Innovative Singapore-based energy supplier Chemoil with the reported revenue of $7.3Bn for 2010, operating in the marine, aviation, renewables and lubricants business has deployed the AspectCTRM trade and risk management solution from Aspect Enterprise Solutions for its marine and renewables business. It equips more than 100 users at Chemoil with integrated, straight-through processing of trades from initial capture through to Chemoil’s ERP system for back-office settlement.

Aspect’s Software-as-a-Service (SaaS) solution, which replaces multiple disparate systems and spreadsheets at Chemoil, is one of the first of its kind to be delivered entirely in the Cloud. It was chosen by Chemoil for its real-time reporting of key data including profits and losses, exposure and trading positions, and cargo credit risk reporting, together with complete transparency and visibility for management.

“Our reputation in the marine fuels business is built on constantly finding innovative new ways to deliver a flexible and efficient service for our customers,” said Chemoil’s Systems Controller, Bhavesh Chauhan. “It was a natural choice for our marine trading operations.”

Chemoil, which reported revenues of $7.3Bn for 2010, is using the AspectCTRM system at four key locations in Singapore, Middle East, Europe and the US. It supports some 100,000 line items a year, involving around 4,000 counterparties. Seamless integration with Chemoil’s own line-of-business applications allows two-way data exchange with back office functions such as accounting, invoicing and payments.

Unlike many in the commodity (CTRM) and energy (ETRM) trade/risk management business, Aspect’s solutions permit continuous reporting throughout the trading day.

“Chemoil is among a growing number of major global organizations implementing Aspect and further validates what analysts like Gartner and IDC are saying about our increasingly strong position in the CTRM/ETRM business,” said Aspect CEO Steve Hughes. “Not only are we first with a dedicated version for the industry, our SaaS architecture and Cloud delivery mean customers are up and running sooner, need no up-front investment and can add new users when and where they please.”