Digital platform

DNV FuelBoss coverage expands to include conventional bunker fuels, whitelisting by MPA in process

Development to introduce e-BDN equivalent systems for Singapore’s bunkering sector will likely result in about USD 50 million in savings when considering the annual bunker volume at the republic.

Published

8 months ago

February 22, 2024

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Classification society DNV’s digital bunkering delivery platform FuelBoss has recently expanded operations to include conventional bunker fuels, learned Singapore bunkering publication Manifold Times.

To date, the independent platform has started facilitating conventional marine fuel deliveries in Europe and is in the process of being whitelisted by the Maritime and Port Authority of Singapore (MPA).

The Port of Singapore, under the purview of MPA, is planning to make digital bunkering a mandatory requirement by end of 2024 through the introduction of e-BDNs within marine fuel transactions.

The development to introduce e-BDN equivalent systems to boost efficiency and transparency for Singapore’s bunkering sector will likely result in savings of USD 1 for every metric tonne of bunker fuel, or about USD 50 million when considering the annual bunker volume at the republic, believes Martin Wold, Head of FuelBoss at DNV.

“FuelBoss acts as an independent, one-stop shop for digital delivery. With FuelBoss and DNV, our customers can be sure they get a future proof solution and trusted partner in terms of handling all types of marine fuels and managing the energy transition by a truly independent service provider,” said Wold.

“We know by experience that new fuels bring additional operational and commercial complexity along with new requirements along the supply chain. Flexibility and scalability are key in solving these requirements, which is built into the very core of our platform.

“Many people ask what the value and return on investment is for digitalisation, and we at FuelBoss tell them it is immediate.

“The value of digitalisation far exceeds the fees of being charged on the systems and in FuelBoss’ case we already have multiple studies proving bunker suppliers can save roughly USD 1 pmt (per metric tonne) for every delivery.

“This is mainly due to increased utilisation of bunker tankers from time saved through the elimination of manual data entry, reduced cost of capital from timely and verifiable documentation, and more time-efficient back-office processing.”

FuelBoss operational page

Overcoming digital pain points

The introduction of e-BDN will result in the bunkering industry adopting to new ways of working. Disruption, however, could be kept to a minimum with the right solution, according to Wold.

“Introducing new ways of working is always challenging. Hence, what is so important when driving digitalisation is having the user in mind to make life onboard bunker vessels easier,” he explains, highlighting the user-friendliness and intuitiveness of FuelBoss.

Wold notes user feedback has shown the solution requires minimal training – just a 30-minute introduction before actual implementation (for bunker crew and receiving vessel).

“This is why we put a lot of effort into having FuelBoss mirror the behaviour of using apps on a phone to complete everyday tasks [i.e. ordering food, transportation] so as to build a smooth user experience.”

Data integration – A common void of bunker suppliers

Experience from speaking with several bunker suppliers, meanwhile, has taught Wold of a common void typically found in bunker suppliers. This is where the importance of engaging a solution with good data integration for enterprise resource planning (ERP) suites come into play.

“From what we have seen almost every supplier has a gap in their IT system set-ups,” he shares.

“On the front end, they have good systems for quotations, enquiries, order confirmations and so on. They also have good systems in the back end for handling invoicing, finance, and risk management.

“However, there is always a gap in the middle for the bunker delivery phase. Lacking digital systems, suppliers use tools like spreadsheets, PDFs and pen and paper; this is the gap FuelBoss fills – to link the front and back ends of a bunker transaction together.”

MFM on bunker tanker

FuelBoss and Veracity link up

Speaking of integration, Wold points out that eBDNs, and their corresponding emissions values, can be further linked between FuelBoss and DNV’s Veracity – an independent industry platform tracking operational vessel data (OVD) of over 35,000 vessels – to enhance overall value proposition for bunker suppliers to clients.

“The marine fuel delivered by suppliers can be supplemented with data points on carbon intensity and emission certificates,” he states.

“These data points will be important for emissions reporting, and it makes sense to integrate them into Veracity to enable the full automation that we see many shipowners are looking for.

