Nobody likes bad weather.
But especially charterers, as only during good weather days these charterers receive a warranty on bunker consumption during a voyage. Having sufficient Good Weather days is essential to have any warranty on performance.
Hence the actual weather is an example of badly aligned incentives between Charterers and Owners - leading to from minimal data sharing, arbitrations and claims— all leading to a loss of valuable time and money.
We believe that technology can align all of the competing interests and incentives of a charter-party relationship. Not only to increase efficiency, but also in order to meet the IMO’s 2050 mandate to reduce CO2 emissions by 50%. We basically need to do things differently, and the good news is that the business case is on the table!
The direction to go is clear: full data transparency and alignment of charter parties to incentivize both parties. This transformation is essential for more sustainable operations. Both Owners and Charterers could and should have access to real-time performance data, empowering owners in marketing their vessels and charterers to operate them efficiently.
We are developing new tools to solve this status quo. Through our Digital Twin, Owners and Charterers can jointly increase voyage efficiency by reducing bunker consumption.
The Digital Twin can help, while it is used to establish normalized vessel performance, allowing Owners and Charterers make performance assessments on every day of the voyage. For every moment during the voyage, we calculate the weather effect, which can be positive (favorable currents for example) and negative (adverse currents ,waves and wind) as displayed below. On a voyage level, we report on total weather impact for that voyage, both on speed as bunker consumption.
The result: No more bad weather days. We report on net performance, based on every day of the voyage.
Interested how its done? Let's talk!