Industry group formed to create new methodology for assessing fuel performance and accuracy

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Maritime technology company ZeroNorth yesterday announced the creation of a new multilateral working group, aimed at forging a new industry-wide standard to measure the accuracy of vessel fuel consumption models.

The group, consisting of eleven organisations including Cargill and Western Bulk, has so far progressed with a series of meetings and will take advantage of new digital technologies to unlock even more precise fuel consumption predictions, on real knowledge and insight, and further enhancing vessel optimisation.

Following the most recent meeting, a draft ‘Tier 1’ benchmark is now ready to be tested in the market to gather feedback.

Predicting and accurately measuring marine fuel consumption is an important task that crew, owners, operators and charterers have to complete for every vessel travelling the world’s oceans. Technology and theoretical modelling have significantly evolved to create fuel consumption models and speed curves that estimate the amount of fuel that a vessel should consume under certain conditions. This information is an important part of vessel performance optimisation.

Assessing the relative accuracy of these models is therefore vital, to ensure that any optimisation decisions are based on the reality that a vessel faces, at any given moment and in a range of conditions.

The working group will test this new standard, enabling owners, ship managers, operators and charterers to assess the accuracy and bias of their current fuel consumption models, before incorporating feedback in future iterations. Driving an increase in the accuracy of fuel consumption models over time, generating greater cost and emissions savings across the industry.

Søren Meyer, (pictured) CEO of ZeroNorth said: “Together we all share the goal of solving a key industry challenge in assessing and further evolving the accuracy of vessel fuel consumption models.

“Once finalised, this benchmark will enable our industry to standardise how it measures for vessel fuel consumption.”