Baltic Exchange collaborates with GeoSpock on shipping emissions
The Baltic Exchange on Friday (2 August) said it will be collaborating with big data company GeoSpock to build the world’s most advanced maritime spatial database specifically focusing on tracking shipping emissions.
“As our market embraces digital technologies, the Baltic is in a unique position to facilitate the industry’s digital growth. To achieve this, it is imperative that we adopt and utilise the most advanced technology and develop the most holistic database available to our industry,” said Baltic Exchange CEO Mark Jackson.
“The database we are building with GeoSpock will act as a hub of information that can be constantly added to and improved on, but more importantly, interacted with. We believe it will set a global standard for a stronger data strategy in the shipping industry.”
Shipping currently generates huge quantities of data, whether it is onboard ships, in port, or through the wider logistics chain. Presently, this data is siloed, with no central pool that the industry can utilise.
This new initiative aims to change that. In addition to data specific to shipping emissions such as fuel usage, voyage route and journey time, wider information on details such as location and weather will also be captured.
These datasets will allow the industry to make more informed decisions when developing emissions initiatives. Companies will be able to analyse and optimise shipping on a global scale, while providing regulators and governments with a new level of transparency.
The datasets and data science tools will be designed and built by GeoSpock. The GeoSpock Spatial Big Data platform, built on AWS Cloud, will be able to ingest and provide context to huge quantities of global maritime data provided by Baltic Exchange members and industry participants.
“GeoSpock is delighted to be working with the Baltic Exchange on this project, this is something we are uniquely built for and incredibly excited to be involved in,” said GeoSpock CEO, Richard Baker.
“We believe this new partnership will set a gold standard for the industry to follow. Analytics at this scale has the capability to improve not just the industry, but to make the world less polluted and more prosperous.”
Published: 5 August, 2019
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