“Bunker suppliers using FuelBoss can actually help enable that for their customers.”

Security and trust – Core values of DNV

Moving forward, Wold notes that standardisation and cyber security are important values for achieving robust digital ecosystems.

“Security is a top priority of DNV. We are one of the largest providers of cyber security services within Europe and we are leveraging inhouse expertise for FuelBoss,” he says.

“Most importantly, DNV is an independent classification society trusted for 160 years. Our core value resonates well with the direction the bunker industry is now taking, where digitalisation is one of first steps towards increased transparency and accountability.”

To date, FuelBoss has completed more than 2,500 liquefied natural gas (LNG) bunker deliveries across Europe, US and Asia, and has recently expanded operations to include conventional fuels.

DNV has since partnered with a local player in Singapore to adapt and roll out FuelBoss on board their bunker vessel. Bunkering trials using the digital tool are expected to take place soon.

“The expansion of FuelBoss to cover all marine fuels comes at a timely juncture ahead of MPA’s mandate for e-BDNs by the end of 2024,” explains Wold.

“With a proven track record for FuelBoss in other regions, we are both eager and humble to work with and learn from the stakeholders in Singapore, to reap the benefits of digitalisation and support the transition towards a multi-fuel future.

Photo credit: DNV
Published: 22 February 2024

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FuelBoss to continue under new DNV company Ofiniti

‘At Ofiniti, we will continue our dedication to digitalizing bunker operations for all marine fuels through our FuelBoss platform,’ says Martin Christian Wold, the firm’s new CEO.

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FuelBoss to continue under new DNV company Ofiniti

Digital bunkering delivery platform FuelBoss, which was established by classification society DNV, will continue to operate under a new company name, Ofiniti.

Martin Christian Wold, in a social media post on Monday (7 October), said he is stepping into the role of CEO at Ofiniti, a newly established company born from a spinout of DNV.

“This marks a significant milestone in a journey that began five years ago, with the conception of an industry platform for LNG bunkering,” he said.

“At Ofiniti, we will continue our dedication to digitalizing bunker operations for all marine fuels through our FuelBoss platform, and I’m incredibly proud of the strong team that will be joining me on this exciting venture.”

“Under this new home, we will continue and grow our FuelBoss platform for digital bunker deliveries and eBDNs.”

Manifold Times previously reported FuelBoss – initially focusing on LNG bunkering operations – expanded operations to include conventional bunker fuels.

Photo credit: Ofiniti
Published: 8 October, 2024

Digital platform

AuctionConnect: Buyers must embrace online auction technology to reduce bunker costs

Bunker buyers can utilise bunkering procurement technologies that simplify the complexities of traditional price negotiation, increase transparency and reduce the cost of procurement, says firm.

Published

1 day ago

October 8, 2024

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AuctionConnect: Buyers must embrace online auction technology to reduce bunker costs

Reducing the cost of fuel ‘at source’ needs to be included and considered as the first part of the optimisation process to mitigate against rising fuel costs, said AuctionConnect, an online auction platform for bunker procurement within the shipping industry, on Monday (7 October).

This is even more important given the significant increase in the cost of future fuels that will drive the energy transition and enable the shipping industry to meet its decarbonisation targets.

Most procurement departments purchase marine fuels via brokers, traders or direct with suppliers. However, there is also the opportunity to utilise bunkering procurement technologies, available today and free-to-use, that simplify the complexities of traditional price negotiation, increase transparency and reduce the cost of procurement by always ensuring that fuel buyers get the best possible price.

Platforms like AuctionConnect enable buyers to invite multiple fuel suppliers to bid against each other in reverse auctions and drive bunker fuel prices down below Platts’ rates. Buyers can make substantial savings on each tonne of fuel they purchase, depending on the circumstances in the market and the specific bunkering port.

With future fuels being a key element of meeting the shipping industry’s decarbonisation targets by 2050, there is increasing concern in the market of the high cost of these fuels, which could be as much as five times more expensive in 2030 than fossil fuels. This could become a significant barrier to their development and uptake and impact the meeting of shipping’s sustainability ambitions.

