Technology company ZeroNorth has unveiled a service to help charterers cut fuel consumption when fixing ships.
The Copenhagen-based bunker optimisation company, spun off from Maersk Tankers, said the decision-making support platform will improve fuel use predictions by simulating various operating conditions for the ships under consideration.
The idea is to get the right vessel for a specific route and operating conditions.
Charterers can then negotiate more precise performance guarantees with owners to reduce the likelihood of cost overruns.
ZeroNorth said fuel consumption estimates historically used for making pre-chartering decisions are often based on limited operational data, such as selected speeds and good weather.
“Moreover, calculating fuel performance for vessels being taken on short-term charters is a well-known challenge for charterers, as they may struggle to tap into a wealth of data that can inform their decision-making,” it added.
The ZeroNorth platform uses millions of data points that create what it claims is the industry’s most informed data eco-system.
Already open to shipowners, this data can now inform both pre-chartering and operational decisions, the company said.
Machine learning is used to enhance the simulation of a vessel’s fuel consumption, Carbon Intensity Indicator (CII) ranking and CO2 emissions.
Chief product officer Pelle Sommansson said: “The maturity of the data landscape across the shipping industry now makes it possible for us to predict vessel performance more accurately in pre-chartering decisions.”
Technology is ready
“The technology exists to support more accurate and dynamic fuel consumption predictions and enable charterers to make better chartering choices.”
In early June, ZeroNorth revealed it had a new cornerstone investor as part of a fresh funding round worth more than $50m.
Cash from PSG Equity has been injected alongside further investment from current shareholders AP Moller Holding and Cargill to enable ZeroNorth to look to accelerate decarbonisation in shipping.
The investment from PSG Equity, a leading growth equity firm in the technology space, will support the company’s ambitious plans for continued expansion.