Citracks Partners with Singapore's Ascenz to Launch Bunker Monitoring System for Nigerian Market

Citracks says it has finalised plans to launch its Marine Fuel Management System on the Nigerian market by August 2015.

Citracks Telematics Solutions Limited (Citracks), a subsidiary of C & I Leasing PLC, says it has finalised plans to launch its Marine Fuel Management System, a remote fuel consumption monitoring tool, on the Nigerian market by August 2015, local media reports.

The system is reportedly intended to enable ship owners and operators to "reduce fuel consumption, enjoy better fuel efficiency, and save cost from fuel usage onboard the ship."

Citracks says it has partnered with Singapore's Ascenz Pte. Ltd. (Ascenz), which has recently developed a new bunker monitoring device described as a "Coriolis-based marine fuel meter."

The device is said to provide a more accurate way of measuring fuel than standard fuel metres currently in use.

"Fuel usage is critical and its growing composition to shipping companies' total operating cost, coupled with its volatiles prices, requires real-time, transparent information on bunkering and fuel consumption to optimise cost," said Ayoola Olaitan, chief operating officer of Citracks.

Ascenz will reportedly provide technical support while Citracks will finance the project that is said to be intended to "boost the bottom line for ship owners."

The meter was said to collect and transmit fuel consumption and other information from onboard equipment.

"This enables the fleet manager to monitor, track the vessel location, engine efficiency, and speed via internet with an online map from any part of the world," explained Olaitan.

"Another thing we will be doing with Ascenz is to install, upgrade and maintain 'Dynamic Positioning Solution' in vessel. This enables the vessel to stay in one position in situation where there is no space for the vessel to drop anchor, and it also eliminate the need for the ship owners to pay for tug boat to help anchor the ship".

"We will be providing a cheaper alternative for fuel management at an affordable rate of $50,000 and $75,000 for big ship while small boats cost between $15,000 and $25,000, which is cheaper than its cost abroad," added Olaitan.

In April, it was reported that a planned phase-out of single-hulled tankers in Nigeria has been pushed back five years to encourage the growth of the country's maritime industry.