Norway's Astrup Fearnley and DNV are teaming up to offer an emissions prediction calculator to the shipping industry.
The shipbroker and the classification society believe the move may change the way decisions are taken by brokers, owners and charterers.
Data will be provided over the Veracity by DNV platform.
"We have identified common interests in shipping and ocean industries, reducing emissions and developing technology to create a data-driven transformation in this sector, and we want to collaborate for a more sustainable future," said Soren Greve, chief executive of Fearnleys, the shipbroking arm of the Astrup Fearnley group.
DNV is drawing on its experience in building algorithms to develop the calculator using existing data pipelines.
Both groups will then market the product.
"This is an important sustainability project to us, combining commercial expertise with industrial data and modern technology," Greve said.
"With the purpose of supporting decarbonisation in ocean industries, we will work to contribute to the ongoing processes towards energy transition."
Independent service for brokers
The companies have promised a "trusted" and "independent" system for predictions.
Fearnleys believes the platform will help other brokers support decarbonisation.
"It will enable environmentally conscious shipbrokers and charterers to select business based on its environmental footprint," the broker said.
Veracity executive director Mikkel Skou said: "Fearnleys has a strong position in the market and their engagement in this project shows how the broker and charter industry can make a real impact in reducing carbon emissions in shipping."
One challenge in using emissions calculators for real decision-making is often the deviating data quality and reliability, he believes.
"Our calculator is being calibrated based on actual emissions data that has been validated and verified by DNV. It is run through well-tested algorithms, developed by DNV's maritime experts and data scientists over more than 10 years," Skou added.
Veracity already has more than 11,000 vessels and 200,000 users on the platform.
Astrup Fearnley posted 2020 net earnings of NOK 494m ($57m), turning around a loss of NOK 46m in 2019.
But the group would not have been profitable without the sale of British artist Francis Bacon's painting Triptych Inspired by the Oresteia of Aeschylus at auction in the US last summer for $85m.
