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Blockchain: HSBC, ING Bank executes first live trade finance

Letter of Credit transaction with Cargill, which usually takes 5 to 10 days, completed in 24 hours.

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HSBC Singapore, Cargill and ING Monday successfully executed the first live trade finance transaction on Corda, a scalable blockchain platform.

The blockchain transaction involved a bulk shipment of soybeans from Argentina, through Geneva’s trading arm of Cargill, to Malaysia, through Cargill’s Singapore subsidiary as the purchaser.

A Letter of Credit was issued using Corda by HSBC to ING. The two banks were acting on behalf of Cargill entities.

The Letter of Credit transaction was an end-to-end trade between a buyer and a seller and their respective banking partners, completed on a single shared application rather than multiple systems.

The transaction demonstrates that blockchain as a solution to trade digitisation, is commercially and operationally viable.

Conventional exchanges for paper-based documentation related to letters of credit usually take between 5-10 days, while the exchange in focus was completed in 24 hours.

“What this means for businesses is that trade finance transactions have been made simpler, faster, more transparent and more secure,” said Vivek Ramachandran, HSBC’s head of growth and innovation.

“The need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses.”

According to HSBC, the improved operational efficiencies, greater security with real-time tracking of goods and documents, and automatic reconciliation of payments is particularly pertinent to Singapore.

This is due to the sheer volume of shipments, both global and regional, that passes through its ports. Singapore’s ports handled a total of 626.2 million tonnes in cargo last year, up 5.5% from 2016, while annual vessel arrival tonnage increased by 5.1% to reach 2.8 billion gross tonnes.

The faster documentation turnaround for each shipment could potentially lead to increased flexibility in liquidity management for businesses and present a significant development for any organisation involved in buying and selling goods internationally.

The success of this live transaction builds a firm foundation for the future of trade finance, especially for Singapore.

“Singapore is both a global and regional trade hub. Our customers are thought leaders in using technology to optimise trade and this represents a key step towards the digitisation of trade,” said Iain Morrison Head of Global Trade and Receivable Finance, HSBC Singapore.

R3 and the group of 12 banks supporting the Corda application are seeking to expand the network on an open basis to drive adoption across the industry. They welcome engagement from banks and other ecosystem participants.

Published: 15 May, 2018
 

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Alternative Fuels

Auramarine: Marine fuel flexibility will be key to shipping’s energy transition

Operators who adapt best will be the ones who built in the flexibility to their marine fuel strategy to respond as conditions change, says CEO John Bergman.

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Finland-based fuel supply systems provider Auramarine on Wednesday (2 September) said it believes shipping’s energy transition is entering a phase where flexibility, not fuel choice, will determine which operators adapt successfully. 

With fuel price volatility, inconsistent alternative availability and tightening environmental regulation at different speeds across regions, Auramarine argued that the right approach to fuel supply infrastructure is now as strategically important as the fuel itself.

“The industry has spent years asking which fuel will win,” said John Bergman, CEO, Auramarine. 

“That may be the wrong question. No operator today can predict with confidence what will be available, compliant or commercially viable in five years. The operators who adapt best will be the ones who built in the flexibility to their fuel strategy to respond as conditions change.”

Auramarine’s own fuel split technology, first delivered in 2019 and now installed on around 20 vessels, reflects this thinking in practice. The retrofit system adds a fuel booster module onboard, allowing a ship to run different fuels through the same engine without the extended changeover procedures dual-fuel systems typically require.

This lets operators switch to MGO or biofuel, for example, to meet an ECA requirement, support maintenance schedules, or respond to fuel pricing shifts, without taking a vessel out of service. Delivered in sections through existing doors and hatches, it can be retrofitted to vessels already in operation.

Bergman sees this need for adaptability sharpening in sectors under the most operational and regulatory pressure. 

“Cruise and ferry operators feel this earliest and most acutely,” he said. 

“These vessels constantly move between regulatory zones and environmentally sensitive waters, so the ability to switch fuel supply without disrupting a schedule is an operational necessity. What’s notable is how many operators in this space still don’t know infrastructure like this exists, despite how directly it addresses what they’re already dealing with.”

Reliable flexibility requires a tailored approach, not just adding equipment. “The best results come from scoping flexibility to an owner’s actual fuel strategy, not adding complexity for its own sake,” Bergman added. 

Automated fuel changeover systems are designed to keep multi-fuel operations straightforward for crews, while a structured maintenance approach ensures inspection, testing and servicing can be carried out safely throughout the vessel’s lifecycle. This is where Auramarine’s lifecycle services play a central role, supporting operators well beyond initial installation with the ongoing servicing, spares and technical support needed to keep flexible fuel systems performing reliably for the long term, whatever the fuel landscape looks like in years to come.

