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Singapore: BLOC announces bunkering consortium for blockchain

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

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Genevos and Koedood Marine Group team up on maritime hydrogen fuel cell deployment

Collaboration will explore how ready-to-use marine fuel cell systems can support shipowners and shipyards in the transition towards zero-emission operations.

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July 20, 2026

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Genevos and Koedood Marine Group team up on maritime hydrogen fuel cell deployment

Marine fuel cell systems provider Genevos recently said the company signed a Letter of Intent (LOI) with engine supplier Koedood Marine Group to explore the deployment of hydrogen fuel cell systems for inland and coastal maritime transport. 

The LOI was signed by Phil Sharp, co-founder and CTO of Genevos, and Mühlheim, Business Development Director of Koedood Marine Group during the 2026 Advanced Maritime Technology Show in Amsterdam.

Building on Koedood’s proven experience in hydrogen maritime projects – including its ongoing work with Mitsubishi Heavy Industries and TNO on hydrogen engine development – the collaboration will explore how ready-to-use marine fuel cell systems can support shipowners and shipyards in the transition towards zero-emission operations. 

“Koedood has a strong reputation in the maritime sector and a deep understanding of vessel operators’ needs. This LOI is an important step in exploring how Genevos’ hydrogen fuel cell systems can be deployed more widely across inland and maritime applications, helping shipowners reduce onboard emissions with robust, practical and scalable clean power solutions,” said Sharp.

The collaboration aligns with growing market demand for rapidly deployable hydrogen solutions and the wider need to accelerate the adoption of zero-emission technologies across the maritime sector. 

“With this collaboration, we are further strengthening our portfolio of maritime energy solutions. Together with Genevos, we are exploring how we can support our customers in the adoption of hydrogen technology,” said Mühlheim.

 

Photo credit: Genevos
Published: 20 July, 2026

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DNV awards TADC to Econowind for VentoFoil 3-Series

System actively harnesses wind power to generate forward thrust, helping to reduce bunker fuel consumption and mitigate FuelEU penalties.
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July 17, 2026

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DNV awards TADC to Econowind for VentoFoil 3-Series

Dutch wind-assisted propulsion technology firm Econowind on Wednesday (15 July) said it has received a Type Approval Design Certificate (TADC) from classification society DNV for its VentoFoil 3-Series boundary layer suction wing. 

The company said the certification confirms compliance with DNV’s ST-0511 standard for Wind-Assisted Propulsion Systems and enables easier integration of VentoFoils on DNV-classed vessels worldwide. 

Econowind added that the approval accelerates the deployment of wind propulsion across the shipping industry.

“DNV is one of the world’s leading classification societies. This TADC gives DNV-classed shipowners confidence that VentoFoils meet the highest industry standards,” said Chiel de Leeuw, Chief Commercial Officer at Econowind. 

“It simplifies the approval process for both retrofits and newbuilds. VentoFoils are ideal for late-stage design integration and retrofit projects. This is an important milestone for Econowind and for the wider adoption of wind-assisted ship propulsion.”

The 3-Series VentoFoil is Econowind’s best-selling suction wing to date, with over 150 units sold. The system actively harnesses wind power to generate forward thrust, helping to reduce fuel consumption and mitigate FuelEU penalties. The system includes a tilting foundation, allowing the wings to be tilted down during port operations or in adverse weather conditions, making it a flexible solution.

The TADC applies to the 16-meter VentoFoil 3-Series product design and supports easy integration into DNV-classed vessels without repeating the full design assessment process. This enables shipowners, shipyards, and project teams to move more efficiently from concept to installation, reducing project complexity and accelerating deployment. 

Hasso Hoffmeister, Senior Principal Engineer at DNV Maritime, said: “It is a great pleasure to award Econowind this new certificate. WAPS have been going from strength to strength over the past few years, from 2022 the number of vessels in operation has increased five times, and we’ve now topped the century mark. 

“And with the current advances in technology, materials, and production capacity in the segment, we expect this to accelerate. So, while the wind always changes, the shipping industry is likely to be sailing strong for years to come.”

