- It makes sense for us to add more bandwidth to our buying activities as we go forward.
- “There’s a lot of value to be extracted from the supply chain as it is now just by digging into things in a much more scientific way,” Rose said.
- We have started a company that is always going to be on a footing that enables it to adapt and evolve quickly.
The Signal Group’s new marine fuels division, Shipergy, aims to take advantage of the business’s technological know-how in bunker procurement in order to give shipping companies more value and assist them to achieve their decarbonization objectives as reported by Ship & Bunker.
Company goes public
The company had a soft debut during London’s IP Week events in February before going public late last month. The business has begun operations by taking care of the bunker needs of the Signal Maritime pools and will attempt to expand the service to other parties as time permits.
As we move forward, it makes sense for us to increase the bandwidth for our purchasing activity.
After joining Signal in August 2021 to help it flourish, Daniel Rose, the former CEO of the brokerage LQM, has assumed the position of CEO. Rose outlined the company’s goals in an interview with Ship & Bunker this week.
“We’re starting a formal product development process where we produce something, see feedback from the market, iterate, and then go back to the market again until we’ve built a product that most suits everyone,” Rose said. “We have a couple of alternative techniques that we’re evaluating.” As we move forward, it makes sense for us to increase the bandwidth for our purchasing activity.
Signal Maritime Pools
Shipergy’s top focus will be to meet the bunker fuel requirements of the 19 Aframax tankers and 19 MR tankers that are managed by Signal Maritime. Both Signal’s credit lines and its old bunker procurement employees have already been transferred to the new company, Shipergy.
“Alternative fuels are a major concern for us.”
Currently, these ships only need conventional bunkers, but other fuels may one day be needed as well, according to Rose.
In order to be prepared for the future, he said, “alternative fuels are very much on our radar, and we are starting to speak to providers of other fuels.”
“Currently, there are no LNG-powered ships in the pool, but that could change at any time, so we want to be prepared.”
Fuel Quality Analysis
The firm sees its potential as offering a better way for shipping companies to get a handle on the quality of the fuel that they are buying, Rose explained.
“There’s a lot of value to be extracted from the supply chain as it is now just by digging into things in a much more scientific way.”
“The cheapest fuel in the market isn’t necessarily the right one if it isn’t particularly good-quality; we are really trying to make the right procurement decisions considering the quality of the fuel itself, the timing of the delivery and so on.”
“We want to build a procurement company that makes the best use of digitalisation to provide extra value to its clients,” he said.
“We have started a company that is always going to be on a footing that enables it to adapt and evolve quickly.”
“I think for the first time in my career, at least, bunkers have become a genuine strategic priority for shipping companies.”
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Source: Ship & Bunker