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Singapore-headquarterd Navitas Resources, the specialist energy and climate commodity trade facilitator, has announced an agreement with WDX Organisation Ltd., the company behind the Wocu (World Currency Unit). the new Navitas electronic exchange intends to price marine fuel in Wocu, alongside USD, from Q2 2010. The agreement follows Navitas joining WDX’s Early Participation Scheme earlier this year.

The agreement will enable shipping companies to tender in either Wocu or Dollars for quotes at various ports around the world for marine fuel products and allow suppliers to place offers in the market 24/7. The marine fuel market is said to be around 200 million metric tonnes a year globally, valued at approximately $100bn per year.

As the Wocu is a derivative of the exchange rates of the world’s top 20 economies (as measured by GDP), its use is expected to significantly reduce currency fluctuations compared to pricing in USD. It is anticipated that both consumer and producer will benefit greatly from the smoothing effect of the Wocu, as the oil industry and consumers are exposed significantly to USD currency volatility.

Navitas Resources, based in Singapore, is in the business of developing trading markets. Its NR-X electronic online platform allows suppliers and consumers to buy, sell and tender in various physical commodity markets over a safe, anonymous and secure network. It is the first physical trading platform to support the Wocu, differentiating it substantially from other trading platform exchanges.

Francesca Zerenghi, CEO of Navitas Resources, said, “We are taking a leading role in the development of non-US denominated commodity transactions. Both energy companies and developing countries with significant US dollar exposure will have the opportunity to reduce volatility in their earnings and balance sheet through the use of the Wocu. We became an Early Participation Scheme member of the WDX Organisation Ltd, along with leading foreign exchange companies and securities firms, as we strongly believe that developing markets should have access to a trading platform where they can control their risk much more effectively. Reducing exchange rate fluctuation risk enhances this considerably. ”

Michael King, CEO of WDX Organisation, noted, “We are delighted that a forward thinking and energetic partner such as Navitas Resources is employing the Wocu in such an important arena. We look forward to working with Navitas Resources in this and other areas, a number of which are already under consideration.”