Bringing Market Rates to Optimise Users
ZeroNorth partners with data provider, the Baltic Exchange to bring market rate information to Optimise, broadening the software’s insight capabilities.
As the shipping industry continues to progress towards a decarbonised future, the requirement to improve efficiencies and maintain profitability is also growing in tandem. Meanwhile, new and impending emissions regulations — combined with the changes generated by the pandemic — are driving a shift towards digital solutions, giving owners and operators new ways of working to contend with.
There is an increasing understanding that digital technologies will play an important part in shipping’s decarbonisation pathway. But decisions on efficiencies driven by technology need to be based on the reality in the market. This fact is one of the key drivers of ZeroNorth’s latest partnerships that we have recently announced to the market.
Market rate information at users’ fingertips
This week, we announced our new partnership with The Baltic Exchange, further enhancing the power of Optimise and its ability to increase TCE earnings and reduce emissions.
The Baltic Exchange is one of shipping’s largest and most prestigious membership organisations. The Exchange’s international community of over 3000 members encompasses the world's maritime interests including the dry bulk, tanker, gas and container shipping markets. Members include shipowners, shipbrokers and charterers as well as maritime lawyers, arbitrators, P&I Clubs and other shipping associations.
In fact, according to the Baltic Exchange, “A significant proportion of the world’s ship chartering and Sale & Purchase business is negotiated and handled by members of the Baltic Exchange.” To support its members, the Exchange manages and publishes the industry’s gold standard market indices, which are internationally recognised as the most authoritative source of information on the state of the global shipping market.
Baltic Exchange members will now be able to access these global market rates for dry bulk ships and tankers - including a range of both time charter equivalent (TCE) rates and time charter average information – directly in Optimise via our new data partnership.
This is particularly timely for a dry bulk market currently experiencing some of its highest market rates in a decade. While not classed as a ‘supercycle’, the sector is seeing significant upturn after a challenging 12 months. Now, the new integration enables Baltic Exchange members to leverage the market rate information they use across the rest of their business for greater TCE earnings and optimised performance.
Speaking about the partnership, our CEO Søren Christian Meyer said, “The exchange’s renowned and industry-leading market rate information is a trusted source for many of our customers, so it is a natural evolution to be able to view and use this data within Optimise.”
Enhancing the power of data
The blueprint for turning data into actionable insights must be based on several key principles — including creating richer and more specific insights, which, in part, can be achieved through partnerships within the industry.
As the sector becomes more transparent and comfortable with the idea that collaboration can work hand-in-hand with commercial performance, partnerships such as ours with the Baltic Exchange are becoming increasingly common.
In this way, data can be turned into a true commercial differentiator and we will collectively begin to find more diverse use cases for shipping’s data asset, unlocking greater cumulative revenue increases and efficiency savings.
As with any proprietary digital solution, Optimise is continually evolving to provide users with greater levels of data and true, actionable insights. Optimise is now being used on over 1,600 vessels worldwide, enhancing vessel performance, increasing TCE earnings and reducing CO2 emissions. We’re pleased to continue to work with the Baltic Exchange to deepen our partnership, and explore more ways for our users to leverage this data.