FuelTrust has launched a new Bunker Insights application. The tool uses artificial intelligence (AI) and blockchain technology to help shipping fleets and fuel suppliers to establish an unalterable record of fuel transactions and to analyse and identify chemical risks and changes in fuel.
Bunker Insights makes it simple for shipowners and charterers to monitor and manage fuel risk, allowing the industry to adopt more sustainable practices backed by insights into the fuel lifecycle.
With more than 50 per cent of ship operating costs linked to fuel and fuel-related machinery expense, the quality, quantity and compatibility of fuel across its lifecycle play a significant and critical role in determining fleet and voyage profitability. Additionally, increasing pressure to demonstrate ESG compliance and the omnipresent risk of fuel contamination require owners and operators to be more vigilant about the provenance and quality of the fuels they use – and to document their fuel supply chains more robustly – than ever before.
Bunker Insights offers teams the information they need to identify and avoid fuel risks and makes it easier to monitor and manage a cleaner, greener fleet. By leveraging existing industry-wide standard documentation and commercial information with its patented AI Digital Chemist, FuelTrust provides Bunker Insights users with better intelligence on fuel quantity and quality, machinery compatibility and regulatory compliance. With an overall view of the fuel lifecycle – from well to wake – Bunker Insights provides all transaction parties with an independent assessment of risks.
Key features of the product include:
- Cloud-based application that is simple to integrate with legacy fleet management and fuel sourcing software
- Digitalisation 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 to 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 the pipeline to combustion
Tailored to meet the needs of operators and suppliers, Bunker Insights tracks expected and actual emissions from the fuels used and provides a transparent account of regulatory compliance and associated risk. While maintaining an unalterable running ledger of fuel volumes, content, and deliveries for a given vessel, users can monitor and minimise GHG emissions and the risk of fraud in fuel transactions.
“Today we are delighted to be launching Bunker Insights to help shipowners, 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,” said Jonathan Arneault, CEO of FuelTrust.
“We believe that making advanced technology accessible and useful can help create a more transparent and traceable fuel ecosystem. As the world continues to meet the challenge of the energy transition, access to reliable data and insight about the fuel lifecycle will be vital for operators, owners and other key stakeholders across the maritime and energy industries.”
FuelTrust worked with industry stakeholders and advisors – including Stone Oil and The Isle of Man Ship Registry – to deliver a product ready to bring immediate impact to the market.
Cameron Mitchell, director IOM Registry said, “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.”