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The Powerzeek Fuel Platform is a pioneering digital solution for marine fuel trading, bringing together shipowners and fuel suppliers for direct and easy trade of LNG at competitive prices.
The International Maritime Organization’s (IMO) Sulphur 2020 cap aims to improve human and environmental health by reducing sulphur oxides (SOₓ) in shipping fuel. Emissions are expected to drop by 77 per cent annually, improving air quality and reducing ocean acidification and acid rain.
There are several options for achieving IMO compliance. One of these is very low sulphur fuel oil (VLSFO). Although made to the same specifications, VLSFO varies in quality and compatibility, making fuel increasingly difficult to locate. Another alternative is liquefied natural gas (LNG), which is the cleanest burning fossil fuel and emerging as a global commodity. However, there have been issues relating to a lack of bunkering infrastructure.
Meanwhile, the fuel market has traditionally been managed by brokers, who connect suppliers and buyers through a time-consuming tender process. Working through a broker, a buyer may not always be offered the lowest price, and suppliers and buyers cannot communicate directly.
The Powerzeek Fuel Platform connects buyers and sellers in the LNG market, enabling shipping companies to find LNG at competitive prices from quality suppliers.
Using a straightforward form, the buyer prepares an enquiry, detailing all relevant information – fuel type, volume, port of delivery, etc. All matching suppliers receive the enquiry and can submit a quote, stating price and any proposed changes.
The buyer then chooses its preferred offer and a chat is opened on the platform, where the buyer and seller can discuss the terms of delivery. Once the fuel is delivered, the transaction is saved in a trade history and the chat is closed.
Powerzeek’s completely digital solution gives buyers and suppliers a platform for direct trade and dialogue. This cuts out brokers, saving both parties time and money. Moreover, the ship’s schedule can be communicated in detail as the delivery time approaches, preventing misunderstandings.
Powerzeek implements a meticulous onboarding process to ensure that suppliers are reliable and comply with best practice. After each trade, the buyer and supplier rank each other, giving future traders a quality guide and building a community of trusted partners.
Currently, the Marine Fuel Market is valued at USD 150 billion and is expected to rise to USD 273 billion by 2025. In the LNG market, the shipping fleet grew by 8.4 per cent in 2019, and trade grew by 13 per cent.
Launched in early 2020, the Powerzeek Fuel Platform is already used by suppliers and buyers in Africa, Asia, Europe, North America and South America.
Independent digital platform for easy buying and selling of LNG
Direct online communication between suppliers and buyers
Time and money-saving alternative to the traditional tender process