Efficiency metrics spark healthy competition

Lookout Maritime chief executive Martin Crawford Brunt discussed the transformative role of metrics developed by the Baltic Exchange in shaping the future of shipping efficiency.

Noting the Exchange’s suite of more than 200 indices, Mr Crawford Brunt explained their application in benchmarking performance.

“Having the route described and the ship described gives us a good baseline,” he said, adding this baseline enables both charterers and shipowners to evaluate and improve operational efficiency.

The focus on metrics, such as CO2 emissions per 1,000 tonnes discharged, has stimulated competitive advancements among operators.

“That triggers healthy competition in terms of delivered efficiency,” he remarked.

This approach extends to fostering innovation in decarbonisation technologies. While remaining agnostic about specific solutions, the metrics allow technologies such as rotor sails and wing sails to be compared, providing confidence to stakeholders.

“The point is you are able to bring that saving back in terms of dollars per tonne,” he noted.

By simplifying these conversations and stressing the emissions component of freight, the Baltic Exchange’s metrics support investment decisions that align with long-term sustainability goals.

Mr Crawford Brunt was speaking at Riviera’s International Bulk Shipping Conference, hosted at Willis Towers Watson, which brought industry leaders together to discuss innovations in ocean freight efficiency.