Commodities and energy data provider Platts has acquired shipping and oil news and analysis vendor Petromedia for an undisclosed sum to extend its coverage beyond marine fuels pricing and market fundamentals.
Petromedia provides news, daily prices and analysis on the shipping and oil markets to help petrochemical consumers and traders manage counterparty risk, monitor marine fuel quality, and keep abreast of alternative marine fuels and technologies.
"Bunker fuel... [accounts] for 70 percent of operational costs of waterborne commodity movement. The acquisition of Petromedia extends our bunker coverage beyond price discovery with new, inventive solutions to address the growing challenges of this dynamic and evolving market," says Andy Bose, general manager for petroleum at Platts, in a statement.
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