Online bunker procurement platform Bulugo has partnered with Whitehall Finance to provide a credit solution to bunker fuel and lubricant buyers. Bulugo can now offer buyers external unsecured finance of up to $20m under an exclusive agreement with Whitehall Finance, announced this week.
The implementation of IMO 2020 at the beginning of the year, followed by the unprecedented disruption to the global economy, has had a significant impact on the marine credit market. In response, Bulugo has launched an innovative credit solution, as financing options are a key consideration when buying marine bunker fuel and lubricants.
Partnership Director Grant Norton, Bulugo, said, “Whilst the traditional bunker market has been ready for digital disruption for some time, we believe the reason why the pace of adoption has been so slow is partly due to the lack of substantive lines of credit offered to buyers via the digitisation route. Our exclusive partnership with Whitehall Finance will give Bulugo customers that option.”
Bulugo supply chain finance gives ship operators the ability to immediately settle supplier invoices whilst also optimising their own cash flow. In line with market requirements, Bulugo can offer payment terms of up to 120 days for buyers on a revolving credit account. Buyers just need to sign up once, agree the terms and manage their transactions through the Bulugo portal.
Bulugo’s Chief Technical Officer Peter Rossi added, “The Whitehall Finance team have built a next generation platform that allows us to seamlessly integrate our technology with theirs, providing our customers with a unified quoting, purchasing and credit journey”
Whitehall Finance CEO Colin Levins commented, “Our approach to finance is innovative, so it’s fitting that we move into the maritime market with an equally forward-thinking partner. Supply chain finance will enable approved operators to facilitate early payment of their supplier invoices. Suppliers get paid immediately so they can focus on quality of delivery.”
Whitehall Finance’s credit solution is currently available to UK-based operators with a view to expanding internationally over the coming months.
