Citracks excites ship owners, oil majors with new fuel management solution

Citracks Telematics Solutions Limited, a subsidiary of C & I Leasing PLC has perfected plans to launch, a new remote fuel consumption monitoring system known as ‘Marine Fuel Management System’ to enable ship owners, charterers and oil majors, reduce fuel consumption, enjoy better fuel efficiency and save cost from fuel usage onboard the ship.

To launch this new product into Nigerian market, Citracks is partnering Ascenz of Singapore, one of the world’s biggest fuel monitoring company, which recently developed a new monitoring device on the bunker called ‘coriolis-based marine fuel meter’.

Coriolis fuel meter, designed to better the business of African ship owners, gives a more accurate way of measuring fuel on boat than the standard fuel meter used on boat today.

Speaking exclusively with BusinessDay in Lagos penultimate week, Ayoola Olaitan, chief operating officer of Citracks, said that the company has signed MoU in principle with Ascenz, and will be finalising the process so as to launch the product by August this year.

Ascenz, he stated will provide the technical support while Citracks will finance the project and the marine fuel management system will boost the bottom line for ship owners.

“Fuel usage is critical and its growing composition to shipping companies’ total operating cost, coupled with its volatiles prices, requires real-time, transparent information on bunkering and fuel consumption to optimise cost.”

According to him, Coriolis based marine fuel meter, collects and transmits precise bunkering, fuel consumption and other onboard equipment information via satellite. “This enables the fleet manager to monitor, track the vessel location, engine efficiency and speed via internet with an online map from any part of the world.” 

Continuing, he disclosed that: “Another thing we will be doing with Ascenz is to install, upgrade and maintain ‘Dynamic Positioning Solution’ in vessel.

This enables the vessel to stay in one position in situation where there is no space for the vessel to drop anchor, and it also eliminate the need for the ship owners to pay for tug boat to help anchor the ship”.

On cost of the device, he said: “We will be providing a cheaper alternative for fuel management at an affordable rate of $50,000 and $75,000 for big ship while small boats cost between $15,000 and $25,000, which is cheaper than its cost abroad.”

UZOAMAKA ANAGOR-Ewuzie