Singapore-based digital bunkering platform solution provider ADP Clear Pte Ltd on Wednesday (27 April) said it is working with the Maritime and Port Authority of Singapore (MPA) to accelerate the introduction of digital bunkering to the republic.
The company has commercialised an industry-first digital bunkering platform, Advanced Delivery Platform (ADP), that facilitates the entire bunkering transaction lifecycle from procurement through physical delivery to invoice settlement, it said.
“The digitalisation of the bunker delivery and documentation process is estimated to save the industry over 39,000 man-days annually and provide more transparency over the supply chain of marine fuels,” said Kenneth Lim, Assistant Chief Executive (Industry), MPA.
“MPA is working closely with bunker suppliers and solution providers to conduct digital bunkering trials. We look forward to having ADP as one of the solutions available to bunker suppliers in Singapore as we continue to enhance the efficiency and resiliency of our port.”
To date, more than 350 deliveries have been conducted over the ADP resulting in nearly 1,000 hours of operational time savings, certainty over the quantity of fuel delivered, and real-time insights into bunkering operations from anywhere in the world, says ADP Clear.
The ADP’s design facilitates secure multiparty workflows and API-enabled integration across various stakeholders, including Singapore’s innovative common data exchange SGTraDex and financial institutions providing liquidity to the shipping and bunkering industries.
To help shape the continued development of the platform, ADP Clear Pte has undertaken a collaboration with OCBC Bank under which the bank can provide input on the ADP platform and participate in user test trials alongside other industry players.
“We are excited about the vision to digitalise Singapore’s maritime ecosystem, which will increase productivity and transparency across commodity trade finance while mitigating fraud and waste,” said Ms. Ng Chuey Peng, Head of Global Commodities Finance, OCBC Bank.
“ADP Clear targets streamlining administration of and reducing risk across the operations, settlement, and potentially any financing of the bunkering industry, which align with our goals to enhance operational efficiency and build industry confidence through digital solutions.”
Related: Minerva Bunkering: ADP reduces MFM bunkering ops by more than two hours
Related: Singapore: Minerva Bunkering, rise-x.io set up ADP Clear Pte Ltd
Related: Minerva Bunkering deploys Advanced Delivery Platform in Singapore, ARA & Fujairah
Related: Minerva Bunkering and partners debut MFM compatible Advanced Delivery Platform
Photo credit: Minerva Bunkering
Published: 29 April, 2022
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