Marine energy solutions provider and trader KPI Ocean Connect, container shipping line Pacific International Lines (PIL), and physical marine fuel supplier Bunker One have completed their first live electronic marine fuel inventory statement for an overseas delivery through the Singapore Trade Data Exchange, (SGTraDex).

SGTraDex is a digital utility that facilitates the sharing of data between supply chain partners. It streamlines information flows through a common data highway where data can be securely shared, while its infrastructure can also accommodate the transfer of trade documents, including letters of credit (L/Cs).

Same-day document delivery

Singapore-flagged container vessel Kota Rakan, owned by PIL, was bunkered with very low sulphur fuel oil by Bunker One at the African port of Lome in Togo, on 7 February 2023.

The bunker delivery note, bunkering sale invoice and fuel delivery were submitted and exchanged on the same day via SGTraDex.

Trade document transfers

As part of its strategy to enhance transparency in the marine fuels industry, KPI OceanConnect has adopted SGTraDex to improve transparency in the marine fuels industry.

Apart from using it to streamline invoicing and reduce manual processing time, the infrastructure also serves as a secured channel for the transfer of various trade documents, including but not limited to L/Cs, bills of lading and certificates of quality.

Launched in June 2022 as a public-private partnership, SGTraDex is a common data infrastructure that facilitates the sharing of data between supply chain partners, streamlining information flows through a common data highway where data can be shared in a trusted, secure, and inclusive manner.

Potential bank benefits

Financial institutions may benefit from SGTraDex by mitigating the risk of duplicate financing and having more assurance that the upstream and downstream trading activities of their customers are authentic.

SGTraDex also promotes the shift towards digitalised trade transactions with verified electronic documents and data exchange, away from the existing paper-based systems that are more open to error and manipulation.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.