However that also means that there are a large number of respondents – 44%, who still see room for improvement.
Technology widely accepted
across most of the organisation
When we look at where technology can add the biggest impact - risk management - 90%, operations - 78%, compliance - 68%, financing - 58% and purchasing - 50% are the main contenders.
So from these three questions there is a strong belief that technology can benefit a wide number of people within the shipping and bunkering industry.
With the huge amounts of data now available to buyers and suppliers it is becoming increasingly important to manage, track and interpret this data in order to secure the best fuel quality, right quantity and availability at the best price. To do that effectively ship operators and buyers can no longer rely on intuition and judgement alone. They need an effective fuel procurement strategy backed up by planning, processes and technology.
At Inatech, we have developed a portfolio of fuel management software that is helping shipping and bunkering companies transform the way they buy and sell fuel.
Whether it’s creating a fuel procurement software application for a leading shipping operator or helping a bunkering company manage its end-to-end supply chain more profitably, we have the expertise and proven knowledge to deliver.
So no matter what function needs technology we have a range of products that help:
All our products are support by an international delivery model that provides the shipping industry with the competitive edge needed to thrive in today’s dynamic markets.