Technology

Singapore: BLOC announces bunkering consortium for blockchain

Lloyd’s Register, Precious Shipping, Bostomar, BIMCO, IBIA, and GoodFuels form group.

Published

7 years ago

July 26, 2018

Admin

Blockchain Labs for Open Collaboration (BLOC) today (Thursday) announced, through its subsidiary Maritime Blockchain Labs (MBL), the establishment of a consortium to address traceability and transparency in the marine fuel supply chain bringing together industry actors Lloyd’s Register, Precious Shipping, Bostomar, BIMCO, International Bunker Industry Association (IBIA), and GoodFuels.

Following extensive research, MBL has identified the bunker industry, with its multiple, complex transactions as an ideal use case where blockchain technology can increase transparency, create better compliance and stronger governance.

The consortium will evaluate how blockchain technologies could help to provide an efficient, tamper-resistant and auditable chain of custody on quality and quantity recording activities, together with a reputation system of the compliance of fuels prior to purchase, benefitting both buyers and regulatory bodies.
Such characteristics help to provide greater confidence in the fuel being purchased, ultimately resulting in reduced safety risk and creating a more trustworthy framework for accurately monitoring emissions from shipping such as sulphur, and carbon.

The project represents the initial stage of the Lloyd’s Register Foundation-funded MBL initiative, the first true industry collaboration for the creation of blockchain technology in the maritime space.

Deanna MacDonald, CEO and co-founder of BLOC, said:

“MBL takes an industry-led approach – meaning that the solutions will be identified, designed, and tested by the industry itself, with MBL facilitating governance and developing the technology to ensure these solutions are relevant and used. A consortium approach is essential due to the need to cross regulatory boundaries and work within different organisational bodies and systems.”

“Too often with blockchain, and digital initiatives in shipping in general, we see a top-down approach where new technology is pushed on the industry. However, this means that complex human and governance elements are ignored, limiting the eventual adoption and usefulness of the technology.”

Khalid Hashim, Managing Director at Precious Shipping commented:

“As an off-taker of marine fuels, it’s vital for us to ensure that the fuel we use is compliant – particularly when we think about the market post-2020, and the need to ensure the quality of blended products coming in to meet the 0.5% Sulphur limit. Blockchain is ideally placed to create the reliable chain of custody we need to do this.”

Grant Hunter, Head of Contracts & Clauses at BIMCO added:

“We are delighted to be involved with a consortium that could play an important role in realising the transformative potential of blockchain within shipping, beginning with a timely and relevant first use case in the bunker industry. As the global leaders in the development of standard contracts and clauses used in shipping, we feel we have an essential role to play in investigating the use of new technologies that may help evolve the way contracts are used. Bunker purchase contracts are one part of a complex chain of activities in the bunker industry. Blockchain “Smart Contracts” based on harmonised terms and conditions like the BIMCO Bunker Terms 2018 could be a stepping stone for the industry to achieve greater transparency and efficiency.”

Each member of the consortium represents a different actor in the marine fuels value chain or wider shipping industry, and contributes their expertise and insight accordingly as the consortium builds and validates this blockchain use case. The members and their roles are:

Lloyd’s Register FOBAS, Lloyd’s Register’s fuel testing services team. LR FOBAS will share knowledge and information about the fuel supply and quality testing process as well as provide bunker quality test data for the building and piloting phase. LR FOBAS will provide an environment for piloting and input to dispute resolution.

BIMCO, the world’s largest international shipping association, with around 2,000 members in more than 120 countries. BIMCO is an advisor on contractual aspects of this demonstrator, having recently published a standard set of terms and conditions for the purchase of marine fuels which it hopes will be widely adopted by bunker traders and suppliers.

Precious Shipping, is a pure dry cargo ship-owner operating in the Handysize, Supramax and Ultramax sectors of the tramp freight market. Precious Shipping is an off-taker of marine fuel oils in the port of Singapore, and as such plays a key role in the demonstration of the fuels quality traceability and accountability programme as a buyer.

