Digital bunkering delivery platform FuelBoss, which was established by classification society DNV, will continue to operate under a new company name, Ofiniti. 

Martin Christian Wold, in a social media post on Monday (7 October), said he is stepping into the role of CEO at Ofiniti, a newly established company born from a spinout of DNV.

“This marks a significant milestone in a journey that began five years ago, with the conception of an industry platform for LNG bunkering,” he said. 

“At Ofiniti, we will continue our dedication to digitalizing bunker operations for all marine fuels through our FuelBoss platform, and I’m incredibly proud of the strong team that will be joining me on this exciting venture.”

“Under this new home, we will continue and grow our FuelBoss platform for digital bunker deliveries and eBDNs.”

Manifold Times previously reported FuelBoss – initially focusing on LNG bunkering operations – expanded operations to include conventional bunker fuels. 

Related: Singapore: DNV FuelBoss and Equatorial Marine Fuel enter digital bunkering MoU
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Related: DNV FuelBoss coverage expands to include conventional bunker fuels, whitelisting by MPA in process
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Related: DNV GL launches ‘FuelBoss’ – an integrated hub for LNG Bunkering

 

Photo credit: Ofiniti
Published: 8 October, 2024

Reducing the cost of fuel ‘at source’ needs to be included and considered as the first part of the optimisation process to mitigate against rising fuel costs, said AuctionConnect, an online auction platform for bunker procurement within the shipping industry, on Monday (7 October). 

This is even more important given the significant increase in the cost of future fuels that will drive the energy transition and enable the shipping industry to meet its decarbonisation targets. 

Most procurement departments purchase marine fuels via brokers, traders or direct with suppliers. However, there is also the opportunity to utilise bunkering procurement technologies, available today and free-to-use, that simplify the complexities of traditional price negotiation, increase transparency and reduce the cost of procurement by always ensuring that fuel buyers get the best possible price. 

Platforms like AuctionConnect enable buyers to invite multiple fuel suppliers to bid against each other in reverse auctions and drive bunker fuel prices down below Platts’ rates. Buyers can make substantial savings on each tonne of fuel they purchase, depending on the circumstances in the market and the specific bunkering port.

With future fuels being a key element of meeting the shipping industry’s decarbonisation targets by 2050, there is increasing concern in the market of the high cost of these fuels, which could be as much as five times more expensive in 2030 than fossil fuels. This could become a significant barrier to their development and uptake and impact the meeting of shipping’s sustainability ambitions. 

Many vessel owners’ immediate response to this challenge is to invest in clean technology and efficiency solutions. While they are an important part of the decarbonisation process and in reducing fuel costs, they are also a significant capital investment on top of the increased costs of future fuels. Online auctions offer an easy and low-cost way for buyers to reduce fuel bills even before they consider the hardware or technology to improve energy and fuel efficiency. 

Per Funch-Nielsen, Director, AuctionConnect, said: “Ship owners and operators are already familiar with the importance of using clean technology to reduce fuel consumption to mitigate against rising fuel costs, particularly in a future fuels’ world, 

“Purchasing departments within these organisations now need to change their mindset in relation to fuel procurement and seize the opportunity of reducing the cost of fuel at source, which they should view as the first part of the vessel optimisation process. While the traditional elements of bunkering will always exist in the relationship between buyers and suppliers, the opportunities of digitalising and using technology for transactions are huge in creating efficiencies, transparency and reducing costs.” 

AuctionConnect analysed 1.3 million tonnes fixed on the platform across a range of global ports over an 18-month period against a Platts benchmark, identifying total cost savings of USD 7 per tonne. In a future fuels’ world, this opportunity for cost saving is greater and even more important with the rising costs of fuel.

Funch-Nielsen concludes: “With fuel already the major constituent part of an owner’s operational costs, it is clear that any reduction in these bills is commercially critical, no matter the fuel being used. With fuel costs only rising over the coming years in line with the energy transition, reducing fuel costs, by stripping complexity out of price negotiations and increasing their transparency will be of huge value to owners and operators in an increasingly complex supply chain.”

 

Photo credit: AuctionConnect
Published: 8 October, 2024

StormGeo, the industry leader in weather intelligence and ship routing services, on 10 September introduced its new Bunker Management module at the DNV Technology Center in Singapore.

The bunker management solution, first launched in February, is designed to assist shipping companies, particularly operators and bunker buyers, in navigating the complex maritime regulatory environment by streamlining planning and procurement processes.

“StormGeo's bunker management solution stands out by combining real-time data, advanced AI, and comprehensive fuel performance analytics to give a full transparent overview of our clients bunker management,” Julie Nielsen, Global Head of Bunker Sales, told Manifold Times.

“Unlike many traditional systems that only focus on fuel procurement or basic monitoring, StormGeo integrates environmental data with predictive models to help operators make smarter, proactive decisions.

“This not only reduces fuel consumption but also minimizes emissions as well as cutting cost by making the right bunker planning as well as having the real market data by hand when ordering bunkers, which aligns with sustainability targets and regulatory requirements.”

According to Nielsen, the new Bunker Management module seamlessly integrates into StormGeo’s existing s-Insight platform, offering clients a unified system for fleet and voyage optimisation.

The module connects with the company’s current routing and performance systems, allowing clients to track fuel usage, predict optimal routes, and benchmark performance in real-time.

The holistic approach ensures more efficient operations, lower operational costs, and improved environmental compliance, making it a key differentiator in the market and a key tool to optimise the largest cost on the OPEX.

“Shipping firms should adopt StormGeo's Digital Bunker Management platform because it delivers a comprehensive approach to fuel management that drives the largest cost on their OPEX, as well as optimising cost and time, as well as compliance with environmental regulations,” she added.

“The platform provides real-time visibility into fuel consumption, planning, procurement, and emissions, enabling shipping companies to make informed decisions that optimise their operations.

“Further by having a one-stop-shop solution for all your software solutions, is key to transparency and avoiding too much complexity.

“StormGeo’s continuous innovation and commitment to sustainability make it an essential partner for companies looking to future-proof their operations in a rapidly evolving maritime landscape.”

Photos from the event can be found below:

Photo credits: StormGeo
Published: 18 September 2024