Data technology company GeoSpock is working with the Baltic Exchange to develop a shipping big data platform.
The move appears to mark a significant divergence from freight indices which are the mainstay of the SGX-owned Baltic’s business.
The platform will start by focusing on big data related to shipping air emissions.
The hope is that the platform will receive inputs from “every measurable aspect of the shipping industry,” including fuel consumption, emissions, weather conditions and voyage times, according to a statement from the partners.
The project will also use data from UK and Singaporean ports but eventually hopes to have a global reach.
The move both reflects increasing environmental concerns for shipowners and the availability of big data on shipping performance.
Baltic members are being encouraged both to use and contribute data to the platform which will also be available to the wider shipping community including governments.
GeoSpock chief executive Richard Baker said: “We realise data is being produced in all aspects of the supply chain - from sensors in dispatch warehouses to onboard ships, in ports and on trucks.
"However, this data is siloed and there is no central pool of data that companies, and the industry as a whole, can utilise.”
Baltic chief executive Mark Jackson added: “We are driven by adding value for our members.
"As our market embraces digital technologies and as the Baltic Exchange executes its digital strategy it is imperative for our members that we adopt and utilise the most advanced technology and develop the most holistic database available for our industry.
"We want to inform our membership and the wider shipping community, while also having the means to show the changes in the industry.
"The database we are building with GeoSpock will act as a hub of information that can be constantly added to and improved on but more importantly interacted with.”
