Singapore bunker supplier Global Energy Trading on Friday (18 December) completed the bunkering sector’s first proof of concept (PoC) operation of a fully digitalised marine fuel transaction.
The bunker fuel transaction was supported with physical transfer data from IOT devices on the bunker barge; the operation was linked to the TradeTrust* framework with support from technology firm BunkerChain.
The PoC operation involved three parties; a Cargo Seller [Itochu Enex], Bunker Trader [Global Energy Trading], and Buyer [Global Marine Logistics], learned Singapore bunkering publication Manifold Times.
A total 3,490 mt of LSFO was lifted from Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Bunkerchain successfully enabled the digital signing of the entire trade using an Accredited Certification Authority followed by a full capture of the entire physical flow data from IOT devices on the bunker tanker.
The PoC also simulated the detection of an unauthorised transfer of cargo; following which the system sent out an alert to Global Energy’s headquarters.
“This is a step forward, Global Energy is proud to be part of this move towards industry digitalisation,” said Vince Koh, General Manager of Global Energy Trading.
“Interoperable standards-based digital utilities such as TradeTrust are critical to enabling players across different levels of digital readiness to participate in the ecosystem. Global Energy Trading and BunkerChain’s proof of concept leverages TradeTrust’s document verification capabilities to help the bunkering industry address areas such as detecting, remotely controlling, and preventing unauthorised movement of cargo. This is a positive step forward in our collaboration with the industry to accelerate their digitalisation journey,” said Loh Sin Yong, Director of Trade for Infocomm Media Development Authority (IMDA).
“We are very excited and honoured to kick-start this PoC with BunkerChain. As the only IMDA- accredited Certificate Authority in Singapore, Netrust’s certificates and technologies used in the digital signing process provide assurance for the integrity and authencity of electronic records. It is definitely a breakthrough and a great use case for the industry,” said Edwin Lee, Head of Sales at Netrust.
BunkerChain provided the distributed ledger environment for Global Energy Trading to carry out the full end-to-end trade which includes real time visibility and control of the physical bunkering process with full audit trail integrated with TradeTrust.
“Singapore’s bunkering sector faces several pain points which BunkerChain is able to solve with the TradeTrust framework,” shares Leon Ling, CEO of BunkerChain.
“Current pains include insufficient audit trail, a manual process of filling up the Bunker Delivery Note and manual submission of data to the authorities, and insufficient visibility and control of inventories held.
“TradeTrust, together with our TradeClear and BunkerConnect modules, opens up transparency and visibility of a bunker transaction while offering full digital life cycle management, digital twin asset management capabilities, risk management and fraud prevention – qualities which the bunkering sector and its supporting financial institutes are adopting moving forward.”
*TradeTrust comprises a set of globally-accepted trade process standards and frameworks, that connects governments and businesses to a public blockchain. In doing so, it enables interoperability across different platforms so that electronic trade documents can be exchanged in a trusted fashion across these digital platforms.
Photo credit: Global Energy Trading
Published: 5 January, 2021
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