Ascenz, the Singapore-based GTT Smart Shipping Company, on Friday (23 July) launched the Electronic Bunker Delivery Note (eBDN) solution to improve the efficiency and the transparency of the bunkering process.
Ascenz’ solution contributed to the success of the world’s first live bunker delivery financing pilot, operated through an eBDN.
The operation has been conducted by DBS Bank, in partnership with Trafigura Group’s marine fuels supply and procurement joint venture TFG Marine, Ocean Network Express (ONE) and Ascenz, with the support of the Maritime and Port Authority of Singapore (MPA).
The traditional bunkering process is cumbersome, and takes a few days to a week as it relies heavily on manual paperwork, says GTT..
The newly digitalised process demonstrated that, once deployed on a larger scale, customers will be able to obtain financing for their underlying trade in less than two hours, enabling them to obtain working capital faster and better manage their cashflows.
The eBDN also mitigates the risk of fraud in the bunker industry as counterparties are now able to ascertain the trade data at source. This is done by leveraging the Mass Flow Meter (MFM) system for measurement and a secured data transmission to all the participants in the bunker trade supply chain ecosystem.
Philippe Berterottière, Chairman and CEO of GTT, declares: “With this innovative technology, GTT group is proud to contribute to the digitalisation of the bunkering process, making it more accurate, efficient and transparent. By improving the end-to-end traceability, this major innovation by our smart shipping company, Ascenz, supports trust between participants in the bunker trade, including banks, buyers and suppliers. With the digital revolution speeding up in the maritime industry, GTT helps its customers prepare for the future of the industry, improving the efficiency and the sustainability of their operations.”
Related: Singapore: Players complete first ‘live’ bunker delivery financing pilot with eBDN
Photo credit: Shaah Shahidh on Unsplash
Published: 26 July, 2021
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