Practica Shipping Selects Triple Point to Manage Chartering and Vessel Operations
Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today that Practica Shipping Corp. Ltd has selected Triple Point’s Chartering and VesselOps™ solution to profitably manage all pre-and-post fixture activities of its dry bulk shipping operations. The solution will be integrated across all of the shipping company’s office locations including Cyprus, Geneva, and Buenos Aires.
This announcement follows Triple Point's recent acquisition of Softmar, the premier provider of software solutions for commercial chartering and vessel operations. Adding shipping to Triple Point’s commodity trading and risk management solution set provides companies with an all-encompassing view of the enterprise. With the acquisition, Triple Point's ability to provide market-based supply chain solutions, including freight rate risk management, is unmatched.
Practica Shipping Corp. Ltd (Cyprus) was launched in 2006 and is active in the Panamax market. Since the beginning of its operations, Practica Shipping has held coal and iron ore contracts with many steel mills, mainly Argentine and electric power companies for cargos destined to South America. The company is also an active player in the worldwide cargo transportation of grain, fertilizers, and others bulk cargos.
“With greater complexity in the freight markets and increased pressure to control transportation costs more effectively, many shipping companies are moving away from spreadsheets and the operational risks they bring,” said Michael Larsen, managing director, chartering and vessel operations, Triple Point. “Shipping companies wishing to proactively take advantage of market opportunities must have a solution like Chartering and VesselOps in place to gain complete transparency over operations and access to actionable business intelligence. Triple Point is proud to add Practica Shipping to its shipping portfolio.”