KPI OceanConnect, PIL and Bunker One join hands in Singapore’s 1st overseas digital marine fuels deal
Singapore-based container shipping Pacific International Lines (PIL), marine energy solutions provider and trader KPI OceanConnect, and marine fuel supplier Bunker One have carried out their first live electronic marine fuel inventory statement for an overseas delivery through the Singapore Trade Data Exchange (SGTraDex).
Singapore-flagged container vessel Kota Rakan, owned by PIL, was bunkered with very low sulphur fuel oil (VLSFO) by Bunker One at the port of Lome in Togo, Africa on February 7, 2023. The bunker delivery note (BDN), bunkering sale invoice and fuel delivery were submitted and exchanged on the same day via SGTraDex.
Launched in June 2022 as a public-private partnership, SGTraDex is a common data infrastructure that facilitates the sharing of data between supply chain ecosystem partners, streamlining information flows through a common data highway where data can be shared.
KPI OceanConnect has adopted SGTraDex to streamline invoicing and reduce manual processing time. In addition, the platform also serves as a secured channel for the transfer of various trade documents, including limited to bills of lading, certificates of quality, and letters of credit.
“This platform enables us to share trusted and secure data along the supply chain. Our commitment to innovation and digital solutions – such as AuctionConnect, which has been running for 21 years – in our marine energy services will continue, further enhancing transparency in the industry and creating a safer trading environment for the entire value chain,” CEO Anders Grønborg at KPI OceanConnect, said.
“This is all the more significant for PIL as we are one of the founders of SGTraDex. Our participation in SGTraDex stems from our belief in the importance of leveraging digitalisation to build an efficient, reliable and secure supply chain. We also strongly endorse the drive for transparency in marine fuels transactions, to enable shipping lines like PIL to have safe and sustainable vessel operations,” Goh Chung Hun, Head of Fleet at PIL, said.
“By leveraging on our common data infrastructure, parties involved in the transaction were able to streamline their document exchange processes with increased transparency and enhanced efficiency. This achievement underpins the critical role that SGTraDex can play in driving digitalisation across the maritime industry, within and outside of Singapore,” Antoine Cadoux, CEO at SGTraDex Services, added.
The project is important because it represents a step forward in streamlining and improving the efficiency of maritime logistics processes through digitalization.
Traditionally, inventory statements and other shipping-related documentation have been done through manual, paper-based processes, which can be time-consuming and prone to errors. By leveraging digital technologies, such as electronic data interchange (EDI) and blockchain, shipping companies can reduce the time and resources required to process shipping-related documents, while also increasing accuracy and transparency.