Matrix Terminal Marketplace and Insights Global recently entered into a Memorandum of Understanding to integrate Matrix’s Terminal Marketplace System and Insights Global’s tankterminals.com data services to create an electronic platform for the purchase and sale of storage for crude oil, refined products, and other bulk liquid commodities.
According to the two companies, the Terminal Marketplace System is an “innovative” electronic platform that allows customers to offer, purchase, and sell liquid bulk storage and related terminal services. Insights Global developed tankterminals.com, a database for bulk liquid storage, which currently provides in-depth information on more than 6,750 storage terminals worldwide.
By integrating Matrix’s Terminal Marketplace System and Insights Global’s tankterminals.com, customers will be able to use a single electronic platform to efficiently offer, purchase, and sell storage and related terminal services for crude oil, refined products, and other bulk liquid commodities at any storage facility in the world; and seamlessly access data for any storage facility.
The acceleration in the flow of information during the last five years has increased the complexities of purchasing and selling storage for crude oil, refined products and other bulk liquid commodities, the companies added.
By creating a one stop location to analyze, compare, and transact for liquid bulk storage worldwide in real time, the new platform will provide customers with a more efficient way to purchase and sell storage.
The Terminal Market Place is planned to be launched through tankterminals.com later this year.