MITSUI O.S.K. TO LAUNCH BUNKER AUCTION SITE
Mitsui O.S.K. Lines plans to establish an online bunker purchasing site, bunkerplaza.com., effective Oct. 1.
The Web site will use software developed by California SoftWare Laboratories. The site is exclusively for use by MOL, which operates 500 vessels and purchases about 3.8 million tons of bunker per year.
“The price of bunker is one of the factors that greatly affect MOL's profit and loss,” the company said. “Especially, the recent rising price is a matter of great urgency to be acted on.
MOL said it has purchased bunker as spot, about one-third of its purchases, by phone call or fax. The line expects to cut expenses by $20,000 per month through use of the auction site.