Brokers launch marine fuel hedging service

US brokers OceanConnect and Starsupply plan to launch the first bunker fuel derivatives contracts by July 8.

OceanConnect president Thomas Reilly said the service is aimed at ship owners and fuel suppliers looking to manage their exposure to the volatile marine fuel market. Bunker fuel – a heavy fuel oil used to power ships – can account for up to 30% of the cost of running a tanker.

OceanConnect is one of the largest brokers of physical marine fuel as well as an information provider. This is the company’s first risk management offering. Oil broker Starsupply already offers a range of financial oil derivatives, but said it is seeking to grow its business in the marine fuel sector.

The brokerage service is due for launch simultaneously in the US, Europe and Asia.

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