Isle of Man Ship Registry recognizes the use of FuelTrust’s AI and blockchain-based solutions to qualify vessels for its Green Ship status and fee discount
Houston, Texas – March 30, 2022 – FuelTrust, the technology company dedicated to creating a trusted and sustainable fuel ecosystem for the marine industry, and Isle of Man Ship Registry (IOMSR), one of the world’s leading registers of ships, have signed a Memorandum of Understanding. IOMSR will use FuelTrust’s fuels and emissions digital technology to validate vessels for the flag’s Green Ship scheme, and to collaborate on further projects to incentivize and enable emissions reductions.
The collaboration and cooperation agreement will enable ship owners and operators registered with the IOMSR to use FuelTrust’s Bunker Insights® product to predict, measure and authenticate their fleets’ emissions reductions.
Under this collaboration, IOMSR will accept FuelTrust’s AI-based validation of a vessel’s performance regarding its emissions and fuel quality programs. This will make vessels using Bunker Insights eligible for IOMSR’s green ship designation, and benefit from discounts or offerings on their annual registration fee.
The Green Ship discount program, which comes into effect on 1 April 2022, is available to operators of cargo ships, commercial yachts or passenger ships that invest in biofuel, alternative fuels, wind, or shore-side energy technology. FuelTrust and IOMSR will collaborate further to explore methodologies for tracking emissions reductions from zero-carbon fuels, among other projects, to reduce GHG emissions.
“The agreement with Isle of Man Ship Registry creates significant opportunity for vessel owners.” said Darren Shelton, Chief Product Officer of FuelTrust. “ IOMSR recognizes how advanced technologies such as ours can help its members reduce their carbon emissions, track fuel usage and monitor performance.”
“The advent of low or zero-carbon fuels, each with their own supply chain, is making the bunkering market even more complex. Owners and operators need to demonstrate to charterers, shippers, insurers, financiers and regulators that they are purchasing fuel that delivers against decarbonization targets. Digital technologies are required to ensure shipping companies have a validated analysis of their fuel profile and environmental impact.”
Cameron Mitchell, Director of the Isle of Man Ship Registry, said, “As the world’s first flag state to reduce registration fees for ships deploying green technology, we want to support our members’ efforts by giving them access to the best technology for supporting fuel choice and to manage and monitor vessel emissions for regulatory compliance.”
“Our collaboration with FuelTrust provides Isle of Man-registered ship operators and charterers the insights, expertise and transparency to assess the collective carbon output of their fleets and to manage compliance with emissions regulations.”
FuelTrust’s solutions use its AI Digital Chemist® to simulate combustion on a molecular level to track fuel quality, energy, and emissions profiles. AI Digital Chemist combines the known characteristics of a fuel batch, with class data on the vessel engine, and data from the day logs to precisely establish what results when fuel is burned. This gives a far more accurate picture than current emissions models and estimates, which don’t account for chemical interactions, source fuel data, or supply and delivery chain impacts. Many approaches require significant amounts of manual input, or the installation of costly, high-maintenance devices aboard vessels. FuelTrust solutions provide a fuel-centric and cost-effective digital method to solve these challenges.
FuelTrust is a technology company that builds industry solutions through its Risk Provenance Platform. Based in Houston Texas, they have executives working across North America and Europe.
FuelTrust uses advanced AI and blockchain technology to help complex industries form trusted commercial ecosystems by establishing transparency and traceability as a standard using advanced AI and blockchain technology to track fuel transactions, profile fuel samples and benchmark in vessel performance.
Developing deep insight into when, where and how risk is introduced into the fuel, FuelTrust empowers companies to identify risks and act to mitigate them, reduce fraud and validate regulatory compliance across their fuel supply chain.
About Isle of Man Ship 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. Backed by sophisticated electronic systems, the register is able to register ships quickly and efficiently to suit all time zones and has on-line systems to smooth the processes for clients. An ISO 9001 and 14000 certified organization, the Ship Registry operates efficiently and consistently to exceed the standards expected of a modern Flag State.