Minerva Bunkering is hoping to give the industry a shot of transparency with its new technology platform.
The Mercuria-backed fuelling outfit will launch its Advanced Delivery Platform (ADP) — allowing customers to track fuel volumes, delivery times and destinations — next year with Hafnia Pools at the Amsterdam-Rotterdam-Antwerp, Singapore and Fujairah ports.
"We think what we're introducing is an accelerant," said Minerva chief executive Tyler Baron.
"Issues arising from lack of transparency and efficiency are talked about by all sides of the industry, shipowners, procurement teams, surveyors, suppliers."
Baron said there have been complaints in the market that shipowners and managers are not always getting all of the fuel ordered and paid for.
Despite this, procurement departments have incentives to go with the absolute lowest price even if they know they may not get 100% of their order.
Real-time data
The system employs mass flow meters on Minerva's barges to feed data into a software system the company built in-house. The software is intended to provide the master of a ship and its owner key data on bunker deliveries in real time.
The system is also designed to show customers a barge's last and subsequent deliveries to more easily track fuel, should some be shorted or misdelivered.
"There's a clear audit history, and nowhere for any molecules to go unaccounted for," Baron said.
The system comes as the bunkering industry trends towards consolidation, with the number of licensed suppliers in Singapore — the world's largest bunkering hub — shrinking by nearly half in the past decade.
Last month, Minerva was one of a trio of major suppliers to secure permits from the Maritime and Ports Authority of Singapore to sell fuels there.
'Unique circumstances'
The ADP is slated to launch in early 2021, starting with Hafnia and the approximately 155 ships it manages in its tanker pools.
Baron said Minerva worked with Hafnia Pools to develop the system.
He said he now intends to extend the system to other locations in which Minerva operates and would be interested in opening the system up to other suppliers.
"In most cases, when you introduce an innovative technology, you're worried about your competitors copying you," Baron said. "This is a somewhat unique circumstance in which we would be pleased if the rest of the industry comes to adopt this degree of transparency."
