(EnergyAsia, September 13 2010, Monday) — Singapore-based NR-X Pte Ltd said it has successfully executed the first physical delivery of a marine fuel cargo transaction Internet-based physical commodity procurement and trading system at www.nr-x.com.

The deal was transacted between an unidentified major European shipping firm and an Asia-based oil supply company at the port of St Petersburg in Russia.

The company said the NR‐X platform supports ship owners, shipping agents, oil companies, bunker suppliers, and traders.

NR-X director and co-founder Francesca Zerenghi said: “This is an historic moment for NR‐X, the shipping industry and the bunker and marine fuel industry. Live trading on NR‐X confirms to us that we are meeting a real industry need.”

Tom James, chairman and co‐founder of NR‐X, said: “We are very excited that the first deal executed on NR‐X also highlights one of the key value propositions, which is to bring more suppliers into contact with more opportunities at a global level. Opportunities they would never have seen or heard about prior to NR‐X and to develop for shipping firms a more competitive global and effective market place for marine fuels.”

The NR‐X procurement and trading concept, launched during the APPEC Energy Conference in Singapore last year, went live on the August 11 2010. The company said NR‐X has witnessed a steady increase in price activity across an expanding number of ports as more shipping companies and oil suppliers join this new market place.

Companies can sign up to the NR‐X procurement and trading platform at www.nrx-x.com.