(EnergyAsia, March 9 2010, Tuesday) — Following a very successful three-month trial by both bunker fuel suppliers and shipping companies, Singapore-based Navitas Resources Pte Ltd last week launched its NR-X trading platform to serve the bunker and marine fuels markets.
Navitas Resources Pte Ltd, a Singapore-based specialist energy and climate commodity trade facilitator, had unveiled its NR-X procurement and trading platform for marine fuels at the APPEC conference in Singapore last November.
The company said it has since been running trials with users around the world and has received positive and encouraging feedback from the bunker industry and shipping companies on both the trading platform technology as well as the overall commercial business model.
NR-X allows suppliers and consumers from all over the world to connect and buy and sell and tender for various physical commodity markets in a safe, anonymous, and secure network.
Shipping companies, who are fuel buyers, do not have to pay an annual or joining fee, and will have access to multiple suppliers at ports all around the world.
In the run up to the live trading launch on March 1, NR-X promoted its early market participant supplier (EMPS) scheme which offers suppliers special commission rates for deals executed on NR-X.
To benefit from the, Navitas said suppliers should sign up to NR-X before March 31 2010. Further information can be obtained at www.nr-x.com.
Navitas offers use of ‘world’ currency to settle bunker trades
Meanwhile, WDX, the company behind the Wocu – World Currency Unit, has signed its first deal in an agreement with Navitas Resources, according to www.BankingTech.com.
The report said Navitas intends to price bunker fuel in Wocu as well as US dollars from the next quarter. The agreement follows Navitas joining WDX’s early participation scheme earlier this year.
This will enable shipping companies to tender in either Wocu or dollars for fuel price quotes at various ports around the world and allow suppliers to place offers in the market 24/7, said www.BankingTech.com. The marine fuel market is around 200 million metric tonnes a year globally, valued at approximately $100 billion per year.