FuelTrust Unveils Bunker Insights App
Bunker Insights provides teams with the data they need to identify and avoid fuel hazards and make it easy to monitor and manage a cleaner, more environmentally friendly fleet.
FREMONT, CA: FuelTrust, a technology firm dedicated to building a trustworthy and sustainable marine fuel ecosystem is launching its Bunker Insights app for shipping fleets and fuel suppliers. Bunker Insights employs the combination of artificial intelligence and blockchain technology to record and analyze the chemical dangers and changes of fuel. This makes it easy to track and manage fuel risks for ship-owners and charterers, allowing the sector to adopt more sustainable practices supported by valuable insights into the fuel cycle.
"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," said Jonathan Arnault, CEO, FuelTrust.
With fuel and fuel-related gear accounting for more than half of a ship's operational expenditures, the quality, quantity, and compatibility of fuel throughout its lifecycle play a substantial and crucial part in determining fleet and trip profitability. Furthermore, increasing pressure to demonstrate ESG compliance and the ever-present risk of fuel contamination necessitate owners and operators to be more watchful about the pedigree and quality of the fuels they use and document their fuel supply chains more comprehensively than ever before.
Bunker Insights provides teams with the data they need to identify and avoid fuel hazards and make it easy to monitor and manage a cleaner, more environmentally friendly fleet. FuelTrust's unique AI Digital Chemist combines current industry-wide standard documentation and commercial information to provide Bunker Insights users with superior intelligence on fuel quantity and quality, machinery interoperability, and regulatory compliance. Bunker Insights offers all transaction parties with an unbiased risk assessment based on a comprehensive picture of the fuel lifecycle 'from well to wake.'
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."
The following are some of the product's key features:
A cloud-based program that integrates easily with existing fleet management and fuel sourcing applications.
Fuel laboratory records, Bunker delivery notes (BDNs), and certificates of analysis are among the papers and data that have been digitalized as part of the fuel lifecycle.
Encryption of digital data on a blockchain network to provide a permanent record of a fuel's travel through the supply chain.
The chemical composition of fuel is analyzed at key points throughout its lifecycle, from the pipeline to combustion, using patented artificial intelligence technology.
Cameron Mitchell, Director of 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.
Bunker Insights measures projected and actual emissions from the fuels used, gives a clear picture of regulatory compliance and related risk and is tailored to fit the needs of operators and suppliers. Users can monitor and reduce GHG emissions and the risk of fraud in fuel transactions by keeping an unalterable running ledger of fuel volumes, content, and deliveries for a specific vessel.
"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, were digitising and extending the ability to trace fuel up and downstream, gaining and giving insight into fuel quality and ESG impacts. Were leveraging FuelTrust to help minimise fuel risk from potential fraud, incompatibility, and environmental costs," said Tony Odak, COO, Stone Oil.
Understanding the industry's need for transparency and traceability across the bunker fuel lifecycle, FuelTrust collaborated with key industry stakeholders and consultants, such as Stone Oil and the Isle of Man Ship Registry, to develop a product that is ready to enter the market right away.