Alternative Fuels

KPI OceanConnect, Deloitte and ZTLment partner on using blockchain in shipping value chain

Inclusion of blockchain technology on digital platform for marine energy trading, allows platform to link the flow of purchasing marine fuels and carbon offsets, amongst others.

Published

2 years ago

July 10, 2023

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Marine energy solutions provider KPI OceanConnect, multinational professional services network Deloitte and payment services provider ZTLment on Friday (7 July) announced a new partnership to incorporate blockchain technology into marine energy trading through the AuctionConnect platform to ensure greater traceability in the value chain and improve maritime sustainability.

The organisations will combine their innovative approaches and expertise at the sixth International Blockchain School hackathon in August 2023 to develop a transparent, sustainable method for carbon offsetting transactions in the shipping industry.

Whatever the agreements reached during the International Maritime Organization’s MEPC 80 discussions, transparency, innovation and the digital technologies that support them will be fundamental to helping the shipping industry manage its carbon footprint and automate payments in the value chain.

As the uptake of carbon credits will increase in both the voluntary and mandatory markets, KPI OceanConnect, Deloitte and ZTLment recognise the need for greater transparency in the value chain. Using blockchain technology to provide an unalterable record of carbon credit transactions, the collaboration aims to restore trust in carbon offsets, and create a reliable and effective picture of emissions reductions. This will help to solve the long-standing challenge of the accuracy and reliability in carbon offsetting claims.

In this partnership, Deloitte brings its wealth of knowledge and large network, while ZTLment brings its platform for moving real money with smart contracts and expertise in developing fully regulated blockchain technology.

For KPI OceanConnect, the initiative reinforces its position as an innovative, transparent and sustainability-driven partner for the shipping industry. The organisation is further enhancing compliance, security and transparency for clients using its marine energy trading platform, AuctionConnect, while also supporting the shipping industry in its alignment with sustainability goals. If the hackathon is successful the solution is expected to be taken to production in the fall of 2023.

Per Funch-Nielsen, Director of AuctionConnect, said: “The shipping industry has a crucial role to play in the global transition to a low-carbon economy, which also means that the industry is seeing a lot of demands from customers, regulators, investors and credit institutions to reduce its climate footprint. The development of green fuels is a viable pathway towards decarbonisation for a sector at the heart of the energy transition.”

“However, many alternative fuels are still in the early stages of development for widespread use in shipping globally. Along with biofuels, an immediate solution to reduce emissions is carbon offsetting. The inclusion of blockchain technology on our world leading digital platform for marine energy trading, allows us to link the flow of purchasing marine fuels and carbon offsets, to provide immutable proof of the transaction, the ownership of the carbon credit and the payment.”

Mads Stolberg-Larsen, Co-founder and CEO at ZTLment, said: “Blockchain technology allows ZTLment to take payments and documentation of carbon credits and connect them on a single infrastructure with full traceability for all parties. My prediction is that carbon credits will be the first value chain in the world to be completely tokenised through blockchain technology, creating a whole new era of reliability and transparency.

“Using smart contracts technology, we can create a direct link between the flow of funds, the fuels and the carbon credits that have been purchased. KPI OceanConnect’s clients will complete a normal bank transfer, where the money is uploaded to the blockchain and automatically distributed to the various suppliers. If the fuel buyer doesn’t have a blockchain address, they simply download a certified document from the AuctionConnect platform, which references all the underlying blockchain transactions.”

Rasmus Winther Mølbjerg, Director at Deloitte, said: “We see huge potential for blockchain technology to accelerate the green transition. Strategic partnerships like ours with KPI OceanConnect and ZTLment are the way forward. Blockchain technology has enormous potential to create trust and transparency in the green economy.”

“That’s why companies need to come together to implement robust procedures for issuing, tracking and retiring carbon credits to ensure accountability throughout the entire trading process. Applying systemic trust and transparency in the digital era has never been more important.”

Photo credit: KPI OceanConnect
Published: 10 July, 2023

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China: Ningbo Zhoushan Port completes first LNG bunkering operation for 2025

Bunkering vessel “Hai Yang Shi You 302” supplied more than 10,000 cubic metres of LNG bunker fuel to containership “MSC Adya” at the Ningbo-Zhoushan Port port on 5 January.

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China: Ningbo Zhoushan Port completes first LNG bunkering operation for 2025

Zhejiang Pilot Free Trade Zone Zhoushan Area on Wednesday (8 January) said Ningbo-Zhoushan Port successfully completed its first LNG bunkering operation for the year.

Bunkering vessel Hai Yang Shi You 302 supplied more than 10,000 cubic metres (m3) of LNG bunker fuel to containership MSC Adya at the port on 5 January.

Zhejiang Seaport International Trading, the bunker supplier for the operation, successfully obtained the Zhoushan Anchorage LNG bunkering licence in June 2024, extending refuelling services from dock to sea.

The company’s services cover Meishan, Chuanshan, Daxie and other port areas.

As China's first river-sea LNG transport and bunkering ship, Hai Yang Shi You is currently placed permanently at Ningbo Zhoushan Port, providing a variety of bunkering methods such as ship-to-ship and ship-to-shore.

