PRESS RELEASE: In less than 200 days , the mandatory IMO regulations to reduce sulphur emissions from ships, also known as Low Sulphur Cap, will be implemented. These regulations will increase fuel cost for most ships, with up to 50%. It creates a direct need for fuel efficiency for ships.
Ninety percent of all trade worldwide is carried by ships. These ships use vast amounts of fuel, up to 100,000 litres per day. The new regulations will lead to additional annual costs of several millions of dollars per ship, starting on January 1st, 2020.
Real time fuel consumption monitoring
Almost all shipping companies and charterers still use Noon data – reported once a day – as their main source of management information, while most of them agree it is a lagging indicator, characterized by high potential for human error due to manually observed and reported average values.
We4Sea, a maritime technology company focussed on increasing the fuel efficiency and lower the emissions of seagoing ships, has now released a new update of their online software platform. The update is a next step in their mission to provide shipowners and ship charterers with improved analysis tools, and replace outdated noon-reports as the main source of management information.
No need to install on-board monitoring equipment
We4Sea’s technology allows that any ship can be monitored on fuel consumption and emissions, and does not require any on-board monitoring equipment. The software solution supports full transparency in fuel consumption of ships, and can be used to optimize fuel efficiency and reduce emissions.
Digital Twin uses big data analysis to monitor ships
We4Sea collects vast amounts of operational satellite data of ships, such as position, draft, speed and heading. This data is enriched with other data sources, such as data on weather conditions, wave heights, currents and wind. The proprietary Digital Twin technology of We4Sea enables the building of a digital sister vessel with all relevant technical characteristics of the real vessel which is capable of transforming this big data pool into actionable management information.
Up to 20% fuel savings
We4Sea’s software module has been developed with a focus on charterers, that do not have direct access to the vessel and do not have the option to install monitoring equipment.
In addition, other stakeholders such as financiers or banks can now continuously monitor the CO2 emissions of their financed assets in real-time via an on-line dashboard.
In pilot projects, We4Sea has proven that using data analysis can substantially cut fuel costs, up to 20%.
– Dan Veen, CEO of We4Sea:
“Our in-house technology uses satellites and artificial intelligence to report individual ship fuel consumption, something that will have opportunities for owners, shippers, charterers and regulators alike. All parties can benefit of an unprecedented transparency of fuel efficiency reporting, helping them to reduce bunker costs.
– Michiel Katgert, CTO of We4Sea:
“High-resolution monitoring and reporting is the first step in improving fuel-efficiency. We have made it simple: we only need an IMO number to start monitoring a ship. Monitoring and optimizing fuel-efficiency will not only have a direct impact on financial results, but it will also improve the sustainability of their operations and lead to a reduction of CO2.”