Business

BunkerMetric introduces business rule engine to streamline bunkering decisions

BunkerPlanner rule engine is a cloud-based tool that automates decision-making in situations where there are specific rules to operate and bunker vessels.

Published

2 years ago

January 26, 2022

Admin

Copenhagen-based bunker planning and optimisation solutions provider BunkerMetric on Tuesday (25 January) introduced its BunkerPlanner rule engine solution to the maritime sector:

Consider a common scenario faced by vessel operators: An arrangement has been made for bunkering a specific vessel. The tank still contains bunker from the previous purchase. Can the new bunker be comingled with the old? If not, then which tank to use to store the new bunker?

A vessel operator with responsibility for multiple vessels on active voyages might make these types of rules-based decisions as part of everyday business. Typically, operators make such decisions from memory or based on vessel-specific operating manuals. Running multiple vessels combined with increased volume and complexity of data-based decisions make it prudent to replace human decision with software to eliminate the risk of making wrong decision without thinking through the consequences. This is where a business rules engine provides organizations with a much-needed support system for rules-based decision management.

How does the BunkerPlanner rule engine work?

BunkerPlanner rule engine is a cloud-based tool that automates decision-making in situations where there are specific rules to operate and bunker vessels. The engine manages the entire process of connected decisions in the sequence determined by operational procedure(s) set by the ship owner/operator. Whenever a bunkering decision needs to be made, the engine uses static data (e.g. tank configuration on a specific vessel) and dynamic data (noon report specifying vessel’s voyage progress), evaluates that data against pre-programmed rules, and then delivers the recommended decision which is visible to the vessel operator and the bunker buyer.

The software rule engine mimics the manual decision process based on the logic and rules that have been specified by the operations team, while considering current situation reported by the crew. To minimize chance of an error, BunkerPlanner engine relies on two data-transfer models to carry out these decision-making processes:

Backward-chaining based on predefined goals (e.g. minimum/maximum or exact quantity of fuel upon arrival at the port of call; holding new fuel in quarantine for specific number of days)
Forward-chaining considering event condition rules (e.g. if passing the same port twice and future price is better, recommend buying at the later date)

What does your business gain?

Business rules engine enables the team to make decisions faster, while ensuring that all applicable rules are not broken in the process of deciding where, when, and at what price to bunker. The operator does not have to worry whether their decisions are compliant with business rules. The Operations team is able to edit, change or create new rules applicable to the vessel, voyage, or type of cargo. Any changes to the rules are announced clearly and applied in every single circumstance. Every decision proposed by the system is annotated by explanatory message(s) visible to the operator, so there is no confusion because any particular decision has been reached.

Shifting from manual decision management provides a huge operational advantage and assures error-free decisions. According to the shipping operations experts, many organizations underestimate the efficiencies they can gain by taking the decisions out of the hands of people. Typical organizations frequently struggle to assure consistent application of rules at all the times and in all processes that involve complex, rules-based decisions. As a result, the organization loses efficiency and often loses money.

If you are interested taking better business and operations decisions affecting your fleet and your voyages, the BunkerMetric team is available to perform a hands-on trial with your team. We are here to help you evolve your decision-making process from good to great.

Photo credit: BunkerMetric
Published: 26 January, 2022

Events

Singapore: PS Energy Group unveils new brand identity and moves to a new office

The group including its inland and marine bunkering units PS Energy Pte Ltd and CNC Petroleum Pte Ltd has underwent rebranding and moved to JTC Summit.

Published

5 hours ago

October 4, 2023

Admin

Last mile fuel distribution company PS Energy Group, including its inland and coastal and marine bunkering units, PS Energy Pte Ltd and CNC Petroleum Pte Ltd, has introduced a fresh brand identity learns Manifold Times.

The firm has unveiled its new company logos and branding that reflects its remarkable transformation as a company.

“Over the past few months, we have been working hard to create a new visual identity that truly captures the essence of who we are as a company which we hope will resonate, inspire trust, and build meaningful connections with our customers,” Sean Chua, Managing Director told Singapore-based bunkering publication Manifold Times.

“Our new logo embodies the core values and aspirations that have guided us throughout our journey, while incorporating elements that represent our vision and direction for the future. With its circular shape, the new logo depicts an entity in motion and embodies PS Energy Group’s agility, focus on innovation, and accessibility.”

The firm’s updated branding encompasses a comprehensive visual identity system that is now being integrated across all its assets and communication channels, including its inland and marine fleet, website, and social media platforms.

Besides the new brand identity, the Group has recently moved to a new and improved office space at the JTC Summit in Singapore. The firm said its team spent considerable time and effort in searching for the perfect location that aligned with its vision and values of providing the best service possible to its clients.

