Mjunction launches digital platform for ship fueling in major global ports

B2B Ecommerce Major Mjunction Services Ltd. will launch a mobile application for bunker procurement or ship fueling to strengthen the digitized shipping ecosystem in the world’s major ports, the company’s chief executive Vinaya Varma said on Monday.

The Tata Steel and SAIL joint-venture technology company said taxation is an issue that needs to be addressed to make such services more competitive in the global market.

In shipping, bunkering is the process of providing fuel that is used to power a ship’s propulsion system.

All shipowners, operators and ship management services can use the mjSEAPROC app to buy marine fuel through a transparent process in all major ports in India, Singapore, UAE, Europe and the US, the company said.

“We will launch one bunker services app for all major global ports in the world. Bunker pricing has a limited validity and the entire pricing process must be completed in 45 minutes,” Varma said.

In this highly volatile market, fast turnaround time for bunkering is essential and this is ensured by the mobile application in self-service mode, he said.

Varma said mjunction entered the bunkering business in 2020, at a critical time when the world was being hit by the pandemic and bunkering professionals were struggling to manage it through traditional means.

“This gave rise to the idea of ​​digitizing the procurement process for bunkers (ship fuel). The goal was to digitally connect buyers and sellers so they could manage the bunker bidding process,” he said.

Explaining the tax issue, Varma said: “mjunction operates e-marketplace services for the sale and purchase of goods and services inside and outside India. Outside of India, it earns foreign exchange. Such services are classified as intermediary services and GST is charged, increasing the cost of provision and making such services uncompetitive in the international market.”

mjunction, which started its journey in 2001 with steel and then switched to e-auction coal in 2005, now supplies key commodities in the agriculture, mining, metals and energy markets.

Stressing mjunction’s continued commitment to small businesses in the country, Varma said: “MSMEs are an integral part of mjunction’s working backbone – as this is the segment that also benefits from our digitization initiatives.

“Our teams are spread across all parts of the country and support every small interested party with specialist knowledge and of course the tendering process. The move to digital is still an ongoing process and moving to digital modes still requires convincing.”

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