energycredit, which is set to go live at the end of this month, will be deployed across the organisation from its trading operations in Switzerland.

energycredit was selected to facilitate the rapid expansion of new trading counterparties and proactively manage credit risk, including the automation of the margining process. Implementing energycredit will allow Gunvor to gain a global view of counterparty exposures across oil and energy trading activities. It will also automate many processes for proactively managing counterparty limits and margining agreements. Gunvor can now absorb business growth without hiring more staff and will be able to start actively trading new commodities with minimum delay.

Ian Sloggett, sales and marketing director for energycredit, said: "Gunvor's decision to implement energycredit is significant since it dispels the myth that the cost of implementing a comprehensive credit risk solution is prohibitive for all but the largest players. Indeed, the fact that energycredit is allowing Gunvor to begin trading in new markets in a faster amount of time demonstrates how it can quickly deliver operational advantages and a return on investment - all at an affordable price for smaller, mid-tier players."

Gunvor International was established in Amsterdam in 1997 and has major trading operations in Geneva and Singapore. As the third largest crude oil trader in the world, Gunvor has recently diversified into global coal, freight, emissions, renewables, natural gas, LNG and power.

Sloggett adds: "The project started in late June with the technical installation of energycredit and Gunvor's credit department are already setting up counterparties and contracts within the application today. This is a testament to the user friendliness of the application, the quality of our training courses and our implementation approach to empower the business users to be self-sufficent and independent where desired."