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"Standing out in the competitive space of commodity software vending is no easy feat, but the winner of our software house of the year's achievements marked it out. Award: Software House of the Year Winner: Triple Point Technology." Energy Risk Click here to read the article. |
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General Maritime Selects Triple Point to Manage Global Freight Tanker Fleet
Triple Point Commodity XLTM to enhance vessel management and hedging opportunities
WESTPORT, Connecticut, USA (June 14, 2005) - General Maritime Corporation, a provider of international seaborne crude oil transportation services with one of the largest tanker fleets in the world, is deploying Triple Point's Commodity XLTM next-generation software solution to improve the physical operations and revenue-generating potential of its global tanker fleet. Triple Point Technology is the leading global supplier of cross-industry software platforms for the supply, trading, marketing and movement of commodities.
General Maritime, whose clients include Chevron, CITGO, Exxon-Mobil, Phillips, and Texaco, is deploying Triple Point Commodity XL to improve the trading of physical and derivatives contracts involving its fleet of tankers. Triple Point's solution integrates physical positions to show freight dependencies with freight hedges, enabling General Maritime to more profitably hedge tanker positions and enter the global freight forward market. In addition, the Triple Point system's sophisticated risk management capabilities identify areas of risk involving its physical freight routes while analyzing 'what-if' scenarios and results of forward freight agreements (FFAs).
"The freight market has gained in importance and volume in the last few years," said Peter Armstrong, president of Triple Point Technology. "Many of our clients, in addition to General Maritime, have seen the value in using an integrated system to manage and measure their global freight trading."
About Triple Point Commodity XLTM
Triple Point Commodity XL manages the logistical and financial complexities of commodity trading and movement anywhere in the world. The next-generation platform enables producers, traders, refiners, marketers, distributors and consumers to profitably manage the opportunities and risks involved in the purchase, sale, movement, and storage of commodities including gas, power, crude oil, and refined products, coal and coke, base metals and ores, agrifoods and other soft commodities, and shipping and freight. Triple Point Commodity XL streamlines the processing of physical and financial trades, reduces transaction and transportation costs, improves logistical and operational efficiencies throughout the supply chain, delivers precise risk analyses and position management, and helps ensure SOX and FAS IAS compliance.
The Triple Point Commodity XL platform is comprised of a family of commodity-specific products that can be deployed alone or in seamless combination with each other to manage every aspect of global cross-industry commercial operations. This interoperability gives clients a single, real-time view of supply and delivery obligations, financial risk and market exposure either in a single market or across all commodities and markets - and all desktops-around the world.
About General Maritime Corporation
General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe, and the North Sea. It currently operates tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of tankers - 26 Aframax and 17 Suezmax tankers and 4 Suezmax new-building contracts - making it the second largest mid-sized tanker company in the world with a carrying capacity of approximately 5.9 million deadweight tons (dwt).
About Triple Point Technology Inc.
Founded in 1993, Triple Point Technology is the leading global supplier of cross-industry software platforms for the supply, trading, marketing and movement of commodities. More than 25 percent of both Global 500 commodity trading companies and Global 500 energy companies now use Triple Point software systems to streamline trade processing, reduce transaction costs, maximize supply chain efficiencies, precisely measure and monitor market risk, and ensure compliance. Headquartered in Westport, Connecticut, USA, Triple Point serves clients in Asia, Africa, Australia, Europe, North America and South America from its five development and support centers strategically located around the world. More information is available at www.tpt.com.
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