Fuel management is necessary in order to maintain, check and supervise monitoring of fuel consumption and stock in the shipping industry. DNVPS a preeminent petroleum service has designed a revolutionary Fuel Management Web Application for Ship Owners and Operators, which would be extremely beneficial in monitoring vessel operational costs and other measures.
Fuel Insight, the cutting edge data analytics and online benchmarking tool helps ship owners, fleet operators and fuel buyers obtain the best value for money from their bunker fuel purchases. By improving the bunker purchase evaluation and decision-making processes it actually assists charterers, ship operators and ship owners achieve substantial cost savings and risk reductions, provided they have quick access to reliable data on supplier performance. Besides that, users can appraise the fuel-related performances of individual vessels and fleets against industry averages and identify potential improvements.
Bunker fuel expenses, volatile fuel quality trends, supply chain developments and increasingly stricter environmental regulations represent the larger fraction of a vessel’s operational costs and are effectively transforming today’s marine fuel management into a much more complex process, hence should be supervised carefully.
Fuel Insight application includes a Price Correction Calculator which estimates corrected bunker fuel prices based on suppliers’ quoted prices, taking into consideration their previous fuel delivery performances in density differences (values reported in Bunker Delivery Notes as compared to tested results), deposited content and fuel energy. The comparison between the energy content in delivered bunkers and the global energy average for the fuel grade determines the energy component. From the calculated result a financial loss/gain and a quantity loss/gain are instantly demonstrated for an easily accessible benchmark of various types, such as:
Reporting benchmark can be helpful in comparing the supplier’s density, sulphur and viscosity values quoted against the lab-tested results;
Statutory Benchmark assesses the conformity record of the deliveries by the supplier in relation to sulphur and flash-point regulatory requirements.
Financial Benchmark works likewise the Price Correction Calculator.
Technical Benchmark could be used for analysing the technical quality of the products supplied by evaluating critical ISO 8217 bunker quality parameters weighted in accordance with their levels of significance.
How it works
Fuel Insight marks the score for each of the four benchmarks in the range of 0 (worst) to 100 (best). When ship owners need to evaluate the overall performance of the selected bunker supplier according to these benchmarks, the can assign different weights (Low, Medium or High) to each as well as have the option of excluding any of the benchmarks from the evaluation. The overall score is also in the 0 to 100 range and is an arithmetic average of all selected scores.
Accurate and Reliable Insights
Fuel Insight is supported exclusively by the DNVPS marine fuel quality database which is considered the biggest in the industry and it connects the whole bunker industry to a reliable online repository of bunker intelligence. Ship owners can now improve their risk and fuel management with fast, accurate performance monitoring and decision-making process to lower the vessel operational costs.
For further enquiries ship owners are requested to contact their nearest DNVPS regional office, which can be obtained from their official site. It is now possible to arrange a Fuel Insight product demonstration in specified offices or request for a 30-day no-obligations trial by mailing them at the following mail address: firstname.lastname@example.org