World News
Bunker Industry Takes a Step Forward With Blockchain to Tackle Malpractice
GoodFuels Marine has laid claim to what it says is the world's first bunker delivery and transaction using blockchain technology, something it hopes will ultimately combat malpractice within the marine fuel industry.
The stem took place on September 7, 2018 in Rotterdam, with a Samskip vessel lifting bunkers from a Reinplus Vanwoerden bunker barge.
At its heart, Blockchain creates a publicly accessible digital ledger of transactions that is theoretically tamperproof - hence its acceptance as the underlying technology for cryptocurrencies such as Bitcoin.
Advocates say this can be used to provide end-to-end traceability of marine bunkering transactions, from storage to the ship's fuel tank, increasing transparency and reducing malpractice in the process.
However, to achieve this it would require all parties within the transaction chain to use the system.
Perhaps a more immediate and easily understandable benefit is its digital nature means it does away with the need for paper BDNs, something Singapore has said it is aiming to roll out this year.
"For too long shipping has been reliant upon paper transaction notes when bunkering, which expose shipowners, shippers and charterers to the potential of being misled on the quality and quantity of fuel," Dirk Kronemeijer, CEO and Founder, GoodFuels Marine.
"In this era there is no technological barrier to providing customers better assurance."
The transaction was also the first under the Lloyds Register-funded Maritime Blockchain Labs (MBL) initiative, which is part of the Blockchain Labs for Open Collaboration (BLOC) maritime consortium.
"The bunker industry – with its multiple large volume transactions, and history of fraudulent claims - provides an ideal platform to examine where blockchain's digital platform can be utilised to increase transparency, and create better compliance and strong governance," said Deanna Macdonald, CEO, BLOC.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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