Pacific Carriers Limited, the global shipping and logistics subsidiary of Kuok (Singapore) Limited, has licensed Triple Point’s chartering and vessel operations software to manage supply chain cost and enterprise risk for its dry bulk commodities business.
Pacific Carriers Limited is a leading dry bulk operator with a growing fleet of product tankers, as well as offshore support vessels. It is a wholly-owned subsidiary of Kuok (Singapore) Limited, one of South-East Asia’s largest commodity houses trading in scrap steel, agricultural commodities, fertilizers, and chemicals.
With continuing growth in global commodity supply chain operations, the ability for organizations to control the cost and risk of transporting freight, including freight rate volatility, is key to managing overall supply chain cost and enterprise risk. Triple Point’s chartering and vessel operations software enables organizations to comprehensively manage freight rate risk, chartering, and post-fix operations on an integrated platform.
“For companies exposed to raw material, energy, and commodity price volatility, the need for a sophisticated commodity management solution to manage the buying, selling, risk, storage, processing, and transportation processes has never been greater,” said Peter F. Armstrong, president and CEO, Triple Point. “We are honored to add a customer of Pacific Carrier’s stature to our growing client base.”
Triple Point Technology announced today the availability of Softmar Chartering and VesselOps™ version 1108R. The new release of Triple Point’s flagship chartering and vessel operations software provides shipping participants with real-time intelligence for vessel position and spot cargos. With this recent functionality, charterers are able to fix cargos and vessels ahead of competitors, decrease ballast time, and increase throughput and profitability.
The unmanageable volume of market communication has always been a limiting factor in the shipping business; charterers can receive thousands of emails a day. Business opportunities are often forfeited by sifting through data and losing analysis time. Triple Point has solved this problem by extending its straight-through processing capability and leveraging the Copenhagen Shipping Exchange’s (CPHSE) revolutionary new software service. The service provides structured messaging of open vessel positions, available cargo, and noon day reporting — all which are now seamlessly integrated into Chartering and VesselOps.
“Our technology reads more than 90% of mail volume, extracting open cargos and vessels around the world,” said Stefan Avivson, CEO, CPHSE. “Triple Point’s unique ability to read, analyze, run scenarios, and turn the data into shipping intelligence is a key differentiator.”
”Extending Chartering and VesselOps so that it seamlessly integrates with the CPHSE is one more example of Triple Point’s commitment to automate the end-to-end business process,” said Michael Lolk Larsen, managing director, chartering and vessel operations, Triple Point. “With this latest move, our shipping customers can preemptively act on market information to gain additional business and decrease ballast time. In today’s complex and volatile shipping market — actionable intelligence that enables proactive and strategic decision-making is the winning factor.”
Turbulent economic conditions combined with stringent and uncertain regulatory reform are bringing dramatic changes to the face of energy and commodity credit risk. Don’t just cross your fingers and hope a catastrophe won’t happen to your organization.
Triple Point recently hosted a webinar on The New Rules of Counterparty Credit Risk and how you can prepare for potential economic & regulatory pitfalls with a flexible and transparent credit risk system.
In case you missed the live webinar, here is a link to download the webinar and view at your convenience.
In this webinar, Triple Point’s Vice President, Credit Risk Division, Dan Reid, discussed how Triple Point’s Commodity XL for Credit Risk™ will safeguard against counterparty credit risk failure and growing regulatory demands. Attendees learned how our solution will deliver an ROI to their business through liquidity savings and business expansion, how to reduce reliance on credit rating agencies, the impact of Dodd-Frank, Markets in Financial Instruments Directive (MiFID) and Market Abuse Directive (MAD) on credit risk management, and more.
To learn about the implications of market volatility and financial reform on credit risk, and how you can safeguard against counterparty credit risk failure, download the webinar below.
NFR Energy has licensed Triple Point’s Commodity XL™ software for hedge accounting and fair value disclosure to ensure FAS 133, FAS 157, and FAS 161 compliance.
NFR Energy engages in the acquisition, exploration, development, and production of oil and natural gas and has invested $1 billion in business development to establish a focused asset base.
“Triple Point has a proven track record of providing risk management software to E&P companies,” said Ash Elias, controller, NFR Energy. “We’re confident Triple Point is the best choice to deliver a turnkey solution that manages our hedge accounting requirements, including mark-to-market analysis, effectiveness testing, and fair value disclosure reporting.”
US GAAP and international accounting standards are continually evolving. In a stringent and unforgiving regulatory environment, getting it wrong can put company reputation, earnings, and stock value at risk.
“Companies that rely on homegrown hedge accounting systems face a herculean task of keeping up with complex standards and ensuring modifications are reflected accurately in their systems,” said Michel Zadoroznyj, VP, treasury and regulatory compliance, Triple Point. “Triple Point stays on the forefront of regulatory change to ensure its treasury software remains compliant and to enable our customers to focus on growth.”
In addition to NFR Energy, notable companies that have recently selected Triple Point software for hedge accounting and fair value disclosure include World Fuel Services, Hunt Oil, Evonik, Alta Mesa, Magellan Midstream, Unilever, Xcel Energy, and Petra Foods.
Triple Point announced today the availability of Commodity XL for Dodd-Frank: End User Exemption™. The compliance solution is designed to ensure that organizations comply with Dodd-Frank rules for validating hedging programs in order to avoid central clearing and additional margin requirements.
Dodd-Frank will require that all OTC trades be centrally cleared but exempts companies that trade to mitigate their commercial risk. Commodity XL for Dodd-Frank: End User Exemption enables the exemption process for each hedge, allowing companies to protect their hedging programs and ensure that valuable working capital is retained.
Triple Point’s compliance solution manages the exemption process on a hedge by hedge basis. Key functionality of the product includes a complete audit trail of hedging activity, effectiveness testing, and automated documentation and disclosure management. Commodity XL for Dodd-Frank: End User Exemption will be continually updated as regulations evolve.
“The business impact of failing to get Dodd-Frank end-user exemptions for bona fide hedges starts with increased margining but ultimately ends with hedging programs becoming too expensive to maintain. This puts organizations at risk of an increasingly volatile market,” said Michel Zadoroznyj, VP, treasury and regulatory compliance, Triple Point. “There are better uses of capital than having it sit in margin accounts. To ensure exemptions, organizations need to have the right software solution in place.”
For the third year running, top analyst firm Gartner has named Triple Point as a ‘Leader’ in trading & risk management. Among Triple Point’s many core strengths, Gartner stated that Triple Point continues to offer the most comprehensive FASB compliance solutions.
Can you mark all derivatives and perform all hedge accounting requirements for testing, documentation and reporting with only a few clicks? Are you confident you meet all FAS 133, 157 (ASC 815/ASC 820) and IFRS 7 requirements? Are you worried you might fail an audit because of hidden spreadsheet errors?
Triple Point recently hosted a webinar on Hedge Accounting Management and Fair Value Disclosures and how you can streamline your compliance efforts, gain control of operational risk and avoid financial restatements and other regulatory pitfalls. In case you missed the live webinar, here is a link to download the webinar and view at your convenience.
In this webinar, Triple Point’s regulatory experts, Mike Zadoroznyj and Scott Holzman, discussed how Triple Point’s Treasury and Regulatory Management Suite is the only solution that supports all Commodity, FX and IR hedge accounting and fair value disclosure requirements on a single platform. Attendees discovered an easier way to meet strict hedge accounting requirements, how to optimize hedging strategies, and new features including: extended MTM regression functionality and support for commodity swaptions and inventory fair value hedges.
To learn how you can simplify reporting, eliminate risk, and ensure compliance, download the webinar below.