Absence of distribution procedures transparency endangers the business with concerns including tax avoidance and unlawful activities. This ambiguity applies to shipping businesses that obtain their oil from refining facilities. This may lead to inferior-quality marine oil that compromises the seaworthiness of the ship and exposes shipping corporations to liability and fines.
Oilpass, which is driven by blockchain technology, provides customers with a comprehensive understanding of the origin and history of marine oil products. The refinery decides the product’s source (aka origin) and the oil’s grade. The route of delivery for the oil product is documented, as well as transaction data and how the commodity reaches various boats. This data is readily accessible by authorities and customs to check, giving refineries with accountability and shipping firms and ports with credibility about their activities.
Singapore aims to achieve “net zero emissions (carbon neutral) by 2050” and has strictly adhered to International Maritime Organization regulations (IMO ). Accomplishing a 96% conformity rating in the first quarter of 2020 in accordance with the IMO 2020 standard, the nation takes its ESG obligations sincerely. In his budgeting address on 18 February 2022, Singapore’s Finance Minister Lawrence Wong proposed a fivefold rise in the carbon tax to $25 per tonne by 2024. By 2030, this charge will grow to between $50 and $80 per tonne of greenhouse emissions.
“Singapore is among the world’s most significant ports for maritime commerce and a pioneer in environmental, social, and governance (ESG) initiatives and industry responsibility. Incorporating Oilpass into their process may be a significant step in furthering continuing attempts to improve marine sector efficiency and environmental norms.” The CEO of SSVT, Park Jonghyun, explains. Oilpass is in its last phases of development and assessment and will be commercially available next year.