Signal Maritime Expands Fleet with Shell's MR Tankers
Signal Maritime, the Signal Group’s shipping arm, has taken commercial management of MT Silver London, its 10th Shell medium-range (MR) tanker, increasing the pool’s fleet size to 15. The partnership allows Shell to benefit from Signal’s seven year investment in the development of digital technology that underpins a highly effective system for chartering vessels.
The addition of the energy major’s tonnage as well as a cargo contract into a third-party pool is a first for Shell and a milestone for Signal. The deal was concluded following six months of discussions and detailed due diligence. The move has already attracted significant interest from other shipowners looking to leverage Signal’s technology powered platform for their own fleets.
Signal Maritime’s CEO Panos Dimitracopoulos said:
“Signal Maritime is a tanker pool built to blend tech with chartering know-how. This exciting journey with one of the world’s biggest oil companies started with Shell first subscribing to the Signal Ocean software platform and seeing impact on its in-house chartering performance. The next and bigger step was to commit its MR tankers to the pool run by us.”
Today, companies controlling 60% of the world’s large tankers fleet and 47% of the corresponding crude cargoes are using Signal’s technology to boost freight trading performance. The technology can be accessed by clients or partners via an intuitive user interface or embedded directly into proprietary systems via its APIs.
Alongside trade performance, the digital platform is also allowing Shell and Signal to work on further reducing the partners’ environmental footprint and increase efficiencies in numerous workflows across the company.
Signal Group Chief Executive Ioannis Martinos said:
“Having demonstrated success in our Aframax pool, we were now presented with the chance to take proven solutions and adapt them to the realities of the MR market. The bigger the pool, the greater the possibility of vessel triangulation and reduced ballast voyage legs resulting in an improved bottom line for both the shipowners and the environment.”
He added:
“We’re extending the “repertoire” of Greek shipping. Traditionally Athens is well known as a shipowning centre, but we’ve proven that it can also be a leading maritime tech & services hub.”
The Signal Ocean platform is supported by more than 60 data scientists, software engineers and analysts and provides Signal Maritime’s chartering team with detailed competitor intelligence, the best trade routes, CO2 and voyage profit estimates which enable the participating fleet to be deployed strategically. The patented technology continuously processes and combines streams of private and public data including AIS, tonnage lists, cargo lists, vessel positions, port costs, port line-ups and freight rates. Using advanced algorithms and AI, data is transformed into private and actionable insights on the freight market.
Creating a sustainable world requires us to embark on a journey towards a zero emission future, where every step is a commitment to preserve our planet for future generations.
Albert Greenway
Environmental Scientist, Sustainability Expert
Increased Use of Renewable Energy:
Shipping companies are embracing renewable energy sources to power onboard systems and reduce emissions during port operations. Solar panels and wind turbines are being installed on vessels to generate clean energy, reducing reliance on auxiliary engines, and cutting down emissions. Shore power facilities in ports allow ships to connect to the electrical grid, eliminating the need for onboard generators while docked.
Collaboration and Industry Partnerships:
Recognizing that addressing emissions requires collective action, shipping companies, governments, and organizations have formed partnerships and collaborations. These initiatives focus on research and development, sharing best practices, and promoting knowledge transfer. Joint projects aim to develop and deploy innovative technologies, improve infrastructure, and create a supportive regulatory framework to accelerate the industry's transition towards a greener future. The Zero Emission Shipping - Mission Innovation.
To pave the way for a greener future in shipping, the availability of alternative fuels plays a vital role in their widespread adoption. However, this availability is influenced by factors such as port infrastructure, local regulations, and government policies. As the demand for cleaner fuels in shipping rises and environmental regulations become more stringent, efforts are underway to improve the accessibility of these fuels through infrastructure development, collaborations, and investments in production facilities.
