20 July 2022
The algorithm underpinning Signal Ocean's estimates of vessel CO2 emissions has been verified as meeting IMO guidelines by the independent classification society DNV.
The calculation considers all aspects of any voyage as well as any route deviations already taken by any given available vessel. Other factors include the vesselís size, age, speed, loading conditions, shipyard, use of scrubbers and the type of fuel used are also considered and represented in the algorithm's output. The service is used by many in the industry including tanker, dry bulk and LPG shipowners and traders to support their chartering decisions. Users can view historical estimates back to 2018 for all tankers above 25k dwt, dry cargo vessels above 20k dwt and all LPG vessels.
DNV has now issued a formal Letter of Professional Opinion that recognises the validity and robust nature of Signal Ocean's emissions estimates.
Following a detailed review, Dr. George Dimopoulos, Principal Specialist and Head of DNV Maritimeís R&D and Advisory Unit, said:
"After the review, our qualified professional opinion is that the subject Vessel Emissions Algorithm of Signal Ocean meets the required standards detailed in MARPOLís carbon intensity calculation guidelines. DNV invests substantially in research, development, and innovation to provide value to our customers and the society at large. We will continue to actively support initiatives and developments that advance digital smart solutions to tackle decarbonization of the maritime industry."
David Watts, VP of Business Development and Partnerships at Signal Ocean said:
"The maritime industry is working hard to improve its emission performance. The provision of robust and consistent estimates for a vessel's emissions performance is a crucial step in providing greater transparency and allowing market participants to make more informed decisions. Coverage will be expanded to include smaller wet and dry vessels later this year with Container ships estimates being added after that. The service allows users to compare a vessel's or fleet's performance against the IMO's Carbon Intensity Indicator, Poseidon Principles and Sea Cargo Charter targets. We will continue to invest in this area and respond to new measures as they are introduced by the IMO."
MARPOLís carbon intensity calculation guidelines are set forth MARPOL Annex VI, Resolution MEPC.278(70) (SEEMP Part II & Data Collection) and Resolution MEPC.336(76) (Carbon intensity calculation guidelines).
About Signal Group
The Signal Group's vision is to make global shipping more efficient, effective and profitable through the application of technology and market experience. Our passion for applied science and technology and understanding of the complex shipping business continues to open up new opportunities.
We achieve success through collaboration, research and investment. In just a few years we have built a huge maritime tech eco-system by combining cutting-edge data science with deep shipping market experience.
The engine which drives our Signal Ocean Platform applies artificial intelligence and algorithms to clients' unstructured data. It provides them with a customised and personalised view of the tanker, dry bulk and container markets. We help shipbrokers, owners and charterers achieve extraordinary performance by taking care of the mundane and computationally complex. Our platform enables commercial players to realise the best vessel deployment through increased triangulation, backhauls and consecutive voyage options.
This data-led approach powers our commercial tanker pool, Signal Maritime, enabling our chartering team to outperform its peers.
At the same time, we are investing in the future by supporting early-stage technology startups and entrepreneurs in the shipping, logistics and commodities space through Signal Ventures.
Our diverse and fast-growing team of product engineers, computer scientists, and commercial shipping professionals is based in London and Athens.
For more information on Signal Group, visit: www.thesignalgroup.com
Image by Signal Group.
Signal Group - press release