Ascenz, the Singapore-based GTT subsidiary, launched the electronic bunker delivery note (eBDN) – a tool to improve the efficiency and the transparency of the bunkering process
Last week, Singapore – the world’s largest bunkering hub – conducted its maiden test of live bunker delivery financing using the eBDN.
The operation was conducted by Singapore’s DBS Bank in partnership with Trafigura Group’s bunkering arm, TFG Marine, Japanese box ship venture Ocean Network Express and Ascenz, with the support of the Maritime and Port Authority of Singapore.
The traditional bunkering process takes a few days to a week as it relies heavily on manual paperwork. At present, banks depend on physical copies of the BDN.
In the eBDN, mass flow meters are employed to digitalise bunker deliveries, which enables parties to determine trade data at the point of origin thus mitigating the risk of fraud.
GTT said “the digitalised process demonstrated that, once deployed on a larger scale, customers will be able to obtain financing for their underlying trade in less than two hours, enabling them to obtain working capital faster and better manage their cash flows.”
GTT group chairman and chief executive Philippe Berterottière commented, “With this innovative technology, GTT group is proud to contribute to the digitalisation of the bunkering process, making it more accurate, efficient and transparent.
By improving the end-to-end traceability, this major innovation by our smart shipping company Ascenz supports trust between participants in the bunker trade, including banks, buyers and suppliers. With the digital revolution speeding up in the maritime industry, GTT helps its customers prepare for the future of the industry, improving the efficiency and the sustainability of their operations.”
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