Bostomar Shipping, operates dry bulk ships worldwide and also facilitates ship and structured commodity finance services primarily to the dry bulk sector, with a chartered fleet of 4-5 vessels. Bostomar will participate in the demonstration as a buyer and off-taker of marine fuel oils in Singapore.

IBIA, the International Bunker Industry Association (IBIA), who represents the global bunker industry. IBIA will be an advisor to BLOC and the affiliated industry consortia for the demonstration of the fuels quality traceability/accountability program.

GoodFuels, the world’s leading supplier of commercial and sustainable marine biofuels for the shipping industry. With a market presence in the ARA, it will play a key role in the demonstration of the fuels quality traceability/accountability program.

Photo credit: BLOC
Published: 26 July, 2018

Technology

TFG Marine to launch of ZeroNorth e-BDNs at Port of Sohar after Singapore success

Kenneth Dam announced the successful trial and imminent roll-out of ZeroNorth’s electronic bunker delivery note solution for its customers in the Port of Sohar, in Oman.

Published

39 minutes ago

April 30, 2025

Admin

TFG Marine to launch ZeroNorth e-BDNs at Port of Sohar after success in Singapore

Global marine fuel supply and procurement firm TFG Marine on Tuesday (29 April) announced the company’s successful trial and imminent roll-out of ZeroNorth’s electronic bunker delivery note (e-BDN) solution for its customers in the Port of Sohar, in Oman.

A first for the Middle East region following the successful deployment of the same technology earlier this year by TFG Marine at the Port of Singapore. The eBDN trial in Oman was completed in collaboration with ZeroNorth and SGTraDex, using the Singapore standards as a benchmark.

Kenneth Dam, Global Head of Bunkering, said: "We’re excited to partner with ZeroNorth, Fratelli Cosulich Group Bunkers, SGTraDex and SOHAR Port and Freezone to shortly introduce e-BDNs to our customers here in Oman.”

“This technology, that we have already successfully introduced in Singapore is yet another step in modernising our industry. It will streamline the bunker delivery process, cut administrative burdens, enhance digital documentation and help build a smarter, more connected bunkering sector.”

“We remain committed to establishing e-BDNs as a global standard for bunker fuel delivery and will continue to work closely with port authorities to advocate for and deploy this technology across our operations.”

Dam made the announcement at the Oman Maritime, Ports and Energy Forum, during the panel discussion on The Transformative Power of Data: The Evolving Role of Digitalisation in Shipping and Bunkering.

Dam added the fully digital solution — accessible through TFG Marine’s mobile app and integrated with SGTraDex’s digital infrastructure, — will enable the inclusion of additional data, such as mass flow meter readings during fuel deliveries.

“By integrating this technology, we will drive significant improvements in efficiency, accuracy, compliance, and sustainability across our operations, complementing the global mass flow meter rollout across our fleet and reinforcing TFG Marine’s position at the forefront of the modern bunkering industry,” he said.

Manifold Times previously reported TFG Marine announcing the introduction of ZeroNorth’s e-BDNs for its customers in Singapore during 23rd Singapore International Bunkering Conference (SIBCON) by the end of 2024.

In November last year, TFG Marine announced its first digitalised marine fuel delivery in Singapore using electronic bunker delivery notes (e-BDNs).

Its team supplied VLSFO bunker fuel to Pacific Basin Shipping Limited’s Illovo River bulk carrier, marking the first of four bunkering deliveries that month where this new technology was successfully deployed.

Photo credit: TFG Marine
Published: 30 April, 2025

Methanol

Ofiniti to roll out e-BDNs for Golden Island methanol bunkering operations in Singapore

Ofiniti will issue electronic Bunker Delivery Notes, based on the recently published Technical Reference 129 on Methanol Bunkering, across Golden Island’s newbuilds and part of its existing fleet.

Published

23 hours ago

April 29, 2025

Admin

Ofiniti to roll out e-BDNs for Golden Island methanol bunkering operations in Singapore

Ofiniti, a provider of digital solutions for maritime bunker operations, on Tuesday (29 April) said Singapore bunker supplier Golden Island Pte Ltd will adopt Ofiniti platforms for its expanding fleet operations.