Liquefied Natural Gas (LNG) infrastructure has seen significant growth in recent years, resulting in more LNG bunkering facilities and LNG-powered vessels. Nonetheless, the availability of LNG as a marine fuel can still vary depending on the region. To ensure consistent availability worldwide, there is a need for further development of LNG supply chains and infrastructure. For biofuels, their availability hinges on production capacity and the availability of feedstock. Although biofuels are being produced and utilized in various sectors, their availability as a marine fuel remains limited. Scaling up biofuel production and establishing robust supply chains are imperative to ensure wider availability within the shipping industry.Hydrogen, as a fuel for maritime applications, is still in the early stages of infrastructure development. While some hydrogen vessels have been tested or introduced in the first quarter of last year, the infrastructure required for hydrogen production and distribution needs further advancement.
Ammonia, as a marine fuel, currently faces limitations in availability. The production, storage, and handling infrastructure for ammonia need further development to support its widespread use in the shipping industry.Methanol, on the other hand, is already a commercially available fuel and has been used as a blend with conventional fuels in some ships. However, its availability as a standalone marine fuel can still be limited in certain regions. Bureau Veritas in October 2022 published a White Paper for the Alternative Fuels Outlook. This white paper provides a comprehensive overview of alternative fuels for the shipping industry, taking into account key factors such as technological maturity, availability, safety, emissions, and regulations.
Creating a sustainable world requires us to embark on a journey towards a zero emission future, where every step is a commitment to preserve our planet for future generations.
Albert Greenway
Environmental Scientist, Sustainability Expert
Increased Use of Renewable Energy:
Shipping companies are embracing renewable energy sources to power onboard systems and reduce emissions during port operations. Solar panels and wind turbines are being installed on vessels to generate clean energy, reducing reliance on auxiliary engines, and cutting down emissions. Shore power facilities in ports allow ships to connect to the electrical grid, eliminating the need for onboard generators while docked.
Collaboration and Industry Partnerships:
Recognizing that addressing emissions requires collective action, shipping companies, governments, and organizations have formed partnerships and collaborations. These initiatives focus on research and development, sharing best practices, and promoting knowledge transfer. Joint projects aim to develop and deploy innovative technologies, improve infrastructure, and create a supportive regulatory framework to accelerate the industry's transition towards a greener future. The Zero Emission Shipping - Mission Innovation.
To pave the way for a greener future in shipping, the availability of alternative fuels plays a vital role in their widespread adoption. However, this availability is influenced by factors such as port infrastructure, local regulations, and government policies. As the demand for cleaner fuels in shipping rises and environmental regulations become more stringent, efforts are underway to improve the accessibility of these fuels through infrastructure development, collaborations, and investments in production facilities.
Liquefied Natural Gas (LNG) infrastructure has seen significant growth in recent years, resulting in more LNG bunkering facilities and LNG-powered vessels. Nonetheless, the availability of LNG as a marine fuel can still vary depending on the region. To ensure consistent availability worldwide, there is a need for further development of LNG supply chains and infrastructure. For biofuels, their availability hinges on production capacity and the availability of feedstock. Although biofuels are being produced and utilized in various sectors, their availability as a marine fuel remains limited. Scaling up biofuel production and establishing robust supply chains are imperative to ensure wider availability within the shipping industry.Hydrogen, as a fuel for maritime applications, is still in the early stages of infrastructure development. While some hydrogen vessels have been tested or introduced in the first quarter of last year, the infrastructure required for hydrogen production and distribution needs further advancement.
Ammonia, as a marine fuel, currently faces limitations in availability. The production, storage, and handling infrastructure for ammonia need further development to support its widespread use in the shipping industry.Methanol, on the other hand, is already a commercially available fuel and has been used as a blend with conventional fuels in some ships. However, its availability as a standalone marine fuel can still be limited in certain regions. Bureau Veritas in October 2022 published a White Paper for the Alternative Fuels Outlook. This white paper provides a comprehensive overview of alternative fuels for the shipping industry, taking into account key factors such as technological maturity, availability, safety, emissions, and regulations.
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