Ascenz, the Singapore-based GTT Smart Shipping Company, is launching the Electronic Bunker Delivery Note (eBDN) solution to improve the efficiency and transparency of the bunkering process.
Ascenz’s solution contributed to the success of the world’s first direct bunker delivery financing pilot project, operated via an eBDN. The operation was carried out by DBS1 Bank, in partnership with the marine fuels supply and supply joint venture of the Trafigura group, TFG Marine, Ocean Network Express (ONE) and Ascenz, with the support of Maritime and Port Authority of Singapore (MPA).
The traditional bunkering process is cumbersome and takes anywhere from a few days to a week as it relies heavily on manual paperwork. The newly digitized process has demonstrated that when deployed on a larger scale, clients will be able to obtain financing for their underlying transaction in less than two hours, allowing them to obtain working capital faster and better manage their transactions. cash flow.
EBDN also mitigates the risk of fraud in the bunker sector, as counterparties are now able to verify trade data at the source. This is done by taking advantage of the Mass Flow Measurement (MFM) system and secure transmission of data to all participants in the bunker trade supply chain ecosystem.
Philippe Berterottière, Chairman and CEO of GTT, declares: “With this innovative technology, the GTT group is proud to contribute to the digitalization of the bunkering process, making it more precise, efficient and transparent. By improving end-to-end traceability, this major innovation from our smart shipping company, Ascenz, fosters trust between bunker trade players, including banks, buyers and suppliers. With the digital revolution accelerating in the maritime industry, GTT is helping its customers prepare for the future of the industry, by improving the efficiency and sustainability of their operations ”.