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Online brokerage to assist SMEs in bunker procurement

UK-based OilFront has launched a new technology-based bunker brokerage system, which it says could save small and medium-sized companies that can’t afford a dedicated bunker buying team up to $3 per metric ton when buying fuel.

{mprestriction ids="1,2"}OilFront is headed up by ex-BP executive Danny Soos, and Neil Lamerton, who has previously worked at Gulf Petrochem and KPI Bridge Oil.

The OilFront software is accessible via a web portal, containing data on fuel markets around the world to assist in bunker procurement planning. The system aims to aggregate orders from a range of users to give smaller shipping companies more buying power, with all quotes shown in real-time as they are negotiated by OilFront’s own buyers on behalf of the users.

“OilFront enables small and medium sized companies to gain access to the best deals,” said Mr Soos.

“There are no upfront fees for our technology and our commission is pre-agreed with clients. If our data-driven approach was adopted industry wide it could save at least US$4 billion a year.”{/mprestriction}

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