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COSCO Shipping uses GSBN blockchain tech for bio bunker fuel procurement

GSBN leverages its blockchain-enabled network to establish linkage between PoS Certificate, which documents purchase of biofuel by the carrier, and Green Certificates issued to corporations.

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China: Cosco Shipping and bp to explore collaboration into methanol bunker fuel

Not-for-profit consortium Global Shipping Business Network (GSBN) on Tuesday (2 April) said it has completed a pilot with COSCO Shipping (COSCO) to issue traceable and verifiable green certificates powered by blockchain technology.

As global shippers step up to their corporate responsibility of safeguarding the environment, corporations have started to pay a green premium on biofuel usage in exchange for Greenhouse Gas (GHG) reduction claims or Green Certificates. 

To increase traceability and verifiability, COSCO has partnered with GSBN, an established neutral party in the shipping industry, to launch its Hi ECO blockchain-based shipping product. 

GSBN leverages its blockchain-enabled network to establish linkage between the Proof of Sustainability (PoS) Certificate, which documents the purchase of biofuel by the carrier, and Green Certificates issued to corporations. 

This connection guarantees that each Green Certificate corresponds to an actual purchase of biofuel, instilling confidence in the marketplace. Furthermore, the technology enables easy verification through attestation, allowing stakeholders to validate the veracity of the claims. This enhances credibility and establishes a foundation of trust among all participants involved in the shipping process.

Establishing a connection between the Proof of Sustainability and the Green Certificate is merely the first step. The ultimate goal is to document the entire biofuel procurement process, from its source to its consumption, on the GSBN blockchain. GSBN’s vision is to create a transparent and continuous chain of custody of biofuels, thereby upholding the integrity of environmental claims linked to biofuel.

Bertrand Chen, CEO at GSBN, said, “Measuring the impact of decarbonisation requires access to trusted data. The completion of this pilot with COSCO is a positive step towards ensuring that green claims are traceable and verifiable.”

“In doing so, we can create a virtuous cycle in which the value of green shipping can be accounted for to justify investment and further expand green shipping over time. We look forward to working with our members and partners to deploy even more solutions to assist their decarbonisation transition.”

Tang Wei, Strategic Customer Developing & Maintaining Department Manager at COSCO Shipping, said, “The Hi ECO Certificate complements our commitment to reducing emissions throughout the entire Well to WAKE cycle, and underpins the value we aim to provide our customers through green shipping.”

“This pioneering solution has been further guaranteed to be fair and equitable through GSBN which serves as a neutral party and through its blockchain-enabled platform, provides our customers assurance of immutability and traceability.”

 

Photo credit: Cosco Shipping / Global Shipping Business Network
Published: 3 April 2024

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Ammonia

Mitsubishi Shipbuilding ships first ammonia fuel supply system to J-ENG

Company has shipped an ammonia fuel supply system and an ammonia gas abatement system, designed for an ammonia-fuelled marine engine model designed by J-ENG.

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Mitsubishi Shipbuilding ships first ammonia fuel supply system to J-ENG

Mitsubishi Shipbuilding Co Ltd, a part of Mitsubishi Heavy Industries (MHI) Group, on Tuesday (24 February) said it has shipped an ammonia fuel supply system (AFSS) and an ammonia gas abatement system (AGAS) for Japan Engine Corporation (J-ENG). 

Both systems are designed for the first ammonia-fuelled marine engine model 7UEC50LSJA-HPSCR manufactured by J-ENG and represent the first units produced by Mitsubishi Shipbuilding. Commissioning work for the systems will begin in due course.

The AFSS supplies ammonia fuel to the engine in a stable and safe manner, while the AGAS safely processes surplus ammonia generated during fuel switching from ammonia to conventional fuel oil. Both systems support remote operation and automatic control through an integrated control system, enhancing operational efficiency and safety.

The early market introduction of these systems will enable onboard verification combining J-ENG’s ammonia fuelled marine engine model 7UEC50LSJA-HPSCR, a first mover in next-generation advanced fueled engines, with Mitsubishi Shipbuilding’s AFSS and AGAS. This combination is expected to further accelerate decarbonization efforts across the maritime industry.

Mitsubishi Shipbuilding will continue strengthening its business structure to meet the growing demand for ammonia-fuelled vessels.

