10 September 2024 – NorthStandard has launched ‘Fuel Insights’ – an exclusive real-time marine fuel intelligence service for members in partnership with Veritas Petroleum Services (VPS).
Powered by VPS, the Fuel Insights digital platform offers real-time fuel procurement knowledge based on exclusive live data from the leading provider of fuel quality testing and inspection services in the marine industry.
Bunkering and operations departments can use this range of data to improve decision-making, by including off-specs and calorific value to the rationale, whilst technical managers can use the data to anticipate fuel quality risks to avoid bad bunkers. Platform users can make more informed choices on the best fuel to meet their operational requirements, including fuel with the lowest environmental footprint.
Fuel Insights will be offered free of charge to NorthStandard members as part of its Get SET! digital portfolio of pioneering technologies to improve safety and reduce operating costs.
“This is a unique collaboration in marine insurance,” said Colin Gillespie, Global Head of Loss Prevention, NorthStandard. “It offers NorthStandard members easy access to global fuel statistics, as well as the tools to trade with confidence by managing risk and reducing claims in one of the most challenging areas of ship management.”
John Oosthoek, VP Operations Digital & Decarbonisation, VPS, added that, “The launch of the Fuel Insights platform is the culmination of a growing partnership between NorthStandard and VPS over the past few years. By utilising reliable fuel quality data owners and operators can anticipate and mitigate the risks associated with fuel quality, such as cat fines, cold-flow, and stability.
“Every single test parameter in the Fuel Insights platform is there for a reason,” Oosthoek continued. “This includes the usual ISO 8217 parameters, but also additional proprietary quality parameters from VPS, such as an indicator of chemical contamination and specific cold-flow parameters for new fuels. The platform also provides insights beyond off-specs, by highlighting cautionary cases that may require additional treatment or operational advice. With the advent of various types and blends of biofuels in the marine industry, VPS is committed to enriching this platform with relevant and actionable insights now and in the future.
“Testing remains essential for verifying quality, but accumulated data helps owners make informed fuel procurement decisions,” said Steve Bee, Group Commercial & New Business Development Director, VPS. “The services we provide ensure engines or fuel delivery systems do not suffer damage, crews stay healthy and safe, and ships meet expectations on the environment. For NorthStandard, Fuel Insights, powered by VPS will help ensure members and shipowners know what to look out for and subsequently enhance their ability to plan preventive maintenance.”
“Beyond mitigation, data could be invaluable to a claim or contract dispute,” added Gillespie. “For example, if substandard fuel was repeatedly linked to a single port, or if fuel issues on board had an onward impact of cargo delays. Shipowners and operators also need full transparency on fuel availability and quality, especially given the rapid rise of alternative fuels,” he said.
VPS controls shipping’s largest marine fuel quality database, including the most extensive analysis of newer products, such as biofuels and methanol.
“Given that NorthStandard and VPS have the same forward-looking position on digitalisation, this partnership is a natural fit,” commented Bee. “Accurate monitoring and reporting also help reduce emissions and will improve vessel performance against carbon intensity indices to ensure owners are on the right side of history.”
Using the platform, NorthStandard members can easily access an interactive dashboard, providing transparency that digital solutions deliver across an organisation. “The VPS agreement is an excellent example of NorthStandard’s continuing work to deliver digital services that make a difference for our members, brokers and customers,” said Gillespie. “Our website, intelligence platforms and loss prevention apps have all been developed to remove barriers between the user and enhance the availability of real time information for data-driven decision making.”
For further insight into Fuel Insights, powered by VPS, including information on how to access the platform, please visit the NorthStandard website: www.north-standard.com/fuel-insights-vps
About NorthStandard:
NorthStandard is one of the leading providers of global marine insurance products and services across the maritime industries. Established through the merger of North P&I Club and the Standard Club in February 2023 and ‘A’ rated by S&P Global, NorthStandard has premium revenues exceeding US$836 million, free reserves of US$803 million and mutual pool tonnage surpassing 260 million GT.
From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard offers a unique blend of worldwide presence and class-leading expertise across multiple specialist areas, including P&I, FD&D, War Risks, Strike & Delay, Hull and Machinery and ancillary insurance. Its Sunderland Marine and Coastal & Inland divisions also provide cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels and aquaculture. NorthStandard’s comprehensive local market and sector knowledge is underpinned by continuous investments in market-leading digital technologies.
NorthStandard is a leading member of the International Group of P&I Clubs (IG) and is fully committed to upholding the shared objectives of its 12 independent member clubs, which provide liability cover for approximately 90% of the world’s ocean-going tonnage.
