FuelTrust and Isle of Man Ship Registry sign MOU to support Green Ship scheme

In Texas, FuelTrust and Isle of Man Ship Registry (IOMSR), one of the world’s leading registers of ships, have signed a Memorandum of Understanding. IOMSR will use FuelTrust’s fuels and emissions digital technology to validate vessels for the flag’s Green Ship scheme, and to collaborate on further projects to incentivize and enable emissions reductions.

The collaboration and cooperation agreement will enable ship owners and operators registered with the IOMSR to use FuelTrust’s Bunker Insights® product to predict, measure and authenticate their fleets’ emissions reductions.

Under this collaboration, IOMSR will accept FuelTrust’s AI-based validation of a vessel’s performance regarding its emissions and fuel quality programs. This will make vessels using Bunker Insights eligible for IOMSR’s green ship designation, and benefit from discounts or offerings on their annual registration fee.

The Green Ship discount program, which comes into effect on 1 April 2022, is available to operators of cargo ships, commercial yachts or passenger ships that invest in biofuel, alternative fuels, wind, or shore-side energy technology. FuelTrust and IOMSR will collaborate further to explore methodologies for tracking emissions reductions from zero-carbon fuels, among other projects, to reduce GHG emissions.