Global fuel payment solution for shipping industry

Lloyd?s Register North America, Inc., U.S. Bancorp, and Resurgence Software have collaborated to create the patent pending Voyager Maritime Payment Solution, a seamless, secure, and quality-assured method of acquiring and financing fuels. Voyager offers both buyers and suppliers fuel-oil-supply quality and confidence end to end, standardized contracts and procurement procedures, a streamlined payment process, and consolidated account records for all transactions.

The current global, fuel-oil market amounts to approximately 10 million barrels per day, one-third of which is bunker fuel. According to Bunkerworld, the price of typical fuel in Singapore (the world?s largest bunkering port) has increased from an average price of $338/tonne in May/June to $480/tonne in November/December, representing a 33% increase in just six months. Based on strong world-trade movements, bunker-fuel demand could rise by one-third between now and 2015, a forecast that places increased importance on quality supplies and safe, efficient operations.

Voyager combines the strengths of three industry leaders to address these challenges. U.S. Bank provides the financial aspects of the solution, including credit issuance, payment to suppliers, and account billing. Lloyd?s Register provides the quality assurance and objective, third-party testing through its fuel oil and bunker analysis service (FOBAS). Resurgence Software provides the web-based platform for transaction processing, reporting, statistical analysis, and market transparency.

Advantages of the Voyager solution for both buyers and suppliers include: greater transparency of fuel quality when arranging bunkers through access to historical FOBAS test results at worldwide ports; management of a fuel purchase using standard contracts, bunker delivery notes, testing procedures, and payments; extended credit to fuel buyers; and faster payment to the bunker supplier.

“Lloyd?s Register is excited to be working with U.S. Bank and Resurgence Software to provide an innovative product that helps streamline bunker purchases and assure the quality of fuel using our market-leading FOBAS solution,” says Alistair Stubbs, Marine Business Development Manager, Lloyd?s Register North America. “With rising fuel costs, improving efficiency and reducing risks when acquiring bunkers is increasingly important to safe and successful vessel operations.”

For more information about the Voyager Maritime Payment Solution: www.voyagermaritime.com