The Danish company BLOC, the creator of BunkerTrace, has won the Next Step Challenge trophy for being the most scalable company within the Scale-Up Denmark centre for Offshore Industry, it says.
BLOC's BunkerTrace solution is a blockchain-based inclusive support system that enhances marine fuel traceability and provides a clear chain of custody for better quality assurance in the bunker fuel supply chain.
With a special focus on UN Sustainable Development Goal #12 ‘responsible production and consumption’ BLOC supports businesses in meeting compliance and legislations for sustainable handling and consumption of bunker oils, encouraging further collaboration throughout the supply chain, and creating more transparency and trust.
The solution allows charterers, ship owners, operators, fuel suppliers and crew to trace the provenance of fuel, both ensuring that it is safe, compliant with the upcoming 2020 sulphur cap, and enabling better tracking and validation of emissions.
A selection board of five business leaders selected the winner from the eight participating scale up companies, who had been selected amongst more than 1,000 companies to participate in the Next Step Challenge business development program.
Having participated in an intensive business development program with industry insiders, the team behind BLOC has gained valuable advice and insight on growing and proving the efficacy of its solution for tracing marine fuels.
“Our BunkerTrace application has now been validated through both the selection board from the finale, and more importantly by the advisory board that followed us through the program,” explained Deanna MacDonald, Co-founder and CEO of BLOC.
“Having insiders from the oil industry sharing knowledge and validating our business means a lot to us.”
The advisory board congratulated BLOC on the achievement: “BLOC is a very interesting company, as they have both identified an issue in the industry and created an innovative and technological solution to it,” said Rasmus Rozentals, Head of Logistics & Support to Operations in Total.
“BLOC has a unique product (BunkerTrace) that we see as a technological ‘game changer' to facilitate more efficient cooperation and more trust within a complex and global bunker industry.
“I am looking forward to experiencing the further developments from BLOC – congratulations!”
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Photo credit: BLOC
Published: 20 June, 2019
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.