Tanker and dry bulk market participants are now able to assess the CO2 impact when chartering ships optimally positioned for their cargo, thanks to a new update on the Signal Ocean platform.
The service is used by shipowners, traders, and oil majors who control around half of the world’s crude oil spot tonnage and cargoes to support their chartering decisions. The upgrade provides an independent estimate of CO2 emissions alongside Time Charter Equivalent (TCE) ratings.
The calculation takes into account the ballast leg of any voyage as well as any route deviations already taken by any given available vessel. Other factors include the vessel’s size, age, speed, loading conditions, shipyard, use of scrubbers and the type of fuel used.
Commenting on the new service, Signal Ocean COO Dimitris Tsapoulis said:
“We’re proud to be helping raise awareness of emissions at a critical stage of the ship selection process. Ships today are competing in the market not just on charter rates and safety records, but also their environmental footprint. We track over 30,000 ships, and have created a tool designed to help those charterers and brokers who want to compare their vessel options on a range of criteria, not just cost competitiveness. Whilst the precise actual CO2 emissions of any given voyage will depend on a range of factors including weather conditions and individual operational efficiencies achieved, we have created a credible, simple system of ranking available ships for a specific cargo by estimating the carbon intensity of their voyage.”
He added: “Whilst our CO2 calculation takes into account a range of inputs, the most significant will usually be the distance to the loading port.”
The accuracy of the rankings will be further enhanced in 2021 by factoring in extra vessel characteristics including engine type and hull design. Other improvements in the pipeline also include the addition of historical data and sulphur dioxide and nitrogen oxide emissions estimates.
The service covers crude and product tankers ranging from Handysize up to VLCC as well as dry vessels from Capes down to Handysize.
The Signal Ocean Platform was launched in 2018 and is used by over 80 companies to support their decision making. Built by world-class engineers and shipping professionals, the platform uses sophisticated algorithms and machine-learning to deliver value to its users.