Saying he wanted to “take back control” of his company’s entire bunkering process, Alex Albertini, CEO of Monaco-based bulker player, Marfin Management, has become the first commercial partner of BunkerTrace, a new solution which claims to offer unparalleled transparency in the murky world of marine fuels.
BunkerTrace was launched in October last year. It uses synthetic DNA markers at specific points of the bunker supply chain and records each transaction in a blockchain-based solution.
BunkerTrace claims its solution enhances marine fuel traceability and provides a clear chain of custody for better quality assurance in the bunker fuel supply chain, something especially valuable in today’s global sulpur cap era, a period recently described as a “perfect storm for litigators” with plenty of fuel discrepancies emerging in recent weeks.
Marfin’s Albertini commented yesterday: “Our aim is to take back control of the entire bunkering process, from insurance and supply to purchasing and bunkering. By adding BunkerTrace’s unique tags at specific points of the bunkering process from terminals to bunker barges and being able to validate the stem in real time onboard the vessel, while uploading all the process information on a blockchain infrastructure will create full transparency and accountability for every stakeholder in every bunkering operations. We need cleaner fuel for a cleaner industry not just through regulations.”
Marc Johnson, CEO at BunkerTrace, added: “With the implementation of the IMO sulphur cap, owners, managers and fuel suppliers need to manage their fuels with greater scrutiny. As several new players enter the bunkering market and the use of blended fuel increases, it’s more important than ever that owners and managers have confidence in the fuel they are buying and loading. Using blockchain in marine fuels operations is already a natural fit for managing data in an often fragmented chain; but combining this digital technology with synthetic DNA to create unique tags linked to key data such as location, provenance and chain of custody, is what really makes this such a solid system for owners, insurers, suppliers, and crew to use.”
Family-run Marfin Management operates and manages bulkers ranging in size from handymax to ultramax.