Several shipping and bunkering companies have come together to launch a Bunkering Services Initiative focused on solving the widely reported issues of fuel quantity shortages and fuel quality opacity across the marine fuel supply chain.
Founding participants of the initiative include Cargill, Frontline, Hafnia, Hapag-Lloyd, Mercuria, Minerva Bunkering, Oldendorff, Trafigura, TFG Marine, Unifeeder, and Vitol, as well as other players in energy and shipping.
By addressing these market distortions, marine fuel buyers can make optimal procurement decisions and suppliers can operate on a level playing field, according to the partners.
As explained, 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.
Focused on the Amsterdam-Rotterdam-Antwerp (ARA), the world’s second-largest bunkering hub, the initiative is said to represent 20% of ARA market volume, comprising several thousand deliveries each year.
The concept is designed to be self-regulating, leveraging data-driven insights to monitor participant behavior and adherence to standards – thereby advancing the objectives of regulatory authorities without requiring their administration.
Specifically, the initiative defines a new ”gold standard” of technology-enabled bunkering operations, with 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.
To ensure accountability to the initiative’s objectives and standards of operation, UK class society 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.
Moreover, ADP Clear has been appointed as the initiative’s technology provider, facilitating multi-party workflows, real-time reporting, and verifiable performance metrics for all stakeholders.
In related news, French energy major TotalEnergies and compatriot shipping and logistics company CMA CGM Group have unveiled plans to develop a 50/50 logistics joint venture dedicated to the implementation and operation of a liquefied natural gas (LNG) bunker supply solution at the Port of Rotterdam, the Netherlands.
The new JV will offer a complete logistics service, from reload access at Gate terminal facilities to LNG bunker delivery to a wide range of vessels operating in the ARA region, including those of CMA CGM as well as other shipping operators.
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