“Over the next few years, operators who succeed will be the ones who stopped waiting for certainty and started building optionality instead,” Bergman added

“In a transition this uncertain, adaptability matters more than any single fuel bet. That’s the conversation we want the industry to have.”

 

Photo credit: Auramarine
Published: 7 September, 2026

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Mass Flowmeter

TFG Marine advances global MFM rollout with two US Gulf bunker barges

“Buffalo B414” and “Buffalo B304”, were recently fitted with the equipment, with both supply barges receiving ISO 22192 certification for their newly installed MFMs last month.

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TFG Marine advances global MFM rollout with two US Gulf bunker barges

Global marine fuel supply and procurement firm TFG Marine on Wednesday (2 September) said it continued to expand mass flow meter (MFM) technology across its US Gulf Coast bunker fleet.

The company said two more vessels, Buffalo B414 and Buffalo B304, were recently fitted with the equipment.

“Both supply barges received ISO 22192 certification for their newly installed MFMs last month, giving customers greater confidence in bunker quantity measurement while supporting a more accurate, transparent and efficient delivery process,” TFG Marine said in a social media post. 

“This marks the latest step in TFG Marine’s ongoing investment in technology and best practice across its global bunkering operations, and forms part of a broader push by our North America team to help drive progress across the region’s bunkering industry.”

Last year, TFG Marine announced it reached a key milestone in its global digitalisation programme with the installation of an ISO 22192-compliant MFM on the Buffalo 404, a barge on time charter from American bunker barge company Buffalo Marine Service Inc.

This was the first ISO-certified MFM-equipped bunkering barge operating in the US Gulf.

The installation was part of TFG Marine’s wider strategy to equip close to 90% of its global bunkering fleet with MFMs by 2026 as a commitment towards improving data integrity, streamlining operations and strengthening trust in marine fuel transactions.

Related: TFG Marine installs first ISO-certified mass flow meter on US Gulf bunkering barge

 

Photo credit: TFG Marine
Published: 4 September, 2026

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FuelEU

Ahti Climate and DNV connect verified emissions data to FuelEU pooling platform

New integration connects Ahti’s FuelEU pooling platform with DNV’s verification services, Veracity, helping customers reduce manual administration and streamline compliance.

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Ahti Climate brings DNV-verified emissions data into FuelEU pooling platform

Ahti Climate on Monday (31 August) announced a new integration with Veracity, DNV’s independent industry cloud platform, enabling shipowners and operators to seamlessly transfer DNV-verified emissions data into Ahti’s FuelEU pooling platform. 

The integration simplifies emissions reporting by connecting operational data verification with FuelEU compliance workflows, helping customers reduce manual administration, improve data quality and confidently meet regulatory requirements.

For customers such as shipping company Bore Ltd, the integration streamlines the flow of emissions data between verification and compliance systems. Raw fuel consumption data is automatically converted into the required OVD format and submitted for DNV verification through Veracity. Once verified, the emissions figures are securely shared with Ahti’s FuelEU pooling platform, creating a more efficient workflow with less manual administration and greater confidence in reported emissions data.

“Being on one of the surplus generators of the pool, trust in the data is everything for us – we need to know the numbers we’re selling hold up to scrutiny. With verified emissions data flowing straight from Veracity by DNV into the Ahti Pooling Platform, we no longer have to manually cross-check figures before every transaction. It gives us confidence that what we’re bringing to the pool is accurate, and that our partners can rely on it too,” said Marcus Strand ICT Manager at Bore Ltd. 

The integration enables customers to:

  • Reduce manual data entry and administrative workload
  • Improve data quality and reduce the risk of reporting errors
  • Securely exchange verified emissions data across systems and stakeholders
  • Increase transparency and confidence in compliance reporting
  • Connect commercial, operational and compliance workflows
  • Reduce turnaround times for reporting and voyage settlements

“Every partnership we build comes back to the same question: does this make compliance easier for shipowners? With Veracity by DNV, the answer is clearly yes – verified data, connected systems, and one less thing for our customers to worry about,” said Risto-Juhani Kariranta, CEO of Ahti Climate. 

With connectivity to the majority of the world fleet, Veracity’s trusted partner ecosystem, combined with Ahti’s expertise in FuelEU pooling, gives shipowners a more connected approach to emissions verification and compliance. By enabling verified data to flow securely between systems, the partnership helps customers reduce complexity and get greater value from their data and access a growing network of digital solutions.

 

Photo credit: Ahti Climate
Published: 1 September, 2026

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