A product called Engine launched by Navig8 in the bunkering sector last autumn is now operating under its own power.
Navig8 revealed plans to launch Engine in an interview with TradeWinds last October, calling it the first free online fuel benchmarking site.
The platform was aimed at providing real-time data on pricing and reported quality ahead of IMO 2020, which required a switch to low-sulphur fuel oil unless owners installed exhaust gas scrubbers.
“Engine had some initial backing from Navig8 in its early stages, but it’s now operating as an independent and separate company,” Navig8 Group chief executive Nicolas Busch said.
“Engine allows users to secure price transparency in an otherwise opaque market. Users can properly benchmark against peers and acquire a true sense of the market.”
Engine has about 20 users and is growing, Busch said. Users can see data from more than 250,000 quality samples per year, as well as global fuel availability, pricing and news on a single dashboard.
Navig8 injected itself into virtually every aspect of the IMO 2020 regulatory process.
It operates a bunkering subsidiary called Integr8, and principals Busch and Gary Brocklesby took a majority interesting in scrubber manufacturer FMSI.
Navig8 also elected to equip its newbuilding fleet of 16 product tankers with scrubbers through its Product 2020 vehicle.
The moves on the IMO 2020 transition were not, however, part of a master plan, commercial director Jason Klopfer told TradeWinds last October: “It would be nice to say this was all part of the plan, but no, it’s not true.”
