AuctionConnect adds marine biofuels to digital platform
Shipping faces a range of strict regulations that will drive it towards decarbonization.
For investors and shipowners, alternative fuels are an important pillar of compliance.
Demand and supply need to be efficiently connected, if the market for these fuels is to grow and support decarbonization.
As a result, KPI OceanConnect announced Oct. 25 that its AuctionConnect digital platform is rapidly expanding its supply of greener fuel choices to help owners and operators achieve their sustainability goals.
“At AuctionConnect, we use innovation to support the green transition and simplify it for ship owners and operators who want a seamless and straightforward bunkering process,” the company stated. “The recent addition of biofuels offering on the AuctionConnect digital platform is another example of our commitment to supporting sustainability through innovation. AuctionConnect is an important tool for enabling innovative thinking and transparency, providing a seamless and efficient solution for buying and selling marine energy.”
AuctionConnect provides “a trusted and transparent” way to establish relationships between shipowners or operators and biofuels suppliers, allowing both parties to actively contribute towards a greener future for shipping, according to KPI OceanConnect.
The first bunker biofuel auction on the platform took place in Singapore in August , with 900 metric tons of B26 biofuels sold.
Biofuels are an effective way to phase out the use of fossil fuels by using waste feedstocks that would otherwise go to landfill, such as agricultural byproducts and recycled cooking oil.
By integrating biofuels into the auction platform and supporting fuel supply in a circular economy, AuctionConnect said it is facilitating more environmentally conscious practices in maritime trade.
“The addition of biofuels to our auction platform is a significant milestone for AuctionConnect and the shipping industry,” said Per Funch-Nielsen, director of AuctionConnect. “As sustainability becomes an increasingly integral part of the global agenda, it is our responsibility to provide the tools and opportunities for stakeholders to embrace cleaner energy sources. We are proud to be leading the way towards a greener future for shipping.”
This move by AuctionConnect is supported by environmentally conscious shipowners, charterers and operators worldwide.
By offering biofuels auctions through its platform, AuctionConnect said it is “fostering a culture of sustainability, supporting the International Maritime Organization’s ambitious greenhouse-gas reduction targets, and driving the maritime sector towards a more sustainable path.”