Nautical Control Solutions, LP (NCS) announced that Marine Fuel Management (MFM) systems consultant Mustang Technologies has been signed as an official representative in the Asean Free Trade Area (AFTA).
“We are delighted to be appointed a FuelTrax representative,” said Mr. Charles Kathrein, CEO Mustang Technologies. “While various sections of the shipping industry in Asia Pacific have been suffering from low rates, high fuel costs and overcapacity, the offshore support vessel (OSV) industry has been growing rapidly with the fleets themselves getting younger. Offshore petroleum and natural gas production has witnessed rapid growth in recent years, driven by a wide range of geographic developments. Oil majors who charter OSV’s are increasingly requesting greater transparency regarding bunkering and fuel consumption for vessels under charter. FuelTrax collects the required bunkering and fuel consumption data without human intervention and the FuelNet reporting tool provides web access to bunkering and fuel consumption activities for all stakeholders, e.g. owners, vessel management companies, and those who pay for the fuel. We are seeing a greater market acceptance of FuelTrax and FuelNet within the AFTA region as key stakeholders demand reliable data gathering and transparent management reporting. Additionally, Protection and Indemnity (P&I) Clubs have told me that implementation of FuelTrax and FuelNet may reduce premiums due to the increased transparency. This is a most interesting subject and warrants increased investigation.”
Mr. Kathrein continued, “The OSV market for FuelTrax in Asia Pacific is large and growing. The Malaysian Offshore Support Vessel Owners Association includes 198 OSVs. Indonesia also has a large fleet of OSVs. The local challenges we face include vested interests who profit from the status quo and owners who lack understanding of the return-on-investment and rapid payback from implementing a FuelTrax solution. Mustang Technologies intends to continue to evangelize FuelTrax as a strategic market differentiator for vessel owners so that they can provide the transparency that their customers desire while increasing charter opportunities.”
“Mustang has been a leading local voice in the promotion of marine fuel management as a needed and necessary management discipline in today’s market,” said Anthony George, CEO of NCS. “As fuel prices remain high and volatile, owners and operators must find ways to accurately measure and report fuel usage across a fleet and then easily identify areas where quick improvements can be made. Simply installing flow meters and a display into a vessel’s fuel system does not provide management insight on how a vessel uses fuel and what activities impact that usage. We are particularly excited to have Mustang join us as they not only understand the discipline of MFM but also the technology to properly support MFM decision making. After ten years in the business, we can spot the winners and we anticipate a big expansion in the region.”