The program's mission is to accelerate the path towards decarbonization by leveraging AI to improve carbon-related commercial decisions
LONDON, Sept. 14, 2021 /PRNewswire/ -- Windward, the Predictive Intelligence company applying AI to transform global maritime trade, announced today the launch of the Data for Decarbonization Program (D4D), a partnership aimed to increase transparency and foster collaboration within the maritime industry by leveraging the power of big data and AI. The program will ignite participation across the maritime ecosystem including financial institutions, shipowners, insurers, charterers, and energy companies. Existing members include ADNOC Logistics & Services, ASM Maritime, Executive Ship Management (ESM),SOKANA Shipping, and Interunity.
The maritime shipping industry transports 90% of world trade and accounts for nearly 3% of the world's CO2 emissions, and this number is expected to increase as maritime trade volume is projected to triple by 2050. Regulatory bodies including the EU and the IMO are increasing regulations to cut down carbon emissions, yet most stakeholders in the maritime domain are struggling to make commercial decisions that account for carbon emissions.
Alternative fuel options have still not reached widespread adoption and have a long timeline for development. By coming together as an industry and pooling best-in-class vessel operational data as well as AI and fuel consumption data, it is possible to affect the trajectory of the industry's carbon emissions by 5%-20% on a per-voyage basis.
The Windward Data for Decarbonization Program aims to create large datasets gathered from all stakeholders in the maritime trade industry to build AI models that will accurately predict the carbon emissions of any vessel voyage, and optimize the whole pre-fixture process - including vessel selection, contract clauses, and supply chain scheduling. Current solutions are based on static and historical data, primarily on vessel specifications, and lack the high level of accuracy needed in this space. Often they do not consider variables such as weather, a vessel's operational profile, ballast/laden status, the ballast leg, and hull fouling.
The Data for Decarbonization Program will not only see the creation of a solution but will also bring value to members by accelerating the learning curve of understanding their own data, enabling them to better optimize their own assets. The program also benefits the industry at large by fostering interdisciplinary collaboration between data scientists, bankers, shippers, IT specialists, commercial teams, and ESG teams.
The Data for Decarbonization Program will enable shipowners to cut fuel costs by optimizing vessel operations without depending on the coverage of expensive IoT devices and hardware, and allows them to compare their fleet to others. Charterers will be able to optimize their pre-fixture vessel selection by choosing the optimal performing vessel, optimizing the ballast leg, and during the post-fixture phase adapting a smart ETA and laden speed to real operating conditions
Freight forwarders and beneficial cargo owners will be able to measure carbon shipping performance for every container, accounting for the particular vessel and projected route of every shipment thus offering end customers a "green premium" option of low carbon shipping. Trade financiers will be able to independently verify the environmental impact of financing decisions thus exercising sustainable trade financing.
"The answer to reducing carbon emissions lies in the Power of Many. Regulation is necessary, but the solution needs to come from within to ensure that the global supply chain continues to function and garners the trust of the general public" said Ami Daniel, CEO & Co-Founder of Windward. "The maritime shipping industry is headed to decarbonization. Those that invest in sharing data and insights now will benefit from the advantages of an accurate model trained specifically for the industry's unique operations. Together we can realize a solution that will allow all stakeholders to analyze, predict, and price their carbon footprint, improve their bottom line, and accomplish a carbon-free future."
Windward is the leading Predictive Intelligence company fusing AI and big data to digitalize the global maritime industry, enabling organizations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real-time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. For more information visit windward.ai.
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