Ofiniti said the move will lay the foundation for a digital multi-fuel future with Golden Island’s four new chemical tankers on order and Singapore-flagged bunker tanker Golden Antares, which will soon enter service.

As part of the transition, Ofiniti will roll out electronic Bunker Delivery Notes (e-BDNs), based on the recently published Technical Reference (TR) 129 on Methanol Bunkering, across Golden Island’s newbuilds and part of its existing fleet.

The Maritime and Port Authority of Singapore (MPA) and Enterprise Singapore (EnterpriseSG), through the Singapore Standards Council (SSC), on 10 March published TR 129 to provide a comprehensive framework for the safe and efficient use of methanol as an alternative fuel for bunkering operations.

Kenny Yap Song Jin, Low Carbon Solutions, Golden Island, said: “Launching our methanol bunkering operations is a major milestone, not just for Golden Island, but for Singapore’s journey toward multi-fuel readiness.

“By combining innovative low-carbon fuels with digital transparency, we set a new benchmark for safe, efficient, and sustainable marine fuel delivery.”

Ofiniti said it has supported suppliers through every stage of the industry’s transition, from conventional fuels to LNG, biofuels, hydrogen, and now, supporting methanol.

Tue Nielsen, Chief Executive Officer, Ofiniti, said: “I’m proud to welcome Golden Island to Ofiniti’s platforms.

“Their move signals a strong trust in our ability to support next-generation operations, and it reflects a broader shift in the market towards digital solutions built specifically for the realities of maritime fuels today and tomorrow.

“We are customer-obsessed, always trying to build in resilience to the way we are doing business.”

Manifold Times previously reported Golden Island’s plans to start bunkering trials of green methanol with its newbuild Singapore-flagged 7,999 dwt IMO type 2 bunker tanker from July.

Golden Antares was scheduled to depart a Chinese shipyard by late April and will lift green methanol produced by Hong Kong and China Gas Company Limited (Towngas) before returning to Singapore to begin bunkering trials.

In April, Ofiniti welcomed bunkering and marine fuel solutions provider Global Fuel Supply (GFS) to its FuelBoss platform as one of its newest customers.

GFS said it was proud to be the first physical supplier in West Africa to launch fully digitalised bunker operations with electronic bunker delivery note (e-BDN) via the FuelBoss platform.

Photo credit: Ofiniti
Published: 29 April, 2025

Digital platform

Shipergy launches new AI-powered platform linking bunker energy content and price

Energy Beacon leverages AI to analyse global fuel quality data, providing dynamic, port-by-port insights that help operators identify optimal suppliers based on both price and energy content.

Published

24 hours ago

April 29, 2025

Admin

Tech-led marine fuels trading company Shipergy on Monday (28 April) announced the launch of Energy Beacon, an AI-powered platform that enables buyers to look beyond price-per-tonne and make procurement decisions based on predicted energy content.

Energy Beacon is a customer-facing platform to directly connect fuel price with actual energy value, empowering buyers to negotiate with transparency.

By shifting the industry's focus from cost-per-tonne to cost-per-unit-of-energy, Shipergy enables shipping companies to maximise operational efficiency and drive meaningful progress toward both economic and environmental goals.

“When we founded Shipergy, we envisioned creating a company at the nexus of shipping and energy—hence our name. We recognised that shipping companies are fundamentally energy buyers, not just fuel purchasers,” said Daniel Rose, CEO of Shipergy.

“Energy Beacon is the realisation of that vision, bridging the critical gap between what shipping companies pay for and what they actually need: reliable, measurable energy to power their operations.”

Energy Beacon uses artificial intelligence to analyse global fuel quality data, providing dynamic, port-by-port insights that help operators identify optimal suppliers based on both price and energy content.

The platform reveals energy content can vary significantly between suppliers in the same port—differences that have significant impact on vessel performance and operational costs but remain invisible in traditional procurement processes.

Energy Beacon will ultimately helping shipping companies to: