Neste Oil Uses Veson Nautical IMOS Trading

Wednesday, April 15, 2009

Veson Nautical, the US-based developer of proven software solutions for the commercial maritime community, announced that Neste Oil Corporation has purchased Veson Nautical’s Integrated Maritime Operations System (IMOS) Trading Module for Neste’s Shipping Division. Veson Nautical IMOS Trading provides a solution for monitoring and managing physical and Forward Freight Agreement (FFA) positions and risk.

Currently, Neste’s Shipping Division utilizes Veson Nautical’s IMOS Chartering, Operations and Financials modules to manage all commercial shipping activities for its 30-vessel fleet. Ports of call include the Baltic, the North Sea and the North Atlantic Region; the company transports about 40 million tons of crude oil, oil products and chemicals annually.

Veson Nautical IMOS Trading Module will enable Neste’s Shipping Division to: 
•    Leverage visibility into physical positions, paper positions, and net positions in order to facilitate better chartering and FFA trading decisions
•    Aggregate and price positions in the shipping portfolio to quickly and accurately calculate the portfolio’s unrealized Profit and Loss on a mark-to-market basis
•    Automate the process of producing FFA settlement and broker commission invoices
•    Streamline FFA trade reconciliation done via Imarex and NOS Clearing
•    Access analytical tools to effectively evaluate and price tanker freight options


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