Houston-based FuelTrust, a firm which uses AI and blockchain technology to track fuel transactions, profile fuel samples and benchmark vessel performance, on Wednesday (30 March) said it has signed a Memorandum of Understanding (MOU) with the Isle of Man Ship Registry (IOMSR).
IOMSR will use FuelTrust’s fuels and emissions digital technology to validate vessels for the flag’s Green Ship scheme, and to collaborate on further projects to incentivize and enable emissions reductions.
The collaboration and cooperation agreement will enable ship owners and operators registered with the IOMSR to use FuelTrust’s Bunker Insights® product to predict, measure and authenticate their fleets’ emissions reductions.
Under this collaboration, IOMSR will accept FuelTrust’s AI-based validation of a vessel’s performance regarding its emissions and fuel quality programs. This will make vessels using Bunker Insights eligible for IOMSR’s green ship designation, and benefit from discounts or offerings on their annual registration fee.
The Green Ship discount program, which comes into effect on 1 April 2022, is available to operators of cargo ships, commercial yachts or passenger ships that invest in biofuel, alternative fuels, wind, or shore-side energy technology. FuelTrust and IOMSR will collaborate further to explore methodologies for tracking emissions reductions from zero-carbon fuels, among other projects, to reduce GHG emissions.
“The agreement with Isle of Man Ship Registry creates significant opportunity for vessel owners.” said Darren Shelton, Chief Product Officer of FuelTrust. “IOMSR recognizes how advanced technologies such as ours can help its members reduce their carbon emissions, track fuel usage and monitor performance.”
“The advent of low or zero-carbon fuels, each with their own supply chain, is making the bunkering market even more complex. Owners and operators need to demonstrate to charterers, shippers, insurers, financiers and regulators that they are purchasing fuel that delivers against decarbonization targets. Digital technologies are required to ensure shipping companies have a validated analysis of their fuel profile and environmental impact.”
Cameron Mitchell, Director of the Isle of Man Ship Registry, said, “As the world’s first flag state to reduce registration fees for ships deploying green technology, we want to support our members’ efforts by giving them access to the best technology for supporting fuel choice and to manage and monitor vessel emissions for regulatory compliance.”
“Our collaboration with FuelTrust provides Isle of Man-registered ship operators and charterers the insights, expertise and transparency to assess the collective carbon output of their fleets and to manage compliance with emissions regulations.”
FuelTrust’s solutions use its AI Digital Chemist® to simulate combustion on a molecular level to track fuel quality, energy, and emissions profiles.
Related: FuelTrust announces Carbon Baseline to accurately record GHG performance of fleet
Related: FuelTrust: Data shows energy density diff of up to 3% between batches of bunkers
Related: FuelTrust collaborates with BlockApps to upgrade capabilities in TraceCarbon Network
Related: FuelTrust launches Bunker Insights app to deliver transparency in the marine fuel chain
Photo credit: Isle of Man Ship Registry
Published: 1 April, 2022
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