“The move represents a significant milestone in our company's journey and marks a new chapter of growth and opportunity. Our new office brings a host of exciting features and amenities that will undoubtedly elevate the overall experience for everyone involved,” according to Sean.

“From spacious workstations and ergonomic furniture to cutting-edge technology and collaborative spaces, we have designed the new office with both functionality and comfort in mind. We believe that this new workspace will foster even greater creativity, productivity, and collaboration among our team members, enabling us to deliver exceptional results and exceed the expectations of our clients.”

PS Energy Group’s new address is as follows:

8 Jurong Town Hall Road
#24-01 The JTC Summit
Singapore 609434

Photo credit: PS Energy Group
Published: 4 October, 2023

Business

Malaysia: Straits Energy proposes to list oil bunkering and shipping segment on Nasdaq

In a filing with Bursa Malaysia, the firm announced its intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange via a public offering.

Published

5 hours ago

October 4, 2023

Admin

Malaysia-listed Straits Energy Resources Berhad on Monday (2 October) announced the company’s intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange in the United States by way of a registered public offering.

In a filing with Bursa Malaysia, the firm said it intends to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping related services segment, for the purpose of forming a separate listing group or Spin-Off Group suitable for the listing on NASDAQ.

“It is envisaged that these subsidiaries to be comprised in the Spin-off Group will continue to remain as

subsidiaries of Straits upon the completion of the Proposed Listing,” the company said.

Straits Energy added it will make a detailed announcement in relation to the proposed listing in due course, once the board of directors has finalised and approved the terms and structure of the exercise.

It said the listing would enable the Spin-Off Group to gain recognition and corporate stature through the listing status of its own on NASDAQ.

The company added the listing would further enhance its corporate reputation and profile which will be conducive in expanding its customer base whilst allowing the Spin-Off Group to expand and establish its global presence.

The proposed listing would also enable the Spin-Off Group to gain access to the capital market in the United States for capital raising and to provide the Spin-Off Group with financial flexibility for future expansion and growth.

It will also unlock shareholders' value in the oil bunkering and shipping related services and provide transparent valuation benchmark for the same on NASDAQ, it added.

Manifold Times previously reported marine fuel logistics firm CBL International Limited (CBL International), an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd announced it would be listed on Nasdaq.

Later, Manifold Times did an exclusive interview with Banle Group who shared insights on the successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market

Photo credit: Straits Energy Resources Berhad
Published: 4 October, 2023

Employment

VPS announces new appointments for key positions

Andrew Morton has been appointed to the role of Managing Director AMEA while Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships.

Published

5 hours ago

October 4, 2023

Admin

VPS announces new appointments for key positions

Marine fuels testing company VPS on Tuesday (3 October) announced the appointment of Andrew Morton to the role of Managing Director AMEA (Asia, Middle East and Africa).

In this role, Andrew will apply his experience and knowledge to lead the delivery of VPS services to these important and growing regions. He joins VPS having spent the last 17 years working in the oil and gas industry, most recently with TotalEnergies in various positions and countries.

These included technical, commercial, management, mergers and acquisitions and most recently the New Energies space, including renewable energy, biogas and fuels, hydrogen and LNG. He has a BSc (Hons) in Chemistry and started his career in research and development in the lubricants industry for Fuchs.

Dr. Malcolm Cooper, VPS CEO, stated “We are delighted to welcome Andrew on board as our MD AMEA. His background and experience will be helpful in supporting our customers in these important Regions, particularly in the rapidly developing decarbonisation space.”

Andrew Morton, said: “I am delighted to join VPS and the team and take over the role of Managing Director - Asia, Middle East and Africa. It is a privilege to join the global market leader and to manage a zone where the maritime industry is growing. I look forward to working with the various companies and associations across the industry to help them with their decarbonisation journey.”

VPS also announced that Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships. In this role, Rahul will use his network to enhance and further develop relationships with customers and operators from across the shipping ecosystem to help VPS support their decarbonisation journey.

Dr. Malcolm Cooper, VPS CEO, stated “Captain Rahul is well-known across the Maritime sector and he has been the figurehead for VPS Asia and the Middle East for many years. He has been instrumental in many developments within VPS and across the shipping industry, making significant contributions to developments through a wide range of Committees and organisations.”

“His new role will enable him to focus more on our external relationships, which are of growing importance as we aim to support the shipping sector on it’s decarbonisation journey. We in VPS are very proud of Rahul’s achievements to date and we know there will be more to come.”

Rahul, said: “I am looking forward to this new opportunity. This role will allow me to use my experience and close relationships to strengthen, build and develop the industry partnerships needed to deliver new decarbonisation solutions offered by VPS. My work with industry associations allows a greater professional engagement with stakeholders to take the industry forward in challenging times”.

Photo credit: VPS
Published: 4 October, 2023