New ZeroNorth`s service to enhance data integration between bunker suppliers and buyers
The new solution works by transitioning eBDN data into procurement systems and facilitating automatic matching with corresponding supplier orders. Payment processes are then initiated automatically without manual intervention.
The bunker market's legacy manual processes mean that data entries commonly contain inaccuracies, which leads to raised claims and additional costs. By directly and automatically transferring eBDN data into the procurement system, the new integration is a true step forward for transparency in the bunker market; improving operational efficiency, fostering stronger supplier relationships, and ensuring adherence to payment schedules.
The initial rollout of ZeroNorth's eBDN solution has taken place in Singapore, one of the world's most important bunkering hubs. Singapore has currently established itself as a hub for a digitalised bunker market, with the Maritime and Port Authority of Singapore (MPA) looking to make eBDN mandatory in the second half of 2024.
With 44,746 bunker deliveries conducted in Singapore in 2023, the city state's share of fuel volumes was close to 23% of all marine fuel delivered in 2023 (51.8 million mt out of approximately 225 million mt globally).
It is clear that the adoption of eBDN in Singapore will create the foundation for the global rollout of the technology, significantly improving transparency across the bunker value chain in the years to come.
ZeroNorth is clearly seeing interest and enthusiasm for this integration. Effectively and digitally transferring key delivery data from the eBDN between supplier and buyer marks a pivotal moment in strengthening the exchange of data between all parties.
Kenneth Juhls, Managing Director, ZeroNorth Bunker, said:
"We are dedicated to leveraging technology to drive efficiency and sustainability in the maritime sector. The integration of eBDN dataflows is a testament to our commitment to innovation and our vision for a more connected, digital future for bunker fuel transactions.
"eBDNs represent the next frontier for bunker optimisation and hold the potential to be a true accelerant of digitalisation of the bunker value chain. It shows the latent power of the data we have at our fingertips and the positive impact that we can have if we are able to make that information available at speed. By breaking down the data silos between bunker suppliers and buyers, we're helping everyone work together better.
"This makes it easier to build fuel strategies that are resilient to market complexities and that enable compliance with stricter regulations. We are grateful for the support of our customers and partners as we embark on this journey to transform the industry together."
