Shipowners are finding it impossible to ignore their customers’ commitments to ESG initiatives, while freight owners like Ikea, DHL and BMW have taken steps to get their supply chain emissions under control. Meanwhile, some organizations aren’t leaving it up to the marine industry to track their own emissions, but instead are using advanced metrics like satellite thermal imaging to hold their trading partners accountable.
This is proof of a change in attitude. Gone are the days when it was enough to reiterate the limitations of existing ship technology to end the conversation. If shipping companies are unwilling to make changes now, evidence suggests they are going to be decarbonized from the outside in – likely, through punitive and counterproductive measures. It is in recognition of this that the IMO has launched its Energy Efficiency Index for Existing Ships (EEXI) and the Carbon Intensity Indicator (CII), which will ultimately be used to provide an efficiency ranking to taken into account by shipping customers.
The Isle of Man Ship Register (IOMSR) has already played a leading role in this effort by reducing its registration fees for green ships, providing a mechanism to incentivize good behavior among its clientele, by l absence of a broader program. Now, as further evidence to show that the Ship Registry is serious, it has forged an alliance with my company, FuelTrust, an exogenous shipping organization that is pioneering detailed fuel analysis through technology. The aim is to provide shipowners involved in the IOMSR Green Ships program with the assurance that the fuels they purchase will meet the stringent new performance requirements required – not just on paper, but in reality.
At FuelTrust, we use AI and blockchain technology to provide real-time visibility into the fuel supply chain, consolidating and analyzing data from ship owners, suppliers and labs to establish movement and measurement fuels. This ensures fuel quality, quantity and compatibility at every stage of the lifecycle – from origin to delivery.
Current emissions models and estimates take a generic view of ship operations and impose it on a given ship that does not take into account chemical interactions, fuel source data, or supply chain delivery impacts. ‘supply. Many also require massive amounts of manual input or the installation of expensive physical devices on board ships.
FuelTrust does the opposite. It simulates and analyzes results based on chemistry lab COA/COQ/GCMS documents, fuel consumption, and voyage and vessel attributes to provide precise chemical details of the emissions measurement – by vessel and by batch fuel. While it is technically possible to achieve this level of precision by installing highly sensitive and high-maintenance scientific apparatus on board each ship, AI mitigates this need, and just as well; after all, between quantifying their effectiveness, ships have a job to do.
The benefit of using digital technology is a complete picture of expected and actual fuel performance and vessel efficiency, which provides a higher level of understanding than EEXI/CII systems can provide. This provides a major benefit to customers who commit to meeting and often even exceeding regulations.
We believe FuelTrust helps put the highest possible level of accurate vessel performance data in the hands of the owner – something to show off to potential customers, no doubt, but also to regulators and reviewers.
The IOMSR is leading the way for the maritime industry by creating real value for shipowners and suppliers who invest in decarbonization and future fuels. By creating incentives for real change, with real action that benefits all parties, IOMSR is breaking new ground in what have been confusing times. FuelTrust believes that providing this information enables shipowners to differentiate fuel suppliers and vessel investments, taking advantage of IOMSR incentives, and creates opportunities for further decarbonization and commercialization.