BunkerTrace secures first commercial partnership with Marfin Management
BunkerTrace, owners of the marine fuels tracking solution, has 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.
BunkerTrace is a joint venture between Forecast Technology Ltd. and BLOC (Blockchain Labs for Open Collaboration). For owners and managers looking to discern the integrity of a fuel product before it’s loaded, BunkerTrace combines digital and forensic technologies to create an inclusive support solution that enhances marine fuel traceability and provides a clear chain of custody for better quality assurance in the bunker fuel supply chain. To tag the fuels, it uses ‘oligonucleotides’ (short single strands of synthetic DNA) to provide a virtually unlimited number of unique, secure codes (fingerprints), which are encoded with the information on quality and origin of fuels from the BunkerTrace solution. Taken together, these elements create an immutable chain of custody audit trail that follows the fuel, and any changes made to it, throughout the supply chain and records all activities and sign offs by actors transacting the fuel. The prototype for BunkerTrace was developed by the Maritime Blockchain Labs (MBL) consortium, funded by the Lloyds Register Foundation.
ABOUT MARFIN MANAGEMENT S.A.M:
Marfin Management S.A.M is a family-run business based in Monaco, which has managed and operated handy to ultramax dry cargo vessels since 1926.