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Isle of Man Shipping Registry and FuelTrust sign memorandum of understanding to validate green ships

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Image of Darren Shelton, Chief Product Officer of FuelTrust (left) and Cameron Mitchell, Director of the Isle of Man Ship Registry (right).

Published April 3, 2022 23:47 by

The Maritime Executive

[By: FuelTrust]

FuelTrust, the technology company committed to creating a trusted and sustainable fuel ecosystem for shipping, and the Isle of Man Ship Registry (IOMSR), one of the world’s leading shipping registries, have signed a Memorandum of Understanding. IOMSR will leverage FuelTrust’s digital fuel and emissions technology to validate ships for the flag’s Green Ship program and collaborate on other projects to incentivize and enable emission reductions.

The collaboration and collaboration agreement allows ship owners and operators registered with the IOMSR to use FuelTrust’s Bunker Insights® product to predict, measure and authenticate the emission reductions of their fleets.

As part of this collaboration, IOMSR will accept AI-based validation of ship performance related to its emissions and fuel quality programs from FuelTrust. This will qualify vessels using Bunker Insights for the IOMSR Green Vessel award and benefit from discounts or offers on their annual registration fee.

The Green Ship rebate program, effective April 1, 2022, is available to operators of cargo ships, commercial yachts or passenger ships investing in biofuel, alternative fuels, wind or shore energy technology. FuelTrust and IOMSR will continue to work together to explore, among other things, ways to track emissions reductions from zero-carbon fuels to reduce greenhouse gas emissions.

“The agreement with the Isle of Man Register of Ships creates significant opportunities for shipowners,” said Darren Shelton, Chief Product Officer of FuelTrust. “IOMSR recognizes how advanced technologies like ours can help its members reduce their CO2 emissions, track fuel consumption and monitor performance.

“The advent of low-carbon or zero-carbon fuels, each with their own supply chain, adds even more complexity to the bunker market. Owners and operators must demonstrate to charterers, shippers, insurers, financiers and regulators that they are purchasing fuel that meets decarbonization targets. Digital technologies are required to ensure shipping companies have a validated analysis of their fuel profile and environmental impact.”

Cameron Mitchell, Director of the Isle of Man Ship Registry, said: “As the first flag state in the world to reduce registration fees for ships using green technology, we want to support our members’ efforts by giving them access to the best technologies to support them fuel selection and to manage and monitor ship emissions for regulatory compliance.

“Our collaboration with FuelTrust provides Isle of Man registered vessel operators and charterers with the insight, expertise and transparency to assess the collective carbon footprint of their fleets and manage emissions compliance.”

FuelTrust’s solutions use its AI Digital Chemist® to simulate combustion at the molecular level to track fuel quality, energy and emissions profiles. AI Digital Chemist combines the known properties of a fuel batch with ship engine class data and data from the daily logs to determine exactly what is happening when fuel is burned. This provides a far more accurate picture than current emissions models and estimates that do not account for chemical interactions, source fuel data, or supply and supply chain impacts. Many approaches require significant manual effort or the installation of costly, high-maintenance equipment on board ships. FuelTrust solutions offer a fuel-centric and cost-effective digital way to solve these challenges.

The products and services described in this press release are not endorsed by The Maritime Executive.

About Christine Geisler

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