ShipTECH integrates the fuel prices published daily by Platts and Bunkerworld, which together cover 400 ports where 90% of the shipping takes place, explains Alok RC Sharma, Head of Sales, Marine, at Inatech.
Besides bunker procurement, ShipTECH’s analytic and reporting tools cover such functions as claims management, trading and risk management.
“The global economic crisis has caused the shipping sector to undergo ‘change’ unlike any other it has experienced in recent years,” notes Jean-Herve Jenn, CEO of Inatech.
“Last year the sector reported flat revenues and this year it is going to get even worse because the market is going to remain flat at best and the pressure to reduce costs is going to increase. As a consequence of this, the industry has been forced to consider how it can increase profits through monitoring its costs.” He adds that “more efficient procurement methods will become absolutely vital for shipping companies if they want to maintain profitability.”
According to Alok RC Sharma, the cloud version of ShipTECH presents at least three advantages: companies don’t need to invest in software; employees can access it on mobile devices; and IT departments don’t need to worry about upgrades.
In its press release, Inatech estimates that fuel costs can represent up to 60% of the total cost of shipping companies’ operations. Alok RC Sharma adds that 60 to 70% of the fuel is purchased via contracts with brokers, while the remaining 30 to 40% is bought on the spot in ports.