Maritime software provider Signal Ocean has signed an agreement with benchmarking firm General Index to publish a set of ocean freight and CO2 benchmarks combining Signal’s vessel and voyage data with General Index’s quantitative benchmarking.
The combined service will deliver an overview of fluctuations in freight rates as well as historical and estimated vessel emissions to allow the financial cost of greenhouse gases to be quantified. Key global trading routes for crude oil and refined products will be covered, starting in the Atlantic Basin, incorporating trade information from General Index’s data contributors.
The firms note that they have made the move ahead of the expected entry of shipping into the European Union’s Emissions Trading System in 2023, to provide normalised emissions benchmarking and support shipowners and charterers in trading CO2 emissions.
“Signal Ocean, like General Index, is a data-driven technology company that uses high-quality data and trusted modelling,” said Ioannis Martinos, CEO, Signal Group.
“We’ve combined this with decades of market knowledge and experience as a commercial vessel operator to create a unique set of data APIs that help solve a number of persistent problems in the analysis of shipping markets.”
“Partnering with General Index will allow us to provide new tools to help market participants better understand their emissions performance and manage their financial exposure.”
