Connect with us

Business

Kenoil Marine Services and DBS complete first live transaction on Singapore Trade Data Exchange (SGTraDex)

‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.

Admin

Published

on

5

Singapore-based financial services group DBS on Wednesday (1 June) said it has completed its first live transaction on the Singapore Trade Data Exchange (SGTraDex) – a digital data exchange that facilitates trusted and secure sharing of data between supply chain ecosystem partners. 

The transaction was done by way of an electronic bunker delivery note (BDN).

The maiden transaction was completed with leading bunker player Kenoil Marine Services (Kenoil), in collaboration with mass flow meter data logger service provider Brightree. 

By digitalising the bunker delivery note, DBS, Kenoil and its counterparties are able to ascertain the trade data at source to validate the transaction details in a timely manner. This fosters greater trust and transparency across the trade ecosystem, according to DBS.

The objective is to provide bunker players faster access to working capital and enhance their cash flow management, while providing a trusted and secure environment for banks and participants operating in the ecosystem.

Kenoil Marine Services and DBS complete first live transaction on Singapore Trade Data Exchange (SGTraDex)

Sriram Muthukrishnan, Group Head of Product Management of Global Transaction Services, DBS, said, “Access to secure, trusted and real-time data will support the long-term growth of trade and trade finance. With the digitalisation of the bunker delivery note, financing and payment for the underlying trade can be completed efficiently and on a near immediate basis.”

“Furthermore, the risk of fraudulent manipulation is mitigated as banks and fellow industry partners are now able to ascertain the trade data at source. This helps provide greater transparency and comfort regarding the genuineness of trade. 

“With the successful completion of the first live transaction, we look forward to partnering SGTraDex to support more businesses to digitalise their workflows to enhance supply chain efficiency and transparency, and reinforce Singapore’s position as a global trade hub.”

Desmond Chong, Managing Director, Kenoil Marine Services, said, “We managed to conduct our first live transactions with the financing bank ever since SGTraDex went live on 29 April with their Alpha release. Our vessels are equipped with the hardware connectivity pack and cloud infrastructure to support the seamless data flow from the mass flow meter to the tablet and eventually on SGTraDex platform.

“Being onboard as a participant of Use Case C: Bunker Optimisation, Kenoil not only experienced the time and cost savings by using the platform (i.e. eliminating of double entry and manual work), increased efficiency and productivity in terms of process flow, but most importantly having the access to a faster working capital.”

“It is a pivotal step towards digital transformation in the bunkering industry. With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain.”

Antoine Cadoux, Chief Executive Officer, SGTraDex, said, “We congratulate DBS and Kenoil on their first live transaction on SGTraDex. Both parties have been instrumental in helping us develop a use case for the bunkering sector and we hope the benefits they have achieved and continue to enjoy will encourage other ecosystem partners to come onboard. SGTraDex offers a range of value to all our participants and small and medium sized enterprises, in particular, will be able to digitalise their operations at a lower cost by leveraging our open, interoperable and secure infrastructure.”

In addition to this first transaction, DBS has also completed a subsequent live transaction with TFG Marine.

In July 2021, DBS successfully completed Singapore’s first live bunker delivery financing pilot transaction by way of an electronic bunker delivery note. This was done in partnership with TFG Marine, Ocean Network Express and Ascenz, with the support of the Maritime and Port Authority of Singapore.

Related: Singapore: Players complete first ‘live’ bunker delivery financing pilot with eBDN

Photo credit: Kenoil Marine Services
Published: 2 June, 2022

Continue Reading

Project

Poland: ORLEN to strengthen position in bunker fuels sector with new oil terminal

With the terminal’s commissioning, the company plans to introduce a bunkering vessel to service the Tri-City ports with conventional marine fuels and biofuels.

Admin

Published

on

By

ORLEN oil terminals

Polish multinational oil refiner ORLEN Group on Wednesday (12 June) said it is solidifying its presence in the marine fuels market with the construction of a new oil terminal that is scheduled for completion by the second half of 2025.

Construction of the Martwa Wisła terminal, located on the Martwa Wisła river, has already exceeded 70%.

The Martwa Wisła terminal will enhance the logistics capabilities of the Gdańsk refinery, allowing for the transshipment of approximately 2 million tonnes of fuel products annually.

The first four loading arms have already arrived at the construction site and the remaining four loading arms are slated for delivery by the end of June. The devices, with a throughput capacity of up to 500m³/h, will be used at transshipment points to load tankers.

With the terminal's commissioning, the company plans to introduce a bunkering vessel to service the Tri-City ports (Gdańsk, Gdynia, Sopot) with conventional fuels and biofuels.

For over 20 years, the Group has been supplying quality marine fuels to all Polish seaports. Its refinery product portfolio encompasses a wide range of fuels that guarantee quality and strict compliance with regulations, including MGO (DMA 0.1%S), ULSFO (RMD80 0.1% S) and LNG, which will in the near future be complemented with ‘green’ alternatives.

All marine fuels offered by ORLEN comply with the international ISO 8217:2017 standard and meet the requirements of the MARPOL Convention.

 

Photo credit: ORLEN Group
Published: 14 June 2024

Continue Reading

Business

Australia: Crew of bunker tanker “Champion 63” to strike following employer’s refusal to negotiate

‘BP has decided they can’t pay industry standards in Brisbane and want to keep their workers’ wages low,’ states MUA spokesman.

