Maritime Carbon Solutions (MCS), a joint venture between maritime software company OrbitMI and Swiss maritime services provider Ifchor Galbraiths, unveiled its emissions estimator tool.
The tool estimates CO2 emissions for at least 15,000 voyages and then calculates the Emissions Trading System (ETS) cost, alongside the IMO’s Carbon Intensity Indicator (CII) score.
Voyage costs are set to increase with the introduction of the EU ETS in January 2024, according to MCS.
Shipowners will have to effectively ‘spend’ EU Allowances (EUAs) [carbon credits] to cover their yearly emissions under the ETS. This will first have to cover 40% of emissions, increasing to 70% in 2025 and 100% in 2026.
Kenneth Aasland, director of Ifchor Galbraiths emphasised the machine learning capabilities of the new tool.
Aasland said: “With thousands of voyages from all segments, the machine learning in the Orbit platform has already established a position as a reliable supplier of crucial accuracy for the industry”.
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“A lot of voyage data needed to be fed into the platform to provide reliable solutions. The platform effectively translates hundreds of pages of regulations into software, so clients don’t need to worry.”
The emissions estimator tool allows the user to create a voyage route by inputting the origin and destination ports, as well as reasonable estimations for the time spent in canals and activities at ports along the way.
The route, its length in nautical miles, the total time, estimations for bunker consumption, total CO2 emissions, the voyage’s CII score, and its exposure to the EU ETS are all displayed by the system.
According to MCS, with up-to-date information, the cargo owner may choose the ship that has the least carbon footprint, cutting down on GHG emissions and transportation expenses at the same time.
The emissions estimator tool has been running for several months, aiding many sectors in the maritime industry including shipowners, pool operators, cargo owners, tankers, bulkers, time charters and spot voyages.
Ali Riaz, OrbitMI CEO added: “At the heart of the tool is a micro-service for calculating CO2 emissions from vessels. This service reflects the latest guidance in multiple regulations, such as EU ETS, CII and AER, as well as the recently adopted FuelEU Maritime.
“As regulations change, we change the micro-service. Consequently, both Orbit and MCS run on our future-proof platform.”