In a groundbreaking development for the global marine fuels industry, leading shipping and bunkering companies have come together to launch the Bunkering Services Initiative, a focused effort to address the widely reported issues of fuel quantity shortages and fuel quality opacity across the marine fuel supply chain, reports Offshore Energy.
By addressing these market distortions marine fuel buyers can make optimal procurement decisions and suppliers can operate on a level playing field. The Initiative is voluntary, and participation is welcome from all marine fuel buyers and suppliers who commit to adopting and complying with its standards and governance.
Scale from Day One
At the outset focused on Amsterdam-Rotterdam-Antwerp (ARA), the world’s second-largest bunkering hub, the Initiative represents 20% of ARA market volume comprising several thousand deliveries each year. Founding participants include some of the most prominent names in the industry, including Cargill, Frontline, Hafnia, Hapag-Lloyd, Mercuria, Minerva Bunkering, Oldendorff, Trafigura, TFG Marine, Unifeeder, and Vitol, as well as other key players in energy and shipping.
Self-Regulation
The concept is uniquely designed to be self-regulating, leveraging powerful data-driven insights to monitor participant behaviour and adherence to standards – thereby advancing the objectives of regulatory authorities without requiring their administration.
The Initiative defines a new gold standard of technology-enabled bunkering operations, with seamelss integration of mass flow meters, digitalized workflows over the blockchain, traceable fuel quality measurements throughout the supply chain, full accounting of quantity balances, and real-time reporting to participants.
Commitment to Accountability
To ensure accountability to the Initiative’s objectives and standards of operation:
- Lloyd’s Register has been appointed as the System Auditor, responsible for qualifying participating bunker barges, conducting unannounced physical barge inspections, and verifying compliance with Initiative standards and data integrity.
- ADP Clear Pte Ltd has been appointed as the Initiative’s technology provider, facilitating multi-party workflows, real-time reporting, and verifiable performance metrics for all stakeholders.
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Source: Offshore Energy
