Monaco-based Marfin Management becomes first company to benefit from blockchain and synthetic DNA-based fuel tracking solution
BunkerTrace, owners of the marine fuels tracking solution, today announced its first commercial partner, ship manager Marfin Management S.A.M. The Monaco-based family firm will use BunkerTrace to track marine fuel, using synthetic DNA markers at specific points of the supply chain and record each transaction in a blockchain-based solution.
This new partnership demonstrates the readiness of the BunkerTrace solution to transform how businesses comply with the International Maritime Organisation’s (IMO) 2020 sulphur cap. The solution, which launched in October last year, enhances marine fuel traceability and provides a clear chain of custody for better quality assurance in the bunker fuel supply chain.
Marfin Management S.A.M, which has managed and operated handymax to ultramax dry cargo vessels since 1926, will adopt this powerful tool to manage the risk of non-compliant, or even potentially dangerous contaminated marine fuels, being used on its ships.
Commenting on the new partnership, Marfin Management S.A.M CEO Alex Albertini said: “We’re delighted to form this alliance with BunkerTrace to ensure our vessels are compliant with IMO 2020 and to manage the risk of non-compliant or contaminated fuel. As managers, we have responsibility for safety and compliance across the whole bunkering process; and working with BunkerTrace gives us a new level of confidence in how we do that.
“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. This partnership combines Marfin’s strong environmental leadership with our interest in using innovative technology to benefit our vessels, crew and customers.”
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.
“Alex and his team understand the importance of transparency in today’s complex and fragmented market. We believe Marfin Management S.A.M is very well placed to be the first mover with our solution and we’re delighted to be collaborating with them.”