Petromedia, one of the leading providers of international news and business information for the marine industry, has launched a new index to measure the strength of the global bunker market.
The BWI (Bunkerworld Index) is a weighted daily index based on Bunkerworld Benchmark Prices from 20 key bunkering ports.
It represents bunker fuel price movements on an international basis, providing a single number to describe the global bunker market on any particular day.
Set daily at 18:00 Greenwich Mean Time (GMT), the BWI allows users to track market movements without the need to analyse data from multiple ports.
It is formulated to avoid over-emphasis on Rotterdam, Singapore, Houston and Fujairah.
“The BWI provides a transparent and independently calculated barometer of global bunker fuel markets, which will enable users to easily track movements and improve financial management,” said Matt Cape, CEO of Petromedia.
"The BWI provides a transparent and independently calculated barometer of global bunker fuel markets."
“Petromedia’s flagship publication Bunkerworld has provided the most comprehensive and trusted source of bunker price information for the past decade and the creation of the BWI seems a natural progression.
“All our products aim to provide customers with a portal to high quality, useful and up-to-date information that informs confident decision-making. So we are delighted that the launch of the BWI provides another weapon for the armoury in managing today’s challenging operating environment.”
He added that the repercussions of fluctuating bunker prices had “impacted anyone exposed to the marketplace; from traders and brokers dealing with the market on a daily basis to multinational organisations.”
The BWI is free to anyone that registers to use the service.
While many of the largest bunkering ports by volume are included, the index does not simply comprise the 20 largest bunker hubs, but also reflects the regional trends.
It uses a formula that allows it to reflect price movements in markets for all the main fuel grades, 380 centistoke (cst) and 180 cst intermediate fuel oil (IFO) and marine gasoil (MGO) and marine diesel oil (MDO).
A Petromedia announcement said the BWI was designed not only for bunker professionals dealing with these markets on a daily basis, but for any company exposed to the global bunker market, such as multinational shippers, charterers, traders, banks and insurance companies.
“The index is a versatile reference point with multiple applications, for example a basis for setting bunker fuel futures, swaps or OTC contracts, as well as providing an independent basis for the calculation of bunker surcharges,” said the announcement.
Petromedia Group provides specialist news and information in the shipping and oil industries. It includes bunkerworld.com, sustainableshipping.com and oceanintelligence.com.
The group has offices in Asia, Europe and the Americas.
The BWI (Bunkerworld Index) is a weighted daily index based on Bunkerworld Benchmark Prices from 20 key bunkering ports.
It represents bunker fuel price movements on an international basis, providing a single number to describe the global bunker market on any particular day.
Set daily at 18:00 Greenwich Mean Time (GMT), the BWI allows users to track market movements without the need to analyse data from multiple ports.
It is formulated to avoid over-emphasis on Rotterdam, Singapore, Houston and Fujairah.
“The BWI provides a transparent and independently calculated barometer of global bunker fuel markets, which will enable users to easily track movements and improve financial management,” said Matt Cape, CEO of Petromedia.
"The BWI provides a transparent and independently calculated barometer of global bunker fuel markets."
“Petromedia’s flagship publication Bunkerworld has provided the most comprehensive and trusted source of bunker price information for the past decade and the creation of the BWI seems a natural progression.
“All our products aim to provide customers with a portal to high quality, useful and up-to-date information that informs confident decision-making. So we are delighted that the launch of the BWI provides another weapon for the armoury in managing today’s challenging operating environment.”
He added that the repercussions of fluctuating bunker prices had “impacted anyone exposed to the marketplace; from traders and brokers dealing with the market on a daily basis to multinational organisations.”
The BWI is free to anyone that registers to use the service.
While many of the largest bunkering ports by volume are included, the index does not simply comprise the 20 largest bunker hubs, but also reflects the regional trends.
It uses a formula that allows it to reflect price movements in markets for all the main fuel grades, 380 centistoke (cst) and 180 cst intermediate fuel oil (IFO) and marine gasoil (MGO) and marine diesel oil (MDO).
A Petromedia announcement said the BWI was designed not only for bunker professionals dealing with these markets on a daily basis, but for any company exposed to the global bunker market, such as multinational shippers, charterers, traders, banks and insurance companies.
“The index is a versatile reference point with multiple applications, for example a basis for setting bunker fuel futures, swaps or OTC contracts, as well as providing an independent basis for the calculation of bunker surcharges,” said the announcement.
Petromedia Group provides specialist news and information in the shipping and oil industries. It includes bunkerworld.com, sustainableshipping.com and oceanintelligence.com.
The group has offices in Asia, Europe and the Americas.