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VPS: Using data to improve fuel procurement and fuel efficiency

John Oosthoek and Ruben Hofsli of marine fuels testing company VPS explore the pivotal role of data-driven decision-making in decarbonising the shipping industry.

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John Oosthoek, VP Digital, and Ruben Hofsli, Maritime Decarbonisation Manager, of marine fuels testing company VPS, explore the pivotal role of data-driven decision-making in decarbonising the shipping industry, with a specific focus on how customers are harnessing its data analytics solutions such as PortStats and Maress: 

Maritime shipping, which already is the most carbon efficient way of transporting goods, accounts for over 80% of world trade transports and for only 2.1% of the world's carbon dioxide emissions (World Shipping Council, 2023). In this global industry, where ships navigate a myriad of issues in a ceaseless dance of commerce and transport, our customers are facing a critical challenge – decarbonising their fleet operations.

Illustrated by initiatives such as the carbon intensity indicator (CII), a regulation introduced by the IMO in 2022, as well as the European Union’s FuelEU maritime initiative entering into force in 2025, there are growing societal and regulatory pressures on the shipping sector to reduce their environmental footprint. Clear targets have been recently revised by the IMO: 20% emissions reduction by 2030 and 70% by 2040 to reach net zero by 2050.

A key aspect in the pathway towards decarbonisation of the shipping sector is the efficient use of marine fuels. The quality and composition of marine fuels directly impact vessel performance, environmental sustainability, and operational costs. As the global leader in testing the quality of marine fuels, VPS assists its customers to navigate the complexities of marine fuel procurement, -treatment and -management. In this article, we delve into the growing role of data-driven decision-making in the shipping industry, with a specific focus on how our customers are harnessing our data analytics solutions such as PortStats and Maress to optimise fuel procurement decision-making, prevent off-spec fuels from causing vessel downtime and reduce the environmental footprint of their fleet.

Using PortStats to anticipate fuel off-specs and optimise calorific value

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Let us consider the case of a fuel procurement Director at a large ship owner-operator. As this company both owns the vessels and operates them, any fuel costs, as well as costs due to unplanned maintenance events directly impact the company’s bottom-line. The fleet typically bunkers in hubs such as Singapore, Rotterdam and Houston, but also has some fuel deliveries planned in other ports such as Cartagena, Port Klang and Lome.

This user experienced two clear benefits from using our PortStats solution:

1. By using PortStats to benchmark their existing fuel deliveries in Singapore, Rotterdam and Houston, the company was able to cherry-pick the most reliable suppliers in these ports, whilst also getting higher calorific value fuels in the process. This saved the company ca. 80,000 MT of marine fuel per year purely on energy.

2. The company was also able to prevent off-specs from negatively affecting their vessels. The user noticed a relatively high number of cat fines and TSP off-specs with one of their short-listed suppliers.

Whilst this may have been the top choice based on price, the company used the quality scorecards feature in PortStats to evaluate the market situation, and ended up going with the slightly more expensive alternative, which had much lower AlSi and no TSP off-specs, thus mitigating any consequent risks for engine damage.

Poor fuel management is one of the top three immediate causes for main engine damage, with an average cost of ca. $344,000 per incident (The Swedish Club, 2018). PortStats helps users to prevent off-specs and to be aware of potential operational considerations based on the quality of the fuels before bunkering. Furthermore, as the calorific value of marine fuels is an important decision-making factor, PortStats makes this variable transparent, giving bunker buyers and traders and important lever in determining the true value of a bunker stem.

Using Maress to optimise fuel efficiency and reduce CO2 emissions

Maress

Now let us consider the case of connecting data from ship-to-shore. Nowadays, the majority of shipowners have operational data flowing from their vessels to their shore facilities in one way or another. Some of them have advanced systems in place, with high frequency data being available, whilst others rely on noon-reports. Typically, the equipment and technology that is available differs from vessel to vessel. The challenge then becomes to assess whether the available data is good enough and how to utilise this data to gain valuable insights.

Maress is the VPS solution focused on helping shipowners to systemise the data they already have at their disposal. Through visualising and reporting this data, Maress creates data transparency for our customers when it comes to fuel consumption. As a result, these companies are able to increase their focus on fuel efficiency across the board - from the crew onboard of the vessels to the onshore operational staff supporting them.

Note: The full version of this article which includes how shipowner Tidewater used VPS’ Maress to improve fuel efficiency of its fleet, can be found here

Photo credit: VPS
Published: 22 November, 2023

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Digital platform

General Index and XMAR to integrate marine fuel pricing data into trading platform

General Index said the partnership aims to provide XMAR’s users with accurate and timely bunker pricing information, enhancing their decision-making processes in the maritime industry.

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General Index and XMAR to integrate marine fuel pricing data into trading platform

Commodity pricing provider General Index recently announced its partnership with online bunker trading platform XMAR to integrate its marine fuel pricing data into their platform.

General Index said the partnership aims to provide XMAR's users with accurate and timely bunker pricing information, enhancing their decision-making processes in the maritime industry.

“Our comprehensive bunker pricing data covers various fuel types and global ports, ensuring that XMAR's users have access to the most relevant and up-to-date information,” it added. 

By incorporating its data into XMAR's platform, users can benefit from:

  • Real-time Pricing: Stay informed with the latest bunker prices across key ports worldwide.
  • Market Transparency: Gain insights into market trends and price fluctuations to make informed purchasing decisions.
  • Customised Data Feeds: Access tailored data solutions that meet specific operational needs.

