April 26, 2012 | Ann Surratt
Are you in full compliance with AMIRA P754? The importance of coherent material balance results has long been recognized by mining and metallurgical companies. Due to recent accounting scandals and the resulting tightening corporate governance, companies are becoming increasingly concerned with how the reported numbers are obtained and how much accuracy can be attributed to them.
As a result, The AMIRA P754 project was launched in 2004 to develop a rigorous set of metal accounting guidelines for the mining and metallurgical industres. The guidelines stress the importance of state-of-the-art metal accounting systems, such as Algosys Metallurgical Accountant™, and warn that companies using spreadsheets for metallurgical accounting lack auditability and data accuracy and are not in compliance with AMIRA P754.
The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) recently published an article on Implementing the Ten Best Practices of Metal Accounting at the Strathcona Mill. It is an excellent case study on how Algosys Metallurgical Accountant helped Xstrata meet all AMIRA P754 guidelines – including the ten principles of best metallurgical accounting practices (BMAP). It also explains how Xstrata was able to eliminate spreadsheets, gain visibility into key plant performance indicators, and optimize performance and recovery.
You can read the full article here. I hope it provides some valuable insight into AMIRA P754 and fresh ideas on how to automate, standardize, and accelerate your metallurgical accounting cycle.
June 17, 2011 | Jennifer Jones
As part of my series of interviews with Triple Point clients, I recently had the chance to sit down with Thomas Harvey, CIO and VP of Information Technology at The Energy Authority, to discuss industry changes and how they use technology to operate effectively in the energy marketplace.
Q: What are some of the major trends driving your industry and how do you see it changing in the next few years?
Thomas: The Dodd-Frank Act and what's happening with the CFTC is the hot topic. We're looking at our business policies and technical systems across several areas--transaction and position reporting; audit-ability; credit management; and documentation--to ensure we're ready to meet additional reporting requirements.
From an IT perspective, we see technology becoming less about automating routine tasks and processing data; it's more about mining data for information we can act on. Some of what's driving this is the world in which we live and our reliance on immediate information exchange. Technology enables us to capture and access huge amounts of data, and the ubiquitous presence of it in our lives means our workforce is increasingly more technically savvy and astute to analyzing the information available to them. Service providers that quickly provide actionable information to move businesses forward will be market leaders.
Q: What are some of the business issues that keep you up at night?
Thomas: Technology is an underpinning of TEA's ability to operate effectively in the energy marketplace...so we're always questioning where we should be investing our efforts and resources in terms of improving business processes. We are cognizant of how we can provide reliable, cost-effective competitive advantages to our traders, power managers, schedulers, and analysts.
Q: What were the major business drivers in moving to Triple Point's Enterprise Solution?
Thomas: Having trading, scheduling, and risk management functionality on a common platform was key. Triple Point enables us to manage both transaction and decision-making information in one solution: physical and financial transactions for power, gas, and oil; scheduling; and credit risk management.
Q: In addition to your current business, how do you see Triple Point supporting TEA's future expansion?
Thomas: TEA represents 46 Public Power Utilities throughout the United States, and we wear multiple hats to support our partners. Triple Point truly understand the complexities of our business, and this provides great peace-of-mind. With Triple Point, we have the infrastructures in place to support our business strategically, now and in the future. If you really look at what TEA offers, a cornerstone of our business is risk management. The value that Triple Point provides in our risk management practice will continue to be a contributor to our success.
Q: What have been the biggest benefits of implementing the Triple Point Solution?
Thomas: I'd be remiss in not mentioning the exceptional Triple Point staff we work with. Our success with the implementation of Triple Point's commodity management and credit risk platform is built upon the dedication of some very smart, hard-working individuals. Triple Point provides an outstanding implementation team and superior customer support. They've been invaluable in educating our team on the inner working of the Commodity XL product and have been fully engaged in helping craft solutions for our unique requests. It's really the whole package, Triple Point's software and people, which brings benefit.
March 25, 2011 | Jennifer Jones
Triple Point Technology announced today that HPCL-Mittal Energy (HMEL) has licensed Triple Point's Commodity Management Solution to manage crude supply and product marketing, logistics, and regulatory risk including compliance with IAS 39 disclosure and reporting. Triple Point continues its rapid expansion across the Asia-Pacific region (APAC) with new customers in energy, manufacturing, precious metals, transportation, and food and beverage.
