Greece’s Shipoil mandates Inatech to assist with IMO 2020 profit challenge
The Greece-based global bunker fuel and marine lubricants trader Shipoil has appointed Inatech, a unit of Glencore, to digitalize its trading and supply operations as part of a strategy to prevent new low-sulphur emissions rules from 2020 eating into profits.
Shipoil offers worldwide bunker supply. The company, based in Piraeus, has been expanding its operations, most recently in the Mediterranean and Middle East.
Inatech’s energy trading and risk management (ETRM) system for the bunker industry uses cloud-based computing to reduce operational and counterparty risk, while driving efficiency in volatile markets and maximising profitability. The technology is in high demand as the International Maritime Organisation’s rules to cut sulphur emissions from 2020 spur the introduction of new fuels and hybrids, complicating decision processes for bunkering.
“At this critical juncture in terms of both our own expansion and the onset of new fuel regulations, it is critical that we employ systems that optimise and streamline our bunker decision-making process,” said George Tsoris, Managing Director at Shipoil in Piraeus. “Inatech was able to implement its product to meet our exact requirements, leaving me reassured that we have the best foundation possible to drive our business forward.”
Inatech Senior Vice President Alok Sharma said: “As the sulphur cap deadline approaches, traders, suppliers and shipowners must review how they specify, source and finance their supply. Inatech gives Shipoil a helping hand in managing that transition for its clients.”