Marine fuels testing company VPS on Monday (17 October) announced the launch of their advanced new software, Core.
Core is an extension of the services offered by VPS. It has been specifically designed to help vessel owners plan to meet emission targets, handle tightening market and regulatory pressure more effectively and efficiently and enable their customers to achieve the latest emission targets.
According to VPS, the maritime industry’s emissions need to be reduced by at least 50% by 2050 to meet IMO targets despite a growing demand for shipping and ocean activity. For the vessels sailing today, their carbon intensity needs to be reduced by 40% by 2030.
The latest IMO regulations around CII and EEXI will come into effect in early 2023, and new market dynamics will increase the importance allocated to emission reductions.
“Currently, few vessel owners are on track to meet these 2030 targets. The industry as a whole is behind schedule, and the transition to cleaner operations needs to happen faster,” it said.
For shipowners who cannot openly demonstrate a responsible approach to emissions reduction, the consequence will be loss of charters, reduced shareholder appetite, higher cost of capital, higher port costs, reduced talent attraction, loss of brand reputation, amongst others.
In order to meet these emission targets, the industry needs collaborative tools where vessel owners can identify the right investments to stay attractive, and where other industry stakeholders can identify the leading providers of vessel services.
“Emission reduction is about to become an important business differentiator. Core is designed to meet the needs of a range of stakeholders in the maritime value chain working hard to reduce their company´s emissions footprint,” said Sindre Bornstein, CCO, VPS Decarbonisation.
How Core answers these challenges
As sustainability becomes a key business metric for stakeholders across the maritime value chain, visibility of emissions planning and efforts, as offered by Core, will become essential.
Core offers a library of measures to determine current and future emission trajectories for different vessels. This library will be available to all Core users, making it easier to see what combination of initiatives that are fit for purpose and to help drive awareness of what measures can be taken to improve overall performance.
With Core, customers are better equipped to handle the growing complexity in their industry already disrupted by stakeholder expectations for emission cuts and the availability of data. As CII requirements become stricter over time, Core will assist shipowners and others in identifying the winning and losing emission mitigation strategies.
“The coreScore will allow for relative ranking of companies´ efforts to reduce their carbon footprint, and serve as an indicator for emissions integrity and trustworthiness,” said Bornstein.
VPS added companies are in a better position to maintain profitability and gain a valuable strategic edge by using Core.
Photo credit: VPS
Published: 18 October, 2022
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