Validates Triple Point’s strategy to integrate vessel operations with commodity trading and risk management
Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today that Petredec Services (Asia) Pte Ltd has selected Triple Point solutions to manage commodity trading, enterprise risk, and vessel operations across its global liquefied petroleum gas (LPG) trading and shipping business.
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.
Petredec Services is a Singapore-based subsidiary of Petredec Limited, an international LPG trading and ship-owning company, with the responsibility for risk management. Petredec Limited is the world’s largest independent LPG trader active in European, Asian, Caribbean, Atlantic Basin and African markets, handling approximately 12 million tons of LPG per year.
In order to meet rapid expansion, Petredec required a commodity trading and shipping solution to provide transparency across geographies and streamline physical operations. Petredec also required a solution that could support planned expansion into additional LPG, petrochemicals, and refrigerated cargo markets worldwide.
“Triple Point alone has the functional breadth and depth to measure, manage, and report on both sides of our business − trading and shipping − across all commodity markets,” said Simon Hill, CEO, Petredec Group. “With Triple Point’s established presence in the Asia-Pacific region and world-wide infrastructure, Petredec is confident that it has the best partner in place to support its diverse worldwide business requirements.”
“The need for sophisticated enterprise risk management, trading, procurement, and logistical solutions has never been greater in the Asian markets; in the first quarter alone five major companies have adopted Triple Point solutions in the region,” said Simon Woods, chief customer officer and managing director, Asia Pacific, Triple Point. “We’re pleased to add a customer of Petredec’s stature to our growing client base in the region.”
Select Asia-Pacific customers include: Petronas (oil and gas, Malaysia), BankMuscat (financial, Oman), DCP Trading Shanghai (base metals, Hong Kong), IFFCO (agriculture, United Arab Emirates and Malaysia), Prime East (shipping, Hong Kong), Su-Raj Diamonds (precious metals, India), Incitec Pivot (chemicals, Australia), and GUVNL (power, India).
Petredec licensed Commodity XL for Oil™, Commodity XL PhysOps ‘Visual Cockpit’™, Softmar Chartering and Vessel Ops™, and Commodity XL Management Dashboard™.
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