Admin

Published

on

By

Champion 63

The crew of Champion 63, a 2022-built Australia-registered bunker tanker with home port of Brisbane, is set to go on strike after bargaining for a new enterprise agreement has stalled, stated the Maritime Union of Australia (MUA) on Wednesday (12 June).

Members of the Australian Maritime Officers Union, the Australian Institute of Marine and Power Engineers, and MUA voted up protected industrial action on 11 June 2024.

The crews have been trying to formalise their employment conditions with ASP Ship Management since the bunkering operations commenced in February 2023. It took ASP approximately six months to issue the Notice of Employee Representational Rights (NERR) and start bargaining.

0baae86a 481a 4ed3 b50f 19c954117e7a

“The crew of the new bunker barge on the Brisbane River and the maritime unions bent over backwards to make this vessel work,” said MUA Assistant Branch Secretary Paul Gallagher.

“Including low wages, excessive hours and a roster that does not allow crew to take leave. 18 months down the track when it comes time for BP to reward their crew and pay industry standards what do they do? They deny them fair wages, a workable roster and threaten their back pay!”

The AMOU filed a bargaining dispute after ASP refused to take their claim for a roster that does not demand that crews work every weekend seriously.

“Having to work every weekend because ASP does not have suitable relief arrangements is unacceptable,” said AMOU Industrial Officer Tracey Ellis.

“Crews have a right to be rostered time off to spend with their family. Waiting for ASP to fix the issue did not work, filing a Bargaining Dispute in the Fair Work Commission did not work, so the crews will take protected industrial action until their concerns are taken seriously.”

The crews onboard the Champion 63 voted up an unlimited number of stoppages of work of between one hour and 48 hours.

Gallagher added that, “the Maritime unions will not tolerate the big multinational fuel barons of this world undermining the Australian maritime wages and conditions of seven local mariners who are trying their best to support our own local shipping and Cruise Ship industry. If your cruise holiday gets delayed it is because, after recording over $40 billion profit in last two years, BP has decided they can’t pay industry standards in Brisbane and want to keep their workers’ wages low.”

 

Photo credit: Maritime Union of Australia
Published: 13 June 2024

 

Continue Reading

Additives

Infineum releases Sustainability Report 2023 outlining its sustainability progress

Infineum celebrates 25 years of operations and looks forward to the next 25 years of progress towards its net zero ambition by 2050, says CEO.

Admin

Published

on

By

Press release Infineum remains focused on our purpose to become a sustainable world class specialty chemicals company

Infineum, a specialty chemicals company headquartered in the UK, on Thursday (13 June) released its fourth annual Sustainability Report, reinforcing its purpose to create a sustainable future through innovative chemistry.

Aligned with the company’s strategic plan to achieve its vision and purpose, Infineum announces:

Publication of its Sustainability Report 2023 (Sustainability.Infineum.com), which outlines the efforts and progress that the company has achieved through the year, including:

  • Championing of Diversity, Equity & Inclusion (DE&I) throughout the organisation
  • Achievement of 28% of colleagues volunteering, surpassing its 2025 target of 25%
  • Increased share of relevant supplier spends covered by sustainability assessments to 62%

Launch of revamped corporate website (www.Infineum.com) to better represent Infineum as a specialty chemicals company, showcasing Infineum’s existing capabilities, as well as diversification in the new markets

The joint venture, formed in 1999 between Shell and Exxon Mobil, celebrates its 25th anniversary this year and recently shared its restructure strategy to two business units, Sustainable Transportation and Energy Applications.

“As Infineum celebrates 25 years of operations and we look forward to the next 25 years of progress towards our net zero ambition by 2050, I am pleased to share our fourth annual sustainability report,” says Infineum CEO Aldo Govi.

“This is a journey and we have made excellent progress, but improvement will not always be linear, especially when set against the backdrop of a challenging external environment, but our purpose of creating a sustainable future through innovative chemistry, continues to drive us forward.

“We remain focused on our vision to become a sustainable world-class specialty chemicals company. Sustainability was at the core of reshaping Infineum to better enable us to contribute to sustainable mobility and the transition to a low-carbon economy.”

 

Photo credit: Infineum
Published: 13 June 2024

Continue Reading
Advertisement
  • v4Helmsman Gif Banner 01
  • EMF banner 400x330 slogan
  • SBF2
  • Aderco advert 400x330 1
  • Consort advertisement v2
  • RE 05 Lighthouse GIF

OUR INDUSTRY PARTNERS

  • SEAOIL 3+5 GIF
  • 102Meth Logo GIF copy
  • Triton Bunkering advertisement v2
  • HL 2022 adv v1
  • Singfar advertisement final


  • Synergy Asia Bunkering logo MT
  • Auramarine 01
  • metcore
  • Cathay Marine Fuel Oil Trading logo
  • Uni Fuels logo advertisement white background
  • Victory Logo
  • E Marine logo
  • MFA logo v2
  • Central Star logo
  • Golden Island logo square
  • Advert Shipping Manifold resized1
  • Headway Manifold
  • 400x330 v2 copy
  • VPS 2021 advertisement

Trending