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Bunkerchain and S&P Global Intelligence to develop digital vessel identities

Photo: Bunkerchain Bunkerchain MoU signing at Sibcon
Singapore start-up Bunkerchain and S&P Global Intelligence have inked a Memorandum of Understanding (MoU) to develop digital identities for vessels.

The MoU signed at the Singapore International Bunkering Conference and Exhibition (Sibcon) on Wednesday was flagged up by Chee Hong Tat, Singapore’s Senior Minister of State for Finance and Transport, in his opening speech.

Together, they aim to develop the world’s first digital identities for vessels tied to the IMO Database called Marine Vessel Pass (MVP). This could enable vessels to do away with wet ink ship stamps and physical signatures,” the Minister said.

The MoU signing was witnessed by Maritime & Port Authority of Singapore’s (MPA) Assistant Chief Executive (Operations), Captain M Segar, and Bunkerchain was one awardee in the MPA’s digital bunkering project.

S&P Global Market Intelligence issues and maintains vessel’s IMO numbers on behalf of the International Maritime Organization (IMO). Before digital identities for vessels are activated they will be validated against the IMO Global Maritime Database.

The service can either be integrated with current systems of ship management companies or owners to enable Marine Vessel Pass interoperability with existing systems and pre-designed forms.

Or the users of the system can digitize a paper document received on the vessel by taking pictures of any paper document and designate the position of the electronic signature and ship stamp before calling on their Digital Identities to sign the documentation. Documentation that could be signed electronically include Bunker Delivery Notes, Master Bill of Ladings and Delivery Orders.

“Digital Identities are the foundation of the digital economy. The support of MPA and S&P Global Market Intelligence has enabled the creation of this new service that will benefit ship management companies and owners by digitizing their paper based operational documents signed by the vessel,” said Leon Ling, CEO Bunkerchain.

Capt Segar from the MPA commented: “The MoU between S&P Global Market Intelligence and Bunkerchain represents yet another significant step towards bridging the physical and digital worlds of the maritime industry. The creation of digital identity ecosystem for ships will provide authenticity for electronic documents, and further enhance maritime efficiency as more ships replace wet ink stamps and embrace digitalisation.”