Citracks to Launch New ‘Marine Fuel Management System’

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 Citracks

Citrack Telematic Solutions Ltd. provides solutions for asset monitoring and facilitates significant cost reduction and safer operations.  They are a  subsidiary of C&I Leasing PLC.

Their new product ‘Marine Fuel Management System’ helps ship owners, charterers and oil companies to improve fuel efficiency and reduce their fuel consumption onboard ships.  In a bid to smoothly launch the product to the Nigerian market, they have signed a MoU with  Ascenz, a Singapore-based fuel monitoring company that recently launched ‘Coriolis-based marine fuel meter’.  While Ascenz will provide the technical support, Citracks will finance the project.  The new product is likely to be launched in Nigeria by August 2015. This is aimed to aid African shipping companies have an accurate method of measuring fuel on the boat.

Chief operating officer of Citracks,  Ayoola Olaitan, is quoted to have said “Fuel usage is critical and its growing composition to shipping companies’ total operating cost, coupled with its volatile prices, requires real-time, transparent information on bunkering and fuel consumption to optimise cost.”

The Coriolis fuel meter transmits accurate bunkering fuel consumption and other onboard equipment information via satellite.  This helps the fleet manager to remotely track not only the fuel consumption but engine efficiency as well, vessel location and speed via the internet and online map from any corner of the world.

Chief operating officer of Citracks,  Ayoola Olaitan, also added that they propose to install and upgrade via  Ascenz a ‘Dynamic Positioning Solution’ in vessels.  This system enables vessels to eliminate the need for tug boats and at the same time, stay in one position at spots where the vessel may have not enough space to drop anchor.  The proposed costs for the fuel management system is set to range between $50,000 and $75,000 for big ships while the cost for smaller boats would range between $15,000 and $25,000.

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