Norwegian marine fuel trader and broker Bergen Bunkers has mandated Bunkertech, the bunker trading risk management software from Inatech, to “future-proof” its operations.
Bergen Bunkers had been seeking a new system that delivered the automation needed to capture data likely to be demanded by audit and regulatory reporting requirements while at the same time maintaining efficient operational workflow.
“We needed to future-proof our operations and conducted a thorough selection process,” said Sveinung Juvsett, CEO of Bergen Bunkers. “Inatech was very convincing with its deep knowledge of the industry and its highly experienced team. It was essential to us that we have a system that will ensure support for the long term and Inatech provided this comfort along with better workflow and analysis opportunities. It gives us confidence in a rapidly evolving market.”
Bergen Bunkers is focusing on changing environmental requirements, in particular the path that the bunker industry is taking towards more environmentally friendly fuels, and to guide its customers to optimal purchasing decisions amid the conversion to low carbon fuels.
The cloud-based system caters not only to the company’s back-to-back trading operations – in which it serves as an intermediary between supplier and client – but also to its brokerage work. It is important for Bergen Bunkers to have a software solution that will be developed and improved along with the marine fuels market changes in the years ahead.
Bunkertech is an extension to Inatech’s Techoil software for managing complex physical oil trading and is fully integrated into existing back-office systems to provide a full trading and risk management solution. It supports the entire business processes and workflow, from responding to initial client inquiries to delivering full electronic invoicing and accounting procedures, as well as providing real-time information on credit lines and trading P&Ls.
“We are delighted to work alongside such an ambitious and independent company as Bergen Bunkers,” said Alok Sharma, Senior Vice President at Inatech in London. “This exciting partnership widens our footprint with the bunker industry and reinforces our ability to support B2B and full brokerage services while focusing on local compliance requirements, regulatory reporting and automation.”