First live digitalized bunker delivery was successfully conducted in Singapore
Singapore has conducted its maiden test of live bunker delivery financing using an electronic bunker delivery note (eBDN), according to FleetMon.
It stated: “The initial transaction was between TFG Marie and Ocean Network Express (ONE) and was facilitated by Asencz, DBS Bank, and the Singapore Maritime and Port Authority (MPA).
“Presently, banks depend on physical copies of the BDN, which is inconvenient and increases the risk of fraud and exploitation. Mass Flow Meters are employed to digitize bunker deliveries, which enables parties to determine trade data at the point of origin.”
“The digitization of bunker delivery notes is just one of several important measures required to shift Singapore’s bunkering sector into the digital world and to guarantee our port and shipping industry is ready for the future,” said Sriram Muthukrishnan, Group Head of Trade Product Management at DBS. “
One of the goals is to collaboratively build a digital methodology that improves accountability and productivity for bunker trades while also developing confidence with banks and shipowners, both of which are crucial to the future progress and expansion of Singapore’s bunker ecosystem.”
