Miros Mocean introduces novel platform to validate energy saving devices (ESDs) in the shipping industry
Miros Mocean, a joint venture between Miros Group, Copenhagen Commercial Platform, and BW Group, launches the TrueView Platform to deliver unprecedented accuracy in ship performance measurements – enabling the verification of ESD benefits, and performance-linked charter party contracts.
Investments in ESDs will become essential in reducing a vessel’s energy demand in the face of rising fuel costs and carbon levies. However, real savings have never been measured and verified in service.
Through the recently issued Recommended Practice for Technical Ship Performance and the Vessel Technical Index put on public hearing from DNV, the shipping industry finally has a standard methodology for measuring and evaluating vessel performance during operation. Miros Mocean is delivering the required technology and accuracy through its TrueView platform – making the benefits of ESDs measurable and verifiable, incentivizing owners to invest more in ESDs and thereby benefiting the environment.
In addition to validating investments in ESDs, TrueView also enables the establishment of the Efficient Charter Party (eCP), addressing the existing split incentives in commercial contracts (CP) between owners and charterers. Currently, vessels are operated based on warranties rather than optimal performance, leading to significant tolerances in CP warranties.
With the DNV-verified Vessel Technical Index, measuring the vessel’s continuous development in performance, the eCP links the actual performance to the commercial contract. Ship owners are incentivized to improve their vessels’ performance, including through the installation of ESDs. Improved performance leads to higher rates, creating a mutually beneficial situation for all parties involved while progressing with decarbonization.
“By providing accurate and verifiable data on the benefits of ESDs, we empower ship owners to make informed investment decisions that contribute to a greener future. Moreover, our eCP initiative promotes closer cooperation between contractual parties, fostering a collective commitment to decarbonization,” said Andreas Brekke, CEO of Miros Mocean. “With this true picture of how efficient and commercially viable a ship is, we can revolutionize the way the shipping industry optimizes charter party contracts, shares cost savings, and incentivizes decarbonization.”
About TrueView by Miros Mocean
Miros Mocean’s TrueView platform enables a complete system for measuring, analyzing and leveraging the proposed VTI. First of all, TrueView solves the key inaccuracies of similar systems, namely vessel speed through water (STW) and local, accurate weather data. With accurate weather data, coupled with high-frequency vessel performance data, TrueView can accurately calculate the “real-time” technical efficiency of a vessel in service, normalized for external forces and operational decisions.
Secondly, TrueView (and VTI) provides owners and operators with accurate insights into parameters they can control – the technical performance of their ships. It also allows owners to verify the effect of ESDs in operation. Thirdly, TrueView provides “VTI-based” dynamic fuel tables to improve weather routing as well as inputs for commercial contracts (eCP).
And finally, the VTI results from TrueView can be verified by DNV and thus serve as an underlying measure for performance-linked charter parties between shipowner and charterer, as well as performance-linked bank loans.
About Miros Mocean
Launched in 2021, Miros Mocean is a joint venture between wave technology expert Miros, BW Group, one of the world’s leading maritime companies, and Copenhagen Commercial Platform (CCP), an independent commercial platform with a specific focus on ESG for shipowners. Miros Mocean is a future-facing platform, that integrates real-time vessel data and normalizes it from local wave and weather parameters, this provides unprecedented accuracy in vessel performance and thereby enables optimal performance and decarbonization.
Miros Mocean’s vision is to give the shipping industry accurate and relevant performance data to optimize costs and create a transparent, collaborative, and greener shipping industry for the future.