23 February 2024
FuelTrust is a technology company, dedicated to create a trusted and sustainable fuel chain ecosystem for the marine industry. They launched the Bunker Insights application, designed for shipping fleets and fuel suppliers.
Bunker Insights uses a combination of Artificial Intelligence (AI) and blockchain technologies. Thus, establishing an unalterable record of fuel chain transactions and analysing and identifying chemical risks and changes in fuel. Therefore, it simplifies monitoring and management of fuel risk for shipowners and charterers, allowing the industry to adopt more sustainable practices.
More than 50% of ship operating costs link to fuel chain and fuel-related machinery expense. Hence, the quality, quantity and compatibility of fuel across its lifecycle play a critical role in determining fleet and voyage profitability. Additionally, there is increasing pressure to demonstrate ESG compliance at all times. Moreover, the omnipresent risk of fuel contamination require owners and operators to be more vigilant about the provenance and quality of the fuels they use. In the meantime, they shall document their fuel supply chains more robustly, than ever before.
“We are delighted to be launching Bunker Insights to help; ship owners, operators, and marine fuel suppliers, manage a range of fuels risks and outcomes. Bunker Insights offers an independent, transparent and traceable record of the provenance, quality, and emissions of the fuels they use.”Jonathan Arneault, CEO of FuelTrust
The proposed platform offers the information needed to identify and avoid fuel risks. Therefore, makes it easier to monitor and manage a cleaner, greener fleet. With the patented AI Digital Chemistry, it is leveraging existing industry-wide standard documentation and commercial information. Hence, FuelTrust provides Bunker Insights users with better intelligence on fuel quantity and quality, machinery compatibility and regulatory compliance. The proposed application comprises an overall view of the fuel lifecycle – from well to wake. In this regard, it provides all transaction parties with an independent risk assessment.
- Cloud-based application that is simple to integrate with legacy fleet management and fuel sourcing software.
- Digitalization of key fuel lifecycle documents and data, including bunker delivery notes (BDNs), fuel laboratory records, and certificates of analysis.
- Encryption of digital data in a blockchain platform – establish an unalterable record of a fuel’s journey, through the supply chain.
- Patented AI technology to analyse the chemical composition of fuel at key points in its lifecycle from pipeline to combustion.
Tailored to meet the needs of operators and suppliers, it tracks expected and actual emissions from the fuels used. Later, provides a transparent account of regulatory compliance and associated risk. Users are able to maintain an unalterable running ledger of fuel volumes, content, and deliveries for a given vessel. In addition, they can monitor and minimise GHG emissions while also the risk of fraud in fuel transactions.
Recognizing the industry’s need for transparency and traceability in the bunker fuel lifecycle, FuelTrust worked with key industry members. These include Stone Oil and The Isle of Man Ship Registry. Thus, delivering a product ready to bring immediate impact to the market.
“The Isle of Man Ship Registry is committed to maintaining and developing a high-quality fleet. Working collaboratively with FuelTrust on their Bunker Insights solution, that helps establish a clear baseline of vessel compliance with fuel regulations, and aid shipowners in reducing their CO2 emissions, will help foster a global fleet where owners and operators can more confidently meet these high standards.”Cameron Mitchell, Director IOM Registry
“We value safety, efficiency and trust in everything we do for our clients. Reliable documentation of the quality and provenance of the fuel we supply is a key part of this. By partnering with FuelTrust, we’re digitising and extending the ability to trace fuel up and downstream, gaining and giving insight into fuel quality and ESG impacts. We’re leveraging FuelTrust to help minimise fuel risk from potential fraud, incompatibility, and environmental costs.”Tony Odak, COO of Stone Oil
Source: Fuel Trust