Marfin Management to implement blockchain fuel tracing system

Monaco-based ship manager Marfin Management has signed up as the first commercial partner to use the BunkerTrace system to track marine fuels, which launched in October last year.

BunkerTrace uses synthetic DNA markers linked to data such as location and provenance, which are inserted at specific points in the supply chain and used to record transactions in a blockchain-based system, allowing fuel to be traced and providing a chain of custody from end to end.

Marfin Management, which operates dry cargo vessels ranging from handymax to ultramax, will use the tool to manage the risk of non-compliant, or even potentially dangerous contaminated marine fuels, being used on its ships, now that the International Maritime Organisation’s (IMO) 2020 sulphur cap has come into effect.

“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,” said Alex Albertini, Marfin Management CEO.

“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 on board the vessel, while uploading all the process information on a blockchain infrastructure, we will create full transparency and accountability for every stakeholder in every bunkering operation.”

“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.”

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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