HMEL is a joint venture between Hindustan Petroleum Corporation Limited and Mittal Energy Investment Pte Ltd -- a Mittal Group company and owner of the world's largest steel company. HMEL was established to operate a major oil refinery in India, producing high value petroleum products.
HMEL selected Commodity XL™ to provide real-time visibility into market position and exposure and to support supply chain logistics and inventory management.
In addition to HMEL, notable Triple Point customers in Asia Pacific include: DCP Trading Shanghai (base metals, Hong Kong), IFFCO (agriculture, Malaysia), Petredec (LPG trading, Singapore), Prime East (commodity logistics, Hong Kong), New Zealand Mint (precious metals, New Zealand), Incitec Pivot (chemicals, Australia), BPCL (Oil, Mumbai), Reliance Industries (Oil with users in Mumbai, Singapore, London, and Houston), and State Bank of India, HDFC Bank, and ICICI Bank (precious metals, India).
"Asia Pacific is a strategic market for Triple Point, and with offices in Singapore, Pune, Sydney, and Chennai, and over 200 staff in the region, we have the infrastructure in place to provide our current and future customers with competitive advantage," said Michael Schwartz, chief marketing officer, Triple Point. "We welcome HMEL to our Asia-Pacific family and look forward to working with them for years to come."
March 15, 2011 | Jennifer Jones
World Fuel Services Corporation (NYSE: INT) has selected Triple Point’s flagship commodity management platform
to support trading, scheduling, counterparty credit risk, and regulatory risk for its global fuel marketing operations.
Headquartered in Miami, Florida, World Fuel Services is a global fuel logistics company, principally engaged in the marketing, sale, and distribution of marine, aviation, and land fuel products and related services. World Fuel Services sells fuel and delivers services to its clients in 200 countries and at over 6,000 locations, including airports, seaports, tanker truck loading terminals, and other customer storage locations.
"Price volatility is driving the rapid adoption of sophisticated, enterprise risk platforms by energy and commodity companies," said Peter F. Armstrong, president and CEO, Triple Point. "Triple Point has become the solution of choice amongst fuel marketers, and we look forward to supporting World Fuel Services now and in the future."
World Fuel Services licensed Commodity XL™ for Oil, Gas, Emissions, Credit Risk, Hedge Accounting, and Fair Value Disclosure. The company also purchased Triple Point's interactive business intelligence module, Commodity XL Management Dashboard™ and Commodity XL PhysOps 'Visual Cockpit'™ to help schedulers plan, conduct, and optimize shipments in real time.
March 10, 2011 | Jennifer Jones
Ocean Tankers has licensed Triple Point’s chartering and vessel operations software to manage all pre- and post-fixture activities for its wet bulk shipping operations. Ocean Tankers specializes in the transportation of petroleum and related products and provides worldwide coverage.
Incorporated in the Republic of Singapore in 1978, Ocean Tankers has over 2.3 million DWT (Deadweight tonnage) of carrying capacity and services a wide network of customers, including oil majors, state-owned oil companies, and international trading houses. The company manages a fleet of 83 vessels, ranging from small coastal vessels to large ULCCs (Ultra Large Crude Carriers).
“Shipping is a key element of an efficient and effective commodity supply chain, and Triple Point provides the only commodity management solution with the functional depth and breadth to handle voyage estimating, post-fix operations, bunker procurement, and freight risk management in its shipping platform,” said Michael Lolk Larsen, managing director, chartering and vessel operations, Triple Point. “Triple Point is proud to include Ocean Tankers as a customer, and we look forward to supporting its growing operations.”
Triple Point is successfully claiming market share with a diverse group of commodity participants, energy companies, industrial manufacturers, CP companies, and ship owners/operators that have selected Triple Point to manage the supply and distribution of commodities via ocean-going vessel, including: Bunge, Louis Dreyfus, Transgrain (Nidera), Olam International, Glencore, Gunvor International B.V., Hindustan Petroleum-Mittal Energy, SAB Miller, Petredec Limited, Prime East Shipping, Berge Bulk, Beluga, United Arab Chemical Carriers (UACC), and U-Sea Bulk.
