16 Nov Obtain financing faster with Smart Bunkering solutions
Written by Anouar KIASSI, CEO of Ascenz Marorka
By using the eBDN, customers can obtain financing for underlying trade in less than two hours.
In 2022, an independent study conducted by the consulting company BLUE Insight revealed that ‘short bunker deliveries’ remain prevalent in Rotterdam and Fujairah – with the issue likely to be exacerbated by the prospect of new, more expensive low carbon fuels entering the market. The study concluded that about 3% of the bunkers in the second largest port in the world recorded as delivered were never actually pumped on the ship. Also, 80-90% of the survey respondents recognise the issues outlined (i.e. bunker quantity problems).
Ascenz Marorka was the first technology company to introduce in Singapore (and in the world) a digital bunkering monitoring solution using mass flow meters (MFM) to improve the accuracy of bunkering measurements.
Advanced bunkering monitoring
Bunkering monitoring often takes place at the point of custody transfer, where the transferred quantity can be confidently quantified according to the purchase contract. Usually, MFMs are used to ensure quantity and quality of the flow transfer. The digital monitoring of the entire bunkering process with real-time data collection and artificial intelligence (AI), coupled with operational experience, can limit errors, negligence and malpractices. In this process, Ascenz Marorka acts as the third party to increase transparency and accountability of the commercial transaction.
In fact, malpractice can occur in many ways, such as cappuccino bunkers with excessive flow aeration, tampering with pipelines and seals, interference with the meters using magnets, contamination of fuel with water, or use of uncertified or faulty flow meters.
As the opposite of all the other types of flow meters, the MFMs are unaffected by the flow profiles. For example, the concerns arising from changing temperature, viscosity, and pressure conditions are eliminated to deliver higher accuracy and reliability. With no moving parts, the MFMs are adapted for the harshest marine conditions. Flowmet Mass Flow Meters (an Ascenz Marorka brand) are perfectly designed for reliable and accurate measurements under challenging conditions.
In addition to technology, the entire system performance is guaranteed by proper meter selection and installation, acceptance tests and extensive checks of mechanical, software, electrical and operational security. For example:
- equipment is sealed against any unauthorised adjustment,
- software is protected against any unauthorised change,
- data collected during the bunkering process is stored securely onboard and in the cloud to be visualised or to support claims if need be,
- critical alarms for suspicious behaviour are activated in real-time.
The system provides a full view of bunkering activities including key parameters such as mass flow rate, density, temperature and drive gain. The Smart Bunkering feature is more than a mere visualisation of the situation. It offers valuable analysis throughout the bunkering process using state-of-the-art AI.
Thanks to proper bunker monitoring, some of our customers have reported savings of up to USD 400,000 in six months.
While waiting for regulators to impose the use of MFMs for bunker suppliers, the receiving vessels can already take action and install a MFM on the bunkering line, combined with a robust digital bunkering monitoring solution. Ascenz Marorka has delivered hundreds of these all around the world, with demand growing in Europe.
Electronic Bunker Delivery Note (eBDN)
The Electronic Bunkering Delivery Note is a cloud based digital system that allows control and traceability of bunkering operations from order to invoice payment. The eBDN acts as a digital interface between bunker suppliers and buyers, as well as financial institutions and port authorities.
In July 2021, Ascenz Marorka launched its Electronic Bunker Delivery Note (eBDN) after the success of the world’s first live bunker delivery financing pilot operated through an eBDN.
By using the eBDN, customers are able to obtain financing for their underlying trade in less than two hours, enabling them to gain working capital faster and better manage cashflows.
The eBDN also mitigates the risk of fraud in the bunker industry, as counterparties are able to ascertain the trade data at source. This is done by leveraging the MFM system for measurement and secured data transmissions to all the participants in the bunker trade supply chain ecosystem.