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This article is Part II of our three part series which considers the ways Commercial Operators, Shipbrokers, and Charterers utilise The Signal Ocean Platform to improve their performance. Part I covered Commercial Operators and Part III will address Charterers.
In the fast-paced tanker shipping market, brokers derive an edge from the ability to interpret volatile market conditions. The key to being successful is having the right information at your fingertips. But how can you work efficiently if, in order to have a current view of the shipping market, you have to maintain large databases of vessel positions, cargoes and freight rates, diligently acquire information from market stakeholders through hundreds of personal touch points per day, such as telephone, chat or email, and then spend hours transforming what you learn into vessel position lists?
To be successful, a broker needs to quickly and efficiently consolidate and analyze critical shipping data such as:
Which vessels are capable of serving cargoes based on detailed itineraries, vessels characteristics and associated restrictions
Prevailing freight rates and associated TCEs (Time Charter Equivalent) per vessel
Which commercial operators have the strongest profit margins by virtue of their fleet position
This is exactly what The Signal Ocean Platform does.
In this article focused on digital transformation in commercial shipping, we demonstrate how the Signal Ocean platform features provides commercial insights that help shipbrokers to work smarter and gain an edge in negotiations.
Bringing efficiency in dry bulk and tanker broking with Signal Ocean
Signal Ocean, a software platform that has been developed side-by-side with brokers, charterers and shipowners, leverages artificial intelligence to turn complex data into meaningful market insights for brokers and other market participants.
The platform enables shipbrokers to:
Find the best vessels for a cargo and the best cargoes for a vessel.
Getting the right vessel at the right freight rate and time requires an in-depth understanding of vessels, cargoes and the companies that control them, information about ports and routes, awareness on whether vessels are loading, waiting or discharging and trends in the availability of vessel supply, among other things.
The system has a variety of filters that allow brokers to narrow down a tonnage list to a precise selection of vessels. Filters can be applied to a vessel’s commercial availability as well as particulars, including special vessel characteristics like age, beam, deadweight, LOA, and whether a vessel has been fitted with scrubbers. The associated TCE is automatically updated to take into consideration scrubber status.
Cargo based Tonnage list including a list of filters and associated TCE per vessel.
Estimate profitability per voyage (TCE)
Ship brokers often need TCE estimations in order to better facilitate negotiations and transactions involving their clients. Signal Ocean enables brokers not only to quickly estimate vessel cost/profitability but also compare it across a range of vessels competing for cargo. The TCE calculator runs automatically including a live update of market rates, bunker prices, port costs and the actual itinerary of the vessel including any deviation that the vessel might have accumulated.
The Signal Ocean Platform TCE Estimation Dashboard provides a detailed TCE estimation per vessel per cargo, updated with current market rates.
Brokers play a vital role in the shipping industry by collecting and routing the correct information to facilitate transactions. Maintaining an up-to-date database of Fixtures is foundational. Brokers can use The Signal Ocean Platform to facilitate relationships with their clients and they can also use it within their teams to capture market fixtures as they happen.
Signal has developed a feature called the “Magic Line” which understands shipping language and decodes the relevant shipping data in order to convert it to a standardised format that can be stored in databases. The Magic Line feature can even interpret spelling mistakes and common abbreviations.
The Signal Ocean Platform Fixtures dashboard including the Magic line feature window.
Signal Ocean equips brokers with the advanced technology to stay on top of this challenging information game, allowing them to generate fixture reports easily in order for them to enhance their service to charterers and owners.
To request a free demo of Signal Ocean, click here.
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
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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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