Platts, a leading global energy, metals, petrochemicals and agriculture information provider, announced today that it has acquired Petromedia, a specialist provider of news and analysis for the shipping and oil industries. The purchase helps extend Platts coverage beyond traditional marine fuels and market fundamentals.
Founded in 2001, Petromedia provides customers with access to up-to-date news, daily prices and analysis on the global shipping and oil markets, including services to help manage counterparty risk, marine fuel quality monitoring, alternative marine fuel and technology awareness, and a bunker procurement platform.
Andy Bose, Platts general manager for petroleum, said: "Bunker fuel is a key link in this chain accounting for 70% of operational costs of waterborne commodity movement. The acquisition of Petromedia extends our bunker coverage beyond price discovery and market fundamentals. Together, we can better serve our customers with new, inventive solutions to address the growing challenges of this dynamic and evolving market."
Matt Cape, CEO of Petromedia, said: "We are excited to join the Platts team who can provide the expertise and scale to help Petromedia accelerate and broaden our product development as complexities within the shipping and oil markets continue to evolve."
Global, Americas: Kathleen Tanzy, P: +1 917-331-4607 - E: kathleen.tanzy[.]platts.com.
Asia: Kimitsu Yogachi, P: +65 6530 6596 - E: kimi.yogachi[.]platts.com.
Founded in 1909, Platts (platts.com) is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is based in London with more than 1000 employees in more than 15 offices worldwide.
About McGraw Hill Financial
McGraw Hill Financial (mhfi.com) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL and J.D. Power. The Company has approximately 18,000 employees in 30 countries.
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