A new tool on the Signal Ocean platform allows charterers to assess the CO2 emissions of tankers on a voyage before fixing
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 ratings.
The calculation takes into account the ballast leg of any voyage as well as any route deviations taken by available vessels. 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 chief operating officer Dimitris Tsapoulis said “We are proud to be helping to 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. While 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 “While 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 include adding 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 Capesize down to Handysize.
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