Many vessel owners’ immediate response to this challenge is to invest in clean technology and efficiency solutions. While they are an important part of the decarbonisation process and in reducing fuel costs, they are also a significant capital investment on top of the increased costs of future fuels. Online auctions offer an easy and low-cost way for buyers to reduce fuel bills even before they consider the hardware or technology to improve energy and fuel efficiency.

Per Funch-Nielsen, Director, AuctionConnect, said: “Ship owners and operators are already familiar with the importance of using clean technology to reduce fuel consumption to mitigate against rising fuel costs, particularly in a future fuels’ world,

“Purchasing departments within these organisations now need to change their mindset in relation to fuel procurement and seize the opportunity of reducing the cost of fuel at source, which they should view as the first part of the vessel optimisation process. While the traditional elements of bunkering will always exist in the relationship between buyers and suppliers, the opportunities of digitalising and using technology for transactions are huge in creating efficiencies, transparency and reducing costs.”

AuctionConnect analysed 1.3 million tonnes fixed on the platform across a range of global ports over an 18-month period against a Platts benchmark, identifying total cost savings of USD 7 per tonne. In a future fuels’ world, this opportunity for cost saving is greater and even more important with the rising costs of fuel.

Funch-Nielsen concludes: “With fuel already the major constituent part of an owner’s operational costs, it is clear that any reduction in these bills is commercially critical, no matter the fuel being used. With fuel costs only rising over the coming years in line with the energy transition, reducing fuel costs, by stripping complexity out of price negotiations and increasing their transparency will be of huge value to owners and operators in an increasingly complex supply chain.”

Photo credit: AuctionConnect
Published: 8 October, 2024

Digital platform

StormGeo markets Bunker Management module at Singapore event

‘Unlike many traditional systems that only focus on fuel procurement or basic monitoring, StormGeo integrates environmental data with predictive models to help operators make smarter, proactive decisions,’ spokeswoman tells Manifold Times.

Published

3 weeks ago

September 18, 2024

Admin

StormGeo markets Bunker Management module at Singapore event

StormGeo, the industry leader in weather intelligence and ship routing services, on 10 September introduced its new Bunker Management module at the DNV Technology Center in Singapore.

The bunker management solution, first launched in February, is designed to assist shipping companies, particularly operators and bunker buyers, in navigating the complex maritime regulatory environment by streamlining planning and procurement processes.

“StormGeo's bunker management solution stands out by combining real-time data, advanced AI, and comprehensive fuel performance analytics to give a full transparent overview of our clients bunker management,” Julie Nielsen, Global Head of Bunker Sales, told Manifold Times.

“Unlike many traditional systems that only focus on fuel procurement or basic monitoring, StormGeo integrates environmental data with predictive models to help operators make smarter, proactive decisions.

“This not only reduces fuel consumption but also minimizes emissions as well as cutting cost by making the right bunker planning as well as having the real market data by hand when ordering bunkers, which aligns with sustainability targets and regulatory requirements.”

According to Nielsen, the new Bunker Management module seamlessly integrates into StormGeo’s existing s-Insight platform, offering clients a unified system for fleet and voyage optimisation.

The module connects with the company’s current routing and performance systems, allowing clients to track fuel usage, predict optimal routes, and benchmark performance in real-time.

The holistic approach ensures more efficient operations, lower operational costs, and improved environmental compliance, making it a key differentiator in the market and a key tool to optimise the largest cost on the OPEX.

“Shipping firms should adopt StormGeo's Digital Bunker Management platform because it delivers a comprehensive approach to fuel management that drives the largest cost on their OPEX, as well as optimising cost and time, as well as compliance with environmental regulations,” she added.

“The platform provides real-time visibility into fuel consumption, planning, procurement, and emissions, enabling shipping companies to make informed decisions that optimise their operations.

“Further by having a one-stop-shop solution for all your software solutions, is key to transparency and avoiding too much complexity.

“StormGeo’s continuous innovation and commitment to sustainability make it an essential partner for companies looking to future-proof their operations in a rapidly evolving maritime landscape.”

Photos from the event can be found below: