- FuelTrust uses AI to analyse the whole fuel lifecycle using shared data sources, recording information in a secure blockchain platform.
- Better fuel insight can reduce risk of fraud, validate regulatory and ESG compliance, and protect against fuel contamination.
Houston, Texas – September 13, 2021 – FuelTrust, the technology company dedicated to creating a trusted and sustainable fuel ecosystem for the marine industry, today announces the launch of its Bunker Insights application, designed for shipping fleets and fuel suppliers.
Bunker Insights uses a combination of artificial intelligence and blockchain technologies to establish an unalterable record of fuel transactions and to analyse and identify chemical risks and changes in fuel. In doing so, Bunker Insights makes it simple for ship owners and charterers to monitor and manage fuel risk, allowing the industry to adopt more sustainable practices backed by meaningful insights into the fuel lifecycle.
With more than 50% 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.
Jonathan Arneault, CEO of FuelTrust commented, “Today 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.”
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.
- 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 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.
Jonathan Arneault, CEO of FuelTrust, continued: “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.”
Recognizing the industry’s need for transparency and traceability in the bunker fuel lifecycle, FuelTrust worked with key 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.”
Tony Odak, COO of Stone Oil, said, “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.”
FuelTrust is a technology company dedicated to creating a trusted and sustainable fuel ecosystem through transparency and traceability. Based in Houston, Texas, they have teams working across North America and Europe.
FuelTrust leverages its technology platform to create insights that reduce risk and improve ESG outcomes by authenticating relationships across the fuel lifecycle, digitally verifying data from shared sources, validating decarbonization and compliance, and identifying potential fraud and risk. With deep insight into when, where and from whom quality fuel is supplied, FuelTrust solution allows companies to alleviate the financial impact of bad fuel, mitigate regulatory risk, and empower sustainable shipping.
About Isle of Man Registry
The Isle of Man Ship Registry is one of the world’s leading registers of ships and super yachts. A British register providing the very best in service to its valued clients; it is the flag of choice for owners looking for quality and partnership from a Flag Administration.
Based in offices in Douglas, Isle of Man, the register is run by a team of professionals dedicated to providing the very best in service and technical expertise and advice on regulatory oversight.
About Stone Oil
John W. Stone Oil Distributor is a Louisiana-based marine fuel supplier serving inland and international shipping, work barges and drill ships through its fleet of 18 vessels and 39 barges. Founded in 1946 by John W. Stone Sr and still run by the Stone family, Stone Oil is an industry leader, with supply arrangements across the major gulf coast refineries and trading.
Stone Oil has one of the best safety and environmental records in the industry and is strongly committed to protecting the environment and the health and safety of our employees in all its locations.