 

Photo credit: Mitsubishi Shipbuilding
Published: 25 February, 2026

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Bunker Fuel Quality

Bunkering, shipping companies unite in self-regulated initiative to solve ARA marine fuel issues

Minerva Bunkering has teamed up with other firms such as Cargill, Hafnia, Mercuria, Trafigura and TFG Marine in solving issues of fuel quantity shortages and quality opacity across marine fuel supply chain in ARA.

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Bunkering, shipping companies unite in self-regulated initiative to solve ARA marine fuel issues

Minerva Bunkering on Wednesday (23 July) said it has teamed up with other shipping and bunkering companies to launch a Bunkering Services Initiative focused on solving the widely reported issues of fuel quantity shortages and fuel quality opacity across the marine fuel supply chain. 

By addressing these market distortions marine fuel buyers can make optimal procurement decisions and suppliers can operate on a level playing field.

Minerva Bunkering said the initiative is voluntary, and participation is welcome from all marine fuel buyers and suppliers who commit to adopting and complying with its standards and governance.

At the outset focused on Amsterdam-Rotterdam-Antwerp (ARA), the world’s second-largest bunkering hub, the initiative represents 20% of ARA market volume comprising several thousand deliveries each year. 

Founding participants include some of the most prominent names in the industry, including Cargill, Frontline, Hafnia, Hapag-Lloyd, Mercuria, Minerva Bunkering, Oldendorff, Trafigura, TFG Marine, Unifeeder, and Vitol, as well as other key players in energy and shipping.

The concept is uniquely designed to be self-regulating, leveraging powerful data-driven insights to monitor participant behaviour and adherence to standards – thereby advancing the objectives of regulatory authorities without requiring their administration.

The initiative defines a new gold standard of technology-enabled bunkering operations, with seamless integration of mass flow meters, digitalised workflows over the blockchain, traceable fuel quality measurements throughout the supply chain, full accounting of quantity balances, and real-time reporting to participants.

To ensure accountability to the initiative’s objectives and standards of operation:

  • Lloyd’s Register has been appointed as the System Auditor, responsible for qualifying participating bunker barges, conducting unannounced physical barge inspections, and verifying compliance with initiative standards and data integrity.
  • ADP Clear Pte Ltd has been appointed as the initiative’s technology provider, facilitating multi-party workflows, real-time reporting, and verifiable performance metrics for all stakeholders.

 

Photo credit: Hafnia
Published: 24 July, 2025

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Alternative Fuels

NYK and Yusen Logistics introduce digital platform for GHG emission management

NYK and YL will use the platform by allocating to platform customers the GHG emission reductions achieved through use of alternative fuels in their ocean, air, and land transport services.

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NYK and Yusen Logistics introduce digital platform for GHG emission management

Japanese shipping firm Nippon Yusen Kabushiki Kaisha (NYK) on Thursday (19 December) introduced a digital platform with Yusen Logistics Co., Ltd. (YL) for managing greenhouse gas (GHG) emission reductions. 

The platform is provided by 123Carbon B.V. (123Carbon), a Netherlands-based startup working on decarbonising the logistics sector. 

NYK and YL, a comprehensive logistics group, will use the platform to support the reduction of Scope 3 GHG emissions by allocating to platform customers the GHG-emission reductions achieved through the use of alternative fuels in their ocean, air, and land transport services and issuing certificates confirming those reductions.

Process for Managing and Allocating GHG-Emission Reductions

NYK

Generates and manages GHG-emission reductions through the use of biofuels in its bulk shipping business, recognises the environmental value of these reductions, then allocates them to YL and issues a certificate of confirmation. The first allocation will be completed on the platform after verification by a third-party certification organisation.

YL

Procures GHG-emission reductions generated by ocean shipping companies like NYK and its airline partners and provides accompanying certificates. Additionally, for land transport, YL will utilise sustainable fuels derived from waste cooking oil and other renewable materials to power its own trucks in some countries and areas, actively creating and managing GHG-emission reductions as a transport operator. A one-stop service on the platform will be officially launched by YL shortly.

Key Features of the Platform

  • Customers can monitor GHG-emission reduction methods and the alternative fuels used to generate the reductions.
  • The management and allocation of GHG-emission reductions are secured using blockchain technology to prevent data tampering.
  • The entire process, from calculating GHG-emission reductions to allocating, is verified by a third-party certification organisation to ensure the platform’s reliability and transparency.

 

Photo credit: NYK
Published: 23 December, 2024

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