The Tankers International shipping pool for VLCCs has announced the launch of a new CII (Carbon Intensity Indicator) feature for its popular VLCC fixture app, which uses Tankers International’s comprehensive market data to calculate indicative voyage CII scores for all market fixtures.
The new CII reporting mechanism uses Tankers International’s extensive knowledge of the global VLCC fleet to benchmark any vessel’s bunker consumption against the closest similar vessel out of the 250 vessels that have traded in the Tankers International pool since 2000. This is set against a benchmark speed, which adapts based on Tankers International’s own data on averages across the sector and market conditions.
CII regulations came into effect at the start of January 2023, and represent an ongoing annual measure of the carbon intensity of a ship’s operations in terms of its greenhouse gas emissions relative to the amount of cargo carried and the distance travelled.
The Tankers International VLCC fixture app’s new CII functionality gives shipowners, charterers, and brokers insight into where a vessel or voyage is ranked on the CII scale, helping to make strategic chartering or operational decisions.
The app’s data will show a precise analysis and a breakdown of how a voyage CII score is calculated, so a shipowner will know how their voyage is ranked and where they may need to improve. In addition, if a voyage incurred a long idle period, the app will provide two clearly labelled and accurate CII estimates to account for this. Calculations are listed in full for PLUS and PRO users.
The Tankers International VLCC fixture app was first launched in 2014 and is the only publicly available source of fixture data for the global VLCC fleet. The app was re-launched in December 2021, and the new CII feature will allow users to integrate even more quality data and analysis into negotiations and strategic decision making. This added insight and market transparency will benefit the entire VLCC sector.
Charlie Grey, Chief Operating Officer, Tankers International, commented: “Many people are still uncertain about how to keep up with shipping’s latest regulation, and we recognise the importance and need for quality data, faster to support decision making for shipowners, charterers and brokers. We foresee CII ratings impacting commercial decisions across the sector this year, and providing access to this voyage specific CII information will support key market stakeholders – helping them adhere to decarbonisation regulations and recognise market trends more quickly.”