Singapore-based energy supplier Chemoil has installed Aspect Enterprise Solutions’ AspectCTRM trade and risk management platform for its marine and renewables business.
The deal gives more than a thousand Chemoil employees an integrated way to process trades from initial capture through to its enterprise resource planning (ERP) system.
Aspect said its Software-as-a-Service (SaaS) package will replace multiple incongruent systems at Chemoil and will be delivered entirely via cloud technology. The platform was picked for its real-time reporting of data such as profits, losses, exposure, cargo credit risk, and its transparency, according to Aspect.
“Our reputation in the marine fuels business is built on constantly finding innovative new ways to deliver a flexible and efficient service for our customers,” said Chemoil systems controller, Bhavesh Chauhan. “It was a natural choice for our marine trading operations.”
Chemoil reported $7.3 billion in revenue for 2010, operating in the marine, aviation, renewables, and lubricants business. It will deploy the AspectCTRM system in four locations in Singapore, the Middle East, Europe, and the United States. Initially the system will support about 100,000 items per year, involve 4,000 counterparties, and integrate Chemoil’s own accounting and payment software.