LNG tradingplatform Spark Commodities prepares for launch
LNGtrading platform Spark Commodities has moved into testing phase and is gearingup to go live.
Backedby data intelligence company Kpler and EEX Group-controlled Powernext,Singapore-based Spark is aiming to apply technology to the LNG market soplayers are able to hedge their freight rates.
Spark managingdirector Tim Mendelssohn, who formerly worked with Koch Supply & Tradingand BP on LNG, is adamant the new venture is not trying to cut out shipbrokersor other interested parties.
[h1]Bigger pie[/h1]“We’re not there to replace people. We are there to make the piebigger,” he told TradeWinds. “I think a lot of [LNG] positions are being heldup because people do not understand freight.”
Heexplained that Spark aims to provide a mechanism to do this and give playersthe ability to understand price as the LNG market becomes more commoditised.
Mendelssohn describedSpark as a hybrid of UK property-price database Zoopla andaccommodation-booking platform Airbnb, explaining that consumers now lookonline for data to support their buying decisions.
“Ifyou have the data, you can understand the trends,” he said, adding that withSpark the aim is for users to be able to understand LNG freight prices in “ameaningful way”.
By submitting data toSpark, the aim is to drive the creation of an LNG index.
Marketplayers have applauded the idea for the industry but some expressedreservations about data sharing.
Mendelssohnacknowledged that the Baltic Exchange has also been working on an LNG index andsaid Spark is not averse to working with anyone.
Hesaid Spark prides itself on its ability to move fast and claimed the outfit hashad a good reception from the market to date.
“Weare coming in peace and just want to do some cool stuff,” he added.
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