The impact of weather on the Time Charter Equivalent and emissions

The impact of weather on the Time Charter Equivalent and emissions

VesselBot integrated Spire’s Weather Forecast data into their TCE voyage optimization system to help its customers reduce emissions, increase profitability and run more efficient operations.

Challenge

In response to new greenhouse gas regulations and IMO targets to reduce emissions by 50% by 2050 and existing customer requests, VesselBot is utilizing technology to reduce emissions and improve Time Charter Equivalent (TCE).

VesselBot created a comprehensive performance model streaming, digesting, and processing billions of data points from multiple sources including Spire Weather to enable vessel voyage performance optimization.

Solution

To achieve Voyage TCE Optimization and reduce emissions, many different data sources and variables need to be considered in real-time. Weather forecasts are crucial to ongoing vessel performance optimization; variables like wind, waves and currents play a key role in determining fuel consumption and are all embedded into the algorithms developed by VesselBot.

Their systems not only avoid bad weather but at the same time, take into consideration other variables like commercial, trade, and vessel specific variables. VesselBot integrated Spire Weather forecasts with commercial CP requirements, AIS data, port analytics, bunker prices, location, hire rates, and voyage duration into their data-driven decision-making process.