Increase your TCE results and reduce significantly GHG emissions


CASE STUDY
April 15, 2020

Challenge

In response to new greenhouse gas regulations and IMO targets to reduce emissions by 50% by 2050, VesselBot wanted to utilize technology to reduce emissions and improve Time Charter Equivalent (TCE) for its charter customers.

They wanted to create a comprehensive performance model that was capable of processing billions of data points to enable vessel optimization.



Solution

A number of data sources need to be correlated to optimize voyages and reduce consumption. Weather forecasts are crucial to ongoing vessel performance optimization, variables pertaining to wind, waves and currents play a key role in determining fuel consumption.

VesselBot integrated Spire Weather forecast data with commercial CP requirements, AIS data, port analytics, bunker prices, location, hire rates, and voyage duration to determine the optimal route and drive efficient operational planning.



We have seen great value in adding our Spire Weather to our Voyage Optimization system, overall, we estimate a 20-30% difference in voyage duration which has a direct impact on the TCE


CONSTANTINE KOMODROMOS, CEO, VESSELBOT

Results

VesselBot achieved a 10-15% increase in TCE and a reduction of GHG emissions of 30%. VesselBot looked beyond the relationship between speed traveled and fuel consumption models that are currently used in the industry and integrated other parameters into their vessel performance algorithm in an effort to predict consumption and improve vessel performance for any given voyage. They estimate the impact of weather on voyage duration at 20-30%.



A 30% Emissions Reduction and a 10-15% increase in TCE is a win for profitability and a win for environmental impact, which is something an enterprise can be proud of.


THE IMPACT OF WEATHER ON THE TIME CHARTER EQUIVALENT AND EMISSIONS

How VesselBot integrated Spire Weather forecast data to determine the optimal route and drive efficient operational planning.



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CASE STUDY