Currently, 3.3 billion tons of oil cargo is transported by sea each year safely and efficiently. The cargo of crude oil itself may not have changed, but the industry that transports it across oceans is unrecognizable. With the development of the global market, ships have evolved significantly, including how they are managed and the data they create.
When the first sailors went to sea, their data references came in the form of constellations, planets, and the crew’s experiential knowledge of how to reach their destination. They also consider variables such as the color of the sky for natural insight into the weather and change course accordingly.
Currently, no navigation decisions or data are found in the stars. Rather, this data is created by trade fleets, where just one ship generates thousands of data points. In fact, the shipping industry as a whole generates nearly 20 GB of data every day. However, challenges remain when it comes to leveraging this vast amount of data for meaningful decision-making. So how can you take advantage of the wealth of data you have at your fingertips?
Data informs decision making
It’s no exaggeration to say that making sense of data is the basis of all good commercial decisions in today’s Very Large Crude Carrier (VLCC) segment. For example, knowing the rate at which the VLCC was fixed at some point this week will give you insight on the topic of market movements. If you know exactly what rate the VLCC is fixing on the same route you were negotiating five minutes ago, you have a great level of insight.
Until now, this data was only available to a select few in the market. This data is now freely accessible through a mobile app. Each spot fixture generates nearly 100 commercial data points, resulting in a large amount of data that can be translated into actionable insights.
Extensive, accurate and timely data offers significant commercial benefits. Matching the ship and contract specifications with his own specifications allows him to understand the exact market value for her one vessel on one route when making a transaction. Understand how revenues are reflected in overall market returns and where adjustments may need to be made by accessing a comprehensive breakdown of that vessel’s Time Charter Equivalent (TCE) can.
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By combining vessel data with detailed cargo forecasting, you can go one step further. This allows decision-makers to effectively plan, including making strategic decisions regarding asset management and dry dock dates in line with VLCC availability and commercial decisions by charterers and shippers by cargo owners. It becomes even more possible. Freight levels around the world or in specific regions.
We are now leveraging this data to help ship owners generate better returns than they could on their own. Combining a competitive shipping environment with historically siled data, data is a commodity that many want but few can effectively access.
Collaborate with experts to pool your data
How to leverage data and digitization is the topic of many industry conferences. Perhaps the best place to start with data is to focus on the people who collate, analyze, and ultimately use it.
For example, if we look at the role that artificial intelligence will play in our world in the future, and is already starting to play, by highlighting patterns that can be used to increase efficiency and optimize various aspects of shipping and transportation. It will definitely bring value to the industry. Wider supply chain. But ultimately, AI is only as valuable as the data that feeds it, which not only trains and improves it, but also transforms it into the next profitable windfall. It’s meaningless without the human intelligence of experts who understand how.
But before we can think too far ahead, the shipping industry already faces many barriers and obstacles when trying to leverage data. One such obstacle is trying to filter data points from vast and ever-growing data sources in order to find the right type of data and make the best decisions. Complex environmental regulations requiring emissions performance data are a recent challenge, as are companies requiring the ability to standardize and share data across their supply chains due to increasing demands for transparency. Masu. Data is critical to business today, as all these forces have increasing influence over how industries operate.
But are there times when data is still difficult to obtain, or when you need more resources to interpret and utilize it? For tanker owners, the answer is simple. It’s a “pool”. Leverage collective knowledge and scale to generate enhanced insights.
Data is now in the DNA of the industry. The time has come to take advantage of the data currently available. Today’s highly dynamic market requires talent and collaboration. Every sector of the shipping industry needs quality data, faster, to support decision-making for a safe, efficient, and ultimately profitable industry.
