Problem

The current bunkering landscape is inefficient and complex

Highly Manual, Paper-based Process

The current bunkering process consists of 122+ touch points and a transaction takes approx. 120 days to settle.

Operational Variance and Losses

Fuel theft is a main vector for international crime and in South East Asia alone is estimated to cost the shipping industry approx. US$3bn per year.

0.5% SOx Compliance Risks

As of Jan 2020 global sulfur limits for bunker fuel move from 3.5% to 0.5%. affecting approx. 3.7MMb/d of fuel (McKinsey & Co.) increasing operating costs, non-compliance risk & working capital.

Inefficient Information Sharing

Entities involved in the bunkering process record and manage information within their own systems, creating a convoluted trail that is difficult to recover in the event of a dispute.
Solution

A blockchain based, IoT-enabled ecosystem platform

Reliable. Immutable. Safe.

A blockchain is built on a peer-to-peer network. Buyers and sellers of bunker fuel can see,verify, accept and reject data recorded on a blockchain. Using distributed ledger technology, relevant information is shared and synchronised across multiple users in different locations in near real time. Users have ultimate control over who can access their data and information. Trust, meet the bunker market. Bunker market, meet trust.

Designed for Quality. Compliance Assured.

On QuayChain, transactions are track & traceable and fully auditable. This protects companies and makes individuals accountable, reducing the risk of fraud and theft, and ultimately creating trust. It also means compliance with MARPOL 2020 is easy and free.

Intelligent & Unbeatably Simple.

With blockchain, self-executing ‘smart contracts’ are made possible. Agreements made by the bunker fuel buyer and seller will automatically trigger actions or payments once conditions are met. Fuel? Simple!

Enhanced Productivity & Profitability

Blockchain speeds up multi-party processes in bunkering and enables quick transactions unbound by time and third-party intermediaries such as banks and brokers. With fast ROI made possible by distributed ledgers, this accelerates productivity, efficiency,and profitability within the business. The process you know, at a fraction of the cost and without any of the headache.

Optimise your Ecosystem, Not Your Enterprise

Quaychain is an open access, multi-party platform. Blockchain allows us to simplify and streamline the bunkering ecosystem. Our viral on-boarding feature allows you to start engaging with your counter parties immediately. Simply invite your counter party to a transaction and start building the future today. Thinkbigger. Journey together.

Optimize your fuel management today!

Schedule a demo for more information regarding rise-x.io products and the QuayChain platform.