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Brightoil on Friday launched a new version of its online trading platform which now features a fixed forward price (FFP) facility enabling clients to lock-in bunker prices up to nine months in advance.

The newly updated platform is the result of a year-long collaboration between Brightoil's commercial and IT development teams in Singapore and Shenzhen, in which more than 60 dedicated members of staff were involved.

The key features of the 'Brightoil Bunker Online E-Delivery' platform include:

- Price Risk Management providing real time FFP indications; up to nine months forwards are tradable;

- No initial margin or margin calls;

- Online nomination of FFP contracts for physical delivery and optional cash settlement.

Settlements culminate in physical bunker delivery rather than speculative hedging using paper financial instruments.

The platform is accessible via PC, Mac, iOS and Android mobile apps.

Commenting on the news, Stephen Qi Jun, Chief Operating Officer of Brightoil International Trading and Bunkering, said: "We are taking a strategic step in this uncertain environment by putting significant resource and financial investment into this online platform.

"We are launching now because we recognise that our customers' business environment is rapidly changing. There is a constant need to improve process efficiency and create cost saving in the intensely competitive shipping markets.

"This is why we have worked hard to incorporate a full spectrum of new and innovative tools available now at your fingertips."