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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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Bunker Fuel

TFG Marine-chartered bunker barge “Margherita Cosulich” heads to Oman

Firm said it will be ready to serve shipping customers with VLSFO and LSGO bunker fuels in the Port of Duqm and SOHAR Port and Freezone over the coming weeks.

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TFG Marine-chartered bunker barge “Margherita Cosulich” heads to Oman

Global marine fuel supply and procurement firm TFG Marine on Friday (19 April) said a bunker barge, which it charters, was en route to its bunker fuel supply operation in Oman. 

“Our mass flow meter fitted, ISO-22192 compliant Margherita Cosulich supply barge, chartered by TFG Marine and operated by Fratelli Cosulich, is well en route to Oman,” it said in a social media post.

TFG Marine said it will be ready to serve shipping customers with VLSFO and LSGO in the Port of Duqm and SOHAR Port and Freezone over the coming weeks.

Manifold Times previously reported the bunker barge was used by Fratelli Cosulich Group in Singapore. Margherita Cosulich is a 2019-built 7,994 dwt bunkering vessel.

In February, SOHAR Port and Freezone and TFG Marine announced the signing of an MoU agreement to establish an international bunker fuel supply operation within the deep-sea port. 

The port is strategically located at the city of Sohar, Sultanate of Oman, close to the main shipping routes connecting the Gulf and the Indian subcontinent with the rest of the world.

Related: Fratelli Cosulich welcomes “Margherita Cosulich” to Singapore bunkering fleet
Related: TFG Marine to establish international bunker fuel supply op at SOHAR Port

 

Photo credit: TFG Marine
Published: 22 April 2024

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Business

Singapore: DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU

To build digital delivery platforms that are interoperable, compliant to data and security standards set by the MPA and Singapore Standards Council.

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Singapore DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU cover

FuelBoss, a subsidiary of DNV, and Singapore bunker supplier Equatorial Marine Fuel Management Services (EMF) on Friday (19 April) signed a Memorandum of Understanding (MoU) to further develop digital bunkering capabilities for all marine fuels.

The objective of the MoU is to strengthen the partnership between both organisations to build digital delivery platforms that are interoperable, compliant to data and security standards set by the Maritime and Port Authority of Singapore (MPA) and Singapore Standards Council.

The scope of the MoU allows the development of integrated services across both organisations’ technological platforms to provide seamless operations, real-time insights into bunker delivery processes to industry stakeholders, international shipowners, bunker suppliers, and bunker traders for all marine fuels.

It will also enable the sharing of experience, materials, and expertise between the two organisations with the industry to accelerate the pace of digitalisation and support companies in implementing digital bunkering solutions.

Singapore DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU 1

Singapore DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU

“We are committed to pioneering digital solutions that enhance the safety and trust in marine fuels transactions. This MoU with EMF underscores our dedication to advancing Digital Delivery and Live Delivery Insights in the maritime industry and we are honored to partner with them,” said Martin Wold, Head of FuelBoss.

“By collaboratively developing interoperable platforms that align with the latest data and security standards, we aim to set a new benchmark and replicate this for the rest of the industry.

“Our partnership with EMF will leverage both organisations' strengths to provide comprehensive, real-time insights into bunker delivery processes, benefiting all stakeholders in the maritime ecosystem.”

EMF is the leading supplier of marine fuels in Singapore in 2022 and 2023. As part of their growth strategy, EMF has been investing in digitally transforming the business and operations since 2018.

Over the years, EMF has integrated several of their systems to streamline operations and has built an in-house technology team to customise solutions to better serve their customers and stakeholders.

“We have always believed that digitalisation is one of the keys to the future for the Maritime industry. Over the years, we have participated in and supported the digital initiatives launched by MPA,” said Collin Ng, Chief Technology Officer of EMF.

“The digital bunkering initiative launched by MPA on 1 November 2023 is core to completing the digitalisation of the bunker supply chain for the industry.

“With the signing of the MoU with FuelBoss, we are looking forward to providing an extensive and comprehensive digital delivery platform for our collective customers and stakeholders.”

 

Photo credit: DNV FuelBoss
Published: 19 April 2024

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Business

Singapore: Bunker firm Sea Hub Energy to be wound up voluntarily

Development comes following directors, Lim and Ang, lodging a SD stating the firm cannot continue its business due to liabilities; Ang was sentenced a 35-month imprisonment in 2021 for MFM systems tampering.

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RESIZED Sea Hub Energy

Sea Hub Energy Pte Ltd (Sea Hub), a company formerly in the business of chartering and trading of marine fuels at Singapore port, will be wound up as a Creditors’ Voluntary Winding Up, according to a Government Gazette notice published on Monday (15 April).

This came following an Extraordinary General Meeting held on 5 April.

The Special Resolution set out below were duly passed:

  • That the company be wound up as a Creditors’ Voluntary Winding Up pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 and that Tan Wei Cheong and Lim Loo Khoon, both care of Deloitte & Touche LLP, 6 Shenton Way, OUE Downtown 2, #33-00 Singapore 068809, be appointed as the Joint and Several Liquidators (the Liquidators) for the purpose of the winding up.
  • That the Liquidators be at liberty to exercise all or any of the powers conferred on them pursuant to the Insolvency, Restructuring and Dissolution Act 2018.

Manifold Times previously reported directors of Sea Hub lodging a statutory declaration (SD) stating that the company cannot continue its business due to its liabilities.

In the SD lodged on 5 March, the directors, Lim Seet Huat and Ang Heng Lye, said the meetings of the company and its creditors have been summoned for 5 April 2024, being a date within one month of the date of the SD.

In June 2021, the State Courts of the Republic of Singapore issued Ang a 35-month imprisonment sentence, due to his role in a conspiracy to tamper with the mass flow metering (MFM) systems on board Singapore bunker tankers Southernpec 6 and Southernpec 7 between October 2018 to April 2019.

During the period of offence, Ang was employed as a consultant at Ocean Express Pte Ltd; around June 2018, Ang was acting as a consultant and partner of Success Energy Service Pte Ltd.

Lim, who founded Sea Hub in 2007, is a 70% shareholder of the company where he also works as its Shipping Director overseeing vessel management and chartering operations; the remaining 30% shareholding of the firm belongs to Trading Director Ang.

Related: Singapore: First creditors meeting scheduled for bunker firm Sea Hub Energy
Related: Singapore: Directors of troubled Sea Hub Energy declare inability to continue business
Related: Magnets on MFMs: Trial ends with 35-month imprisonment sentence for Director of Seahub Energy
Related: Singapore: Imprisonment of Sea Hub Energy Director ‘unrelated to company integrity’, says majority shareholder
Related: Sea Hub Energy seeks US$12 million from Southernpec at Singapore High Court
Related: Singapore: Sea Hub Energy exits MPA bunker craft operator list
Related: OFAC adds Singapore-registered “Sea Tanker II” to sanctions list

 

Photo credit: Manifold Times
Published: 19 April 2024

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