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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.

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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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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

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Editor's note: The following article was edited on 4 March 2023 to correct PTP press release's description of CMA CGM Monaco.

Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership a 2024-built vehicle carrier operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

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Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

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Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

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