Maritime software company Nautilus Labs has launched its new offering, Green Charter, a system that uses machine learning-based data streams to implement new legal frameworks within charter party agreements between ship owners and charterers based on a common shared source of truth.
The technology firm builds machine learning-based virtual replicas of physical ships, known as digital twins, to simulate vessel performance and operational outcomes. Leveraging these digital twins, Green Charter generates dynamic optimisation recommendations, performance reports, and alerts that can be shared with ship owners and charterers to provide independent data as a basis for agreement, allowing new commercial clauses built on peak efficiency across fleets to be created.
“It is time to rethink the frameworks that underpin the owner-charterer dynamic. Green Charter is set to transform the relationship between owners and charterers by establishing a foundation of trust based on data,” said Matt Heider, CEO, Nautilus Labs.
“Traditionally, Charter Party agreements have been adversarial, lacking positive incentives for maximising joint outcomes. With sensor data as an unbiased source of truth, Green Charter facilitates effective collaboration and alignment among industry leaders, leading to improved performance and accelerated progress towards Net Zero.”
