Technology company FuelTrust on Monday (13 September) announced the launch of its Bunker Insights application, designed for shipping fleets and fuel suppliers.
Bunker Insights uses a combination of artificial intelligence and blockchain technologies to establish an unalterable record of fuel transactions and to analyse and identify chemical risks and changes in fuel.
In doing so, the project makes it simple for ship owners and charterers to monitor and manage fuel risk, allowing the industry to adopt more sustainable practices backed by meaningful insights into the fuel lifecycle, says FuelTrust.
With more than 50% of ship operating costs linked to fuel and fuel-related machinery expense, the quality, quantity and compatibility of fuel across its lifecycle play a significant and critical role in determining fleet and voyage profitability.
Increasing pressure to demonstrate ESG compliance and the omnipresent risk of fuel contamination require owners and operators to be more vigilant about the provenance and quality of the fuels they use and to document their fuel supply chains more robustly – than ever before.
CEO of FuelTrust, Jonathan Arneault, commented: “Today we are delighted to be launching Bunker Insights to help ship owners, operators, and marine fuel suppliers, manage a range of fuels risks and outcomes. Bunker Insights offers an independent, transparent and traceable record of the provenance, quality, and emissions of the fuels they use.”
Bunker Insights offers teams the information they need to identify and avoid fuel risks and makes it easier to monitor and manage a cleaner, greener fleet.
By leveraging existing industry-wide standard documentation and commercial information with its patented AI Digital Chemist, FuelTrust provides Bunker Insights users with better intelligence on fuel quantity and quality, machinery compatibility and regulatory compliance. With an overall view of the fuel lifecycle – from well to wake – Bunker Insights provides all transaction parties with an independent assessment of risks.
Key features of the product include:
Tailored to meet the needs of operators and suppliers, Bunker Insights tracks expected and actual emissions from the fuels used and provides a transparent account of regulatory compliance and associated risk. While maintaining an unalterable running ledger of fuel volumes, content, and deliveries for a given vessel, users can monitor and minimise GHG emissions and the risk of fraud in fuel transactions.
Jonathan Arneault, CEO of FuelTrust continued: “We believe that making advanced technology accessible and useful can help create a more transparent and traceable fuel ecosystem. As the world continues to meet the challenge of the energy transition, access to reliable data and insight about the fuel lifecycle will be vital for operators, owners and other key stakeholders across the maritime and energy industries.”
Recognizing the industry’s need for transparency and traceability in the bunker fuel lifecycle, FuelTrust worked with key industry stakeholders and advisors – including Stone Oil and The Isle of Man Ship Registry – to deliver a product ready to bring immediate impact to the market.
Cameron Mitchell, Director IOM Registry notes: “The Isle of Man Ship Registry is committed to maintaining and developing a high-quality fleet.”
“Working collaboratively with FuelTrust on their Bunker Insights solution, that helps establish a clear baseline of vessel compliance with fuel regulations, and aid shipowners in reducing their CO2 emissions, will help foster a global fleet where owners and operators can more confidently meet these high standards.”
Tony Odak, COO of Stone Oil said, “We value safety, efficiency and trust in everything we do for our clients. Reliable documentation of the quality and provenance of the fuel we supply is a key part of this. by partnering with FuelTrust, we’re digitising and extending the ability to trace fuel up and downstream, gaining and giving insight into fuel quality and ESG impacts.
“We’re leveraging FuelTrust to help minimise fuel risk from potential fraud, incompatibility, and environmental costs.”
Photo credit: FuelTrust
Published: 14 September, 2021
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
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