February 02, 2011 | Jennifer Jones
Beluga Shipping GmbH licensed Triple Point’s flagship chartering and vessel operations software to profitably manage all pre- and post-fixture activities of its heavy-lift transport operations.
Beluga Group provides a full range of customized transport solutions including shipping, chartering, and fleet management operations. Beluga Group is the worldwide leader in the heavy-lift shipping segment and operates a modern fleet of 72 multipurpose heavy-lift project carriers, equipped to lift a combinable load of up to 1400 tons. The company is based in the Hanseatic city of Bremen, Germany and serves targeted industry sectors including oil and gas, refining, petrochemicals, wind energy, and more.
“Triple Point’s shipping software enables Beluga Group to meet strict requirements for precise handling and transport of the largest, most complex cargoes anywhere in the world,” said Michael Lolk Larsen, managing director, chartering and vessel operations, Triple Point. “We are pleased to add Beluga to our expanding community of world-class shipping customers.”
Triple Point is successfully claiming market share with a diverse group of commodity houses, energy companies, industrial manufacturers, CP companies, and ship owners/operators that have selected Triple Point to manage the supply and distribution of commodities via ocean-going vessel, including: Maestro Shipping, Prime East, Berge Bulk, Ultrabulk, Beluga Shipping, Practica Shipping, United Arab Chemical Carriers (UACC), Atlas Shipping, Navios Maritime, U-Sea Bulk, Oldendorff, Isaphia, Petredec Services, SAB Miller, Hindustan Petroleum-Mittal Energy, Gunvor International B.V., Louis Dreyfus, Bunge, Glencore, Transgrain (Nidera), and Olam International.
January 17, 2011 | Jennifer Jones
SABMiller plc has licensed Triple Point's flagship commodity logistics software. SABMiller will use Triple Point systems to optimize transportation costs and ensure the timely supply of raw materials, including barley and hops.
SABMiller is one of the world's leading brewers with operations and distribution agreements across six continents. The company's wide portfolio of brands includes premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft, and Grolsch. It is also one of the world's largest bottlers of Coca-Cola products. SABMiller is listed on the London and Johannesburg stock exchanges and reported group revenue of US$26.4 billion for the year ended 31 March 2010.
"Commodity management has always been a critical business process for energy, metals, and agriculture companies. Increasingly, it has become just as important for other industries with exposure to raw materials and energy, such as food and beverage, automotive, and high-tech," said Peter F. Armstrong, president and CEO, Triple Point. "For 17 years Triple Point has developed the leading software for customers to successfully manage the volatility, risk, and complexity of procuring, processing, moving, and marketing commodities. Triple Point's commodity management software enables food and beverage companies to make more informed and proactive decisions, streamline day-to-day operations, and protect profits."
SABMiller joins a notable list of food and beverage customers that have selected Triple Point commodity management software, including: The Campbell Soup Company, Chiquita, General Mills, Grupo Bimbo, and IFFCO.
January 04, 2011 | Ann Surratt
Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today that Olam International Limited has licensed Triple Point's flagship chartering and vessel operations software to manage pre-and-post fixture activities for its bulk commodities operations, including cocoa, coffee, cashew, peanuts, sesame, rice, cotton, and wood products.
Triple Point's chartering and vessel operations software is based on mature, well-tested products obtained in its acquisition of Softmar -- now the chartering and vessel operations division of Triple Point. The shipping division serves over 80 blue-chip clients and more than 2500 users throughout North America, South America, Asia, and Europe.
Olam International is a leading global supply chain manager of agricultural products and food ingredients. Olam is a supplier to manufacturers of many of the world's most recognized international brands, and its unique "total solutions" approach has earned it a global reputation as the "Brand behind the Brands." Olam has been named to the 2009 and 2010 Forbes Asia "Fabulous 50," an annual list of 50 big-cap and most profitable firms.
"Olam's selection of Triple Point is clear affirmation of our ability to help world-class agribusinesses manage any and all aspects of their commodity operations," said Peter F. Armstrong, president and CEO, Triple Point. "The need for sophisticated enterprise risk management, trading, procurement, and logistics solutions have never been greater in the Asian markets. Triple Point alone has the functional depth and breadth to measure, manage, and report on both trading and shipping for an integrated view of commodity management. We're honored to welcome Olam as a customer."