30 SEPTEMBER 2020
Many Bunker suppliers impose strict terms, which can vary from 7- 30 days, with stringent procedural steps to be followed by the buyer. If a buyer is unable to put a claim in prior to the time bar’s expiration, the claim will not be accepted.
Some of the challenges buyers run into are:
- Time-Charterer may not have control over the ship consumes the fuel
- Due to cargo and weather delays, the fuel is not consumed within the time bar
- Vessel's tank configuration prevents the fuel from being consumed within time bar constraints
- No pre-test was done on the fuel
- Receipt of a fuel test is delayed
ClearLynx will be adding time bar to all stem confirmations as well as on the bid/ask screen. This will help clients better negotiate time bars with pop up alerts differentiating supplier’s terms, hopefully making owners more aware of any differences between payment terms & time bar. Also as mentioned in last week’s Insight, ClearLynx has new fuel quality reporting , that if fed fuel tests in a timely matter, can help owners identify and make claims prior to the time bar expiring.VIEW ALL MARKET INSIGHT ARTICLES
Through our bunker procurement, pricing and analytics platform, we have unique visibility of actual and indicative pricing, product requirements, availability and completed transactions across the market. By aggregating this anonymized data, coupled with over a decade of historical data, we can provide insight into market activity, current trends and commentary on potential future outcomes.
ClearLynx Market Insights brings you the latest thoughts and findings from our team based on real data.