This integration will empower maritime professionals to optimise their operations and fuel procurement strategies.

“At General Index, we are committed to delivering high-quality, transparent, and independent pricing data to support the maritime industry's evolving needs.

 

Photo credit: General Index
Published: 7 February, 2025

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Technology

StormGeo voyage optimisation solution to be deployed across G2 Ocean fleet

StormGeo’s Voyage Optimisation solution for G2 Ocean combines features such as onboard voyage planning, routing advisory, speed optimisation, and emissions monitoring and reporting.

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StormGeo voyage optimisation solution to be deployed across G2 Ocean fleet

Voyage optimisation and weather intelligence solutions provider StormGeo on Thursday (6 February) announced the expansion of its partnership with G2 Ocean, as its voyage optimisation solution will be deployed across the company’s fleet of 120 vessels. 

The new agreement builds on the success of a long-term collaboration between the two maritime companies, further solidifying G2 Ocean’s confidence in StormGeo’s ability to support their goals of operational efficiency and decarbonisation.

G2 Ocean has selected StormGeo’s Voyage Optimisation solution, which empowers both shoreside and onboard teams to plan and execute optimised, safe voyages. 

By integrating AI-driven insights, advanced technology, weather analytics, and the expertise of StormGeo’s route analysts and operational support professionals, this solution provides comprehensive, data-driven support at every stage of the voyage. 

As a recognised leader in maritime innovation, G2 Ocean is committed to accelerating their digitalisation and decarbonisation efforts in the coming years, with StormGeo as a trusted partner in driving sustainable growth.

Phil Curran, Director Fleet Operations, at G2 Ocean, said: “The foundation for optimising a sea passage is accurate weather prediction coupled with best-in-class routing advice.”

“StormGeo has been the industry leader in providing weather routing service for 25 years and has added to their expertise a suite of innovative tools to ensure we have the most accurate data and decision-making capability.”

“We are confident that their applications are the right combination to enable significant cost and emissions reductions on every voyage.”

Petter Andersen, Senior Vice President, Shipping, at StormGeo, said: “The expansion of our partnership with G2 Ocean is a testament to the strong trust and collaboration we've built over the years.”

“G2 Ocean’s confidence in our Voyage Optimisation solution underscores the value we bring to their fleet in supporting both operational efficiency and sustainability goals.”

StormGeo’s Voyage Optimisation solution for G2 Ocean combines features such as onboard voyage planning, routing advisory, speed optimisation, emissions monitoring and reporting, commercial and technical performance optimisation based on High-Frequency sensor data, and advanced APIs.

Related: Resorts World Cruises selects StormGeo bunker planning and procurement solution
Related: StormGeo markets Bunker Management module at Singapore event
Related: StormGeo and FuelBoss in new partnership to support digitalisation of bunker workflow

 

Photo credit: StormGeo
Published: 7 February, 2025

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Financial Result

ZeroNorth achieves first operating profit in Dec with nearly USD 40 mil revenue in 2024

Firm achieved its first month of positive earnings before EBITDA in December 2024, after four and a half years of operations and reached just under USD 40 million in annual recurring revenue for 2024.

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ZeroNorth achieves first operating profit in Dec with nearly USD 40 mil revenue in 2024

Digital bunkering platform solutions provider ZeroNorth on Thursday (30 February) said it achieved its first month of positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) in December 2024, after four and a half years since its launch. 

The firm said the achievement comes on the back of significant growth, with the company reaching just under USD 40 million in annual recurring revenue (ARR) for the year, a 38% increase from 2023.

“This marks an important milestone for ZeroNorth, particularly at a time when rising interest rates have put increasing pressure on startups and scaleups to prioritise financial sustainability over top-line growth. Despite the challenging economic climate, ZeroNorth has managed to balance growth and profitability, showing its ability to adapt to changing financial conditions,” the company said.

Founded in 2020, ZeroNorth has rapidly become a leader in the maritime industry’s digital transformation, helping more than 230 shipping and energy companies navigate the energy transition with solutions that optimise fuel consumption and reduce emissions. 

ZeroNorth has scaled from a team of six to 600 employees across 10 global locations and completed six strategic acquisitions, including joining forces with Singapore-based Alpha Ori Technologies in February 2024. 

Powered by AI-driven technologies developed in-house, the company has built a unified platform with a significant impact on sustainability and efficiency for customers. In 2024 alone, it optimised 72,000 voyage legs by generating 1.5 million routes, reducing more than one million metric tonnes of CO2 emissions.

ZeroNorth expects to achieve positive EBITDA for the full year 2025, while continuing to execute its growth strategy.

Søren Meyer, CEO of ZeroNorth, said: “Achieving operating profit is an important milestone for ZeroNorth and a reflection of the dedication of our team and the trust of our customers. Reaching this point highlights our ability to build a sustainable business model while scaling rapidly.” 

“More importantly, it reflects the critical role of data and technology as the shipping industry tackles the complexities of the energy transition.”

“With this foundation, we are strongly positioned to accelerate our growth, and continue to enable our customers to make informed decisions, boost efficiency and cut emissions.”

Related: ZeroNorth and Singapore-based Alpha Ori Technologies close deal to merge

 

Photo credit: ZeroNorth
Published: 4 February, 2025

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