Econowind expects the DNV Type Approval Design Certificate to accelerate adoption of the VentoFoil, particularly among shipowners seeking proven, independently certified technology that can support fuel savings, emissions reductions, and decarbonization goals.

MS Heinz of HS Schiffahrt is among the first vessels to sail under this TADC.The company said the approval builds on Econowind’s growing installed base and further strengthens confidence in wind-assisted ship propulsion as a practical solution to address energy scarcity and high fuel prices. 

In addition to the 3-Series, Econowind offers the 5-Series for the deep-sea market.

 

Photo credit: Econowind
Published: 17 July, 2026

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Malaysia: Maharani Freeport to implement MFM and e-BDN technologies for enhanced bunkering transparency

Initiatives reflect the Freeport’s commitment to delivering transparency, operational integrity and international best practices across its bunkering ecosystem, says MEG spokesperson.
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July 15, 2026

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Maharani Freeport, a National Project officially launched by His Majesty Sultan Ibrahim, King of Malaysia, in November 2025, will be introducing mass flowmeter (MFM) and electronic bunker delivery note (e-BDN) technologies to its bunkering operations, learns Manifold Times.

These strategic initiatives underscore the port’s commitment in establishing a highly transparent, efficient and trustworthy bunkering environment, aligned with global best practices and addressing critical industry demands, according to a Maharani Energy Gateway (MEG) spokesperson.

MEG is the Master Developer of Maharani Freeport and seeks to position the Freeport as a strategic nexus for shipment, storage and trading operations on a global scale. MEG Synergy is the trading division and a wholly owned entity of MEG; it seeks to position Maharani Freeport as a strategic nexus for shipment, storage, and trading operations on a global scale.

As part of its long-term bunkering strategy, the Freeport is currently in the process of acquiring bunker vessels of various sizes to support marine fuel deliveries and accommodate the evolving requirements of regional and international customers. These vessels will be equipped with MFM technology to ensure accurate, transparent and efficient fuel transfer operations.

Including bunkering and ship-to-ship (STS) trading operations from its High Sulphur Fuel Oil (HSFO) Floating Storage Unit (FSU), MEG Synergy already oversees a healthy volume of Bunker cargo deliveries to regional players each month.

MFM for Trust, Transparency and Traceability

MEG highlighted the custody transfer of bunker fuels at the Freeport will be handled by MFM-equipped bunker tankers.

“The adoption of MFM technology to support bunkering operations is a direct response to persistent industry challenges such as quantity discrepancies and delivery disputes,” explained the spokesperson.

“By equipping our bunker vessels with certified mass flowmeters, we aim to ensure precise and verifiable fuel delivery measurements.

“This initiative is pivotal in fostering trust among customers and strengthening the Freeport’s reputation as a professionally managed zone where businesses can operate with confidence. The overarching goal is to create a secure and well-governed environment for commercial activities, reducing operational risks and uncertainties while supporting efficient and transparent trade.”

e-BDN to Digitalise Documentation Workflow

The implementation of electronic bunker delivery notes (e-BDN), together with MFM technology, further aligns with the Freeport’s focus on creating comprehensive digital custody transfer records and robust data retention systems, added the spokesperson.

This digital approach, integrated with MFM technology, will streamline operational workflows, reduce administrative burdens and provide an immutable record of transactions to enhance transparency, minimising potential friction and expediting dispute resolution

MEG emphasised that the Freeport’s commitment extends beyond technological enhancements to encompass a comprehensive governance framework.

The port aims to adhere to stringent international standards, including those established by the International Maritime Organization (IMO), while offering dispute resolution mechanisms under the International Chamber of Commerce (ICC) to ensure the swift and fair handling of disagreements.

This holistic approach to operational integrity and governance is designed to address perceived transparency gaps, positioning the Freeport as a reliable and commercially attractive hub for the maritime and commodities sectors.

Note: For enquiries in respect of Maharani Freeport, readers may reach out to:

[email protected]

Related: Interview: Maharani Energy Gateway – Forging a new energy nexus in the Straits of Malacca
Related: New Johor bunkering hub: Maharani debuts as Malaysia’s first duty-exempted energy freeport

 

Photo credit: Maharani Energy Gateway
Published: 15 July 2026

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