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News / Business/ Monaco Marfin Management partners BunkerTrace to enhance bunkering transparency

Monaco Marfin Management partners BunkerTrace to enhance bunkering transparency

23 Jan 2020
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Marine fuels tracking solution BunkerTrace on Wednesday (22 January) announced its first commercial partnership that will equip ship manager Marfin Management S.A.M with tools to ensure quality assurance in the bunker fuel supply chain.

The Monaco-based family firm Marfin Management S.A.M, which has managed and operated handymax to ultramax dry cargo vessels since 1926, will adopt the tool to manage the risk of non-compliant, or even potentially dangerous contaminated marine fuels, being used on its ships.

BunkerTrace tracks marine fuel, using synthetic DNA markers at specific points of the supply chain and record each transaction in a blockchain-based solution.

“We’re delighted to form this alliance with BunkerTrace to ensure our vessels are compliant with IMO 2020 and to manage the risk of non-compliant or contaminated fuel,” said Marfin Management S.A.M CEO Alex Albertini.

“As managers, we have responsibility for safety and compliance across the whole bunkering process; and working with BunkerTrace gives us a new level of confidence in how we do that.

“Our aim is to take back control of the entire bunkering process, from insurance and supply to purchasing and bunkering.” 

Alex Albertini states that by adding BunkerTrace’s unique tags at specific points of the bunkering process from terminals to bunker barges and being able to validate the stem in real time onboard the vessel, while uploading all the process information on a blockchain infrastructure will create full transparency and accountability for every stakeholder in every bunkering operations. 

“We need cleaner fuel for a cleaner industry not just through regulations. This partnership combines Marfin’s strong environmental leadership with our interest in using innovative technology to benefit our vessels, crew and customers.” he concluded. 

“With the implementation of the IMO sulphur cap, owners, managers and fuel suppliers need to manage their fuels with greater scrutiny,” said BunkerTrace CEO Marc Johnson. 

“As several new players enter the bunkering market and the use of blended fuel increases, it’s more important than ever that owners and managers have confidence in the fuel they are buying and loading.” 

Marc Johnson commented that using blockchain in marine fuels operations is already a natural fit for managing data in an often fragmented chain; but combining this digital technology with synthetic DNA to create unique tags linked to key data such as location, provenance and chain of custody, is what really makes this such a solid system for owners, insurers, suppliers, and crew to use.

“Alex and his team understand the importance of transparency in today’s complex and fragmented market. We believe Marfin Management S.A.M is very well placed to be the first mover with our solution and we’re delighted to be collaborating with them.” he added.

 

Photo credit: BunkerTrace
Published: 23 January, 2020

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