Zhejiang Seaport International Trading will continue to expand the scope of bonded LNG bunkering operations and new alternative fuels such as green methanol, ammonia and biofuels in the Zhoushan Area.

Photo credit: Zhejiang Pilot Free Trade Zone Zhoushan Area
Published: 10 January, 2025

Nuclear

VARD and partners team up to explore nuclear propulsion for shipping

Project, which involves Knutsen Tankers and DNV, will evaluate fourth-generation nuclear reactor technologies for their viability in commercial shipping applications.

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January 10, 2025

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VARD and partners team up in project to explore nuclear propulsion for shipping

Norway-based shipbuilder VARD on Friday (3 January) said it has partnered with the Norwegian University of Science and Technology in Ålesund, Norway and other key stakeholders in the NuProShip I project, which explores nuclear propulsion for the maritime sector.

NuProShip, short for "Nuclear Propulsion in Shipping," will evaluate fourth-generation nuclear reactor technologies for their viability in commercial shipping applications.

In this project, an extensive assessment of 99 companies developing advanced reactor technologies led to the selection of three promising reactor types:

Kairos Power (USA): Fluoride high-temperature molten salt reactor using Tri-structural Isotropic (TRISO) fuel particles, designed for robust and efficient operation.
Ultrasafe (USA): Helium-cooled gas reactor, also employing TRISO fuel particles, known for their resilience and safety in extreme conditions.
Blykalla (Sweden): Lead-cooled reactor concept utilizing uranium oxide as fuel, offering high efficiency with advanced cooling mechanisms.

VARD said TRISO fuel particles, noted for their durability and containment properties, play a crucial role in two of these reactor types.

“TRISO technology in fact, is renowned as one of the most resilient nuclear fuel types available today,” it added.

Alongside VARD, the NuProShip project is supported by other partners, including DNV, the Norwegian Maritime Administration, ship owner Knutsen Tankers, and the Spanish nuclear consultancy IDOM.

VARD’s primary contribution involves integrating these reactor systems into various vessel types, assessing the technical challenges to enable the future commercial use of nuclear-powered ships.

Photo credit: VARD
Published: 10 January, 2025

Bunker Fuel

Singapore: KPI OceanConnect, partners deliver first renewable diesel to cruise industry

Delivery of bunker fuel from Neste was made at Singapore Cruise Terminal, with the fuel sourced from Vopak Penjuru Terminal and transported to a cruise ship via barge “Maple”, operated by Global Energy.

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4 days ago

January 9, 2025

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Singapore: KPI OceanConnect, partners deliver first renewable diesel to cruise industry

Global provider of marine energy solutions KPI OceanConnect on Wednesday (8 January) said it partnered with Neste and Global Energy on the first successful delivery of renewable diesel, also known as HVO100, for the cruise industry in Singapore.

The landmark delivery of Neste MY Renewable Diesel™ took place in November 2024 and marked a significant milestone for the Asia-Pacific marine sector.

Neste MY Renewable Diesel™ is made from 100% renewable raw materials and is a direct replacement for fossil diesel, helping the industry meet its sustainability goals.

The use of this renewable diesel can result in up to 90% greenhouse gas (GHG) emissions reduction over its lifecycle compared to fossil diesel.

The fuel is a drop-in solution and is suitable for all diesel-powered engines without the need for additional investment or modification to engines or fuel infrastructure.

The delivery of renewable diesel from Neste was made at the Singapore Cruise Terminal, with the fuel sourced from Vopak Penjuru Terminal and transported to the cruise ship via bunker barge Maple, operated by Global Energy.

KPI OceanConnect facilitated the successful delivery of the renewable diesel, working closely with the vessel's technical team to ensure engine compliance. KPI OceanConnect collaborated with Neste to source the fuel and with Global Energy for operational agreements in Singapore waters.

Ee Pin Lee, Head of Commercial APAC, Renewable Products at Neste, said: "This first supply of Neste MY Renewable Diesel to the marine sector in Asia-Pacific is a significant milestone and demonstrates the versatility of the product across a wide range of applications where it can replace fossil diesel. It is an effective solution for enabling the marine sector to be more sustainable."

Chow Munee, Group Business Manager, Global Energy, added: “Partnering with Neste and KPI OceanConnect to supply renewable diesel to the marine sector in Singapore is an important step in helping our clients reduce their environmental impact. By providing seamless and reliable delivery of HVO, we are supporting the industry’s transition without compromising operational efficiency. We’re proud to play a role in driving these crucial efforts within the maritime sector.”

Jesper Sørensen, Head of Alternative Fuels and Carbon Markets at KPI OceanConnect, said: “We are proud to be industry first movers in sourcing and delivering HVO for our clients, helping them reduce their carbon footprint and achieve their environmental goals. By working closely with Neste and Global Energy, we were able to offer high-quality biofuel to our client, laying the groundwork for further fuel uptake and decarbonisation progress. This successful delivery is a testament to how partnerships can help advance the industry’s green transition.”

Photo credit: KPI OceanConnect
Published: 9 January, 2025