Astrup Fearnley and Veracity by DNV to make emissions data predictions

Astrup Fearnley and Veracity by DNV to make emissions data predictions
From right to left: Søren Greve, Lars Henrik Folke Ossum, Per Jahre-Nilsen, Nina Kristine Madsen-Geelmuyden, Mikkel Skou, Even Matre Ellingsen, Dag Kilen, Gabriela Stojicevic.

Astrup Fearnley and Veracity by DNV have signed a Memorandum of Understanding (MoU) to jointly deploy an Emissions Prediction Calculator to the shipping industry.

The Calculator will provide ship brokers, owners, and charterers with quality assured emissions data predictions over the Veracity platform.

DNV will use its experience in building algorithms for emission calculations and perform validation on modelled results. Utilising its competence and availability of trusted data in combination with the power in the Veracity industry data platform, DNV will develop the Emissions Prediction Calculator with one lead source of validated emissions data. DNV and Astrup Fearnley will work together to introduce it to the market.

“We have identified common interests – in shipping and ocean industries, reducing emissions and developing technology to create a data driven transformation in this sector, and we want to collaborate for a more sustainable future,” said Søren Greve, CEO in Fearnleys, the ship broker business of the Astrup Fearnley group.

The solution will be based on existing principles and data pipelines, developed and quality assured in DNV. Delivering high quality emissions data estimates via an API to Astrup Fearnley, the Emissions Prediction Calculator will enable the world leading broker house to use trusted, independently predicted emissions data for enriching their broker business.

“This is an important sustainability project to us, combining commercial expertise with industrial data and modern technology. With the purpose of supporting decarbonisation in ocean industries, we will work to contribute to the ongoing processes towards energy transition,” said Greve.

Decarbonisation in the maritime industry is now actively encouraged by stakeholder groups throughout the value chain, from regulatory bodies to financial institutions, customers, ship managers, charterers and the shipowners themselves. For shipbrokers, such as Astrup Fearnley, who want to support the decarbonisation of the industry, the Emissions Prediction Calculator will assist in predicting emissions for potential trade. It will enable environmentally conscious ship brokers and charterers to select business based on its environmental footprint.

A challenge in using emissions calculators for real decision making is often the deviating data quality and reliability.

“Our Calculator is being calibrated based on actual emissions data that has been validated and verified, by DNV. It is run through well tested algorithms, developed by DNV’s maritime experts and data scientists over more than 10 years,” said Mikkel Skou, executive director, Veracity