Members of Baltic Exchange, as part of SGX, will be able to utilise an array of new datasets emerging as the global maritime industry embraces digital technologies.
“Shipping is central to the global economy, underpinning 90% of the world’s trade. This vast industry is undergoing an intense period of digitalisation, with data analysis becoming fundamental to business success,” explained Richard Baker, ceo of GeoSpock.
“Currently, the industry generates huge quantities of data. When we think ‘origin to destination’ for many commodities or goods, then we realise data is being produced in all aspects of the supply chain – from sensors in dispatch warehouses to onboard ships, in ports and on trucks. However, this data is siloed and there is no central pool of data that companies, and the industry as a whole, can utilise.”
The digital programme will commence with a specific focus on maritime air emissions, offering members access to visualization and data insights.
Baltic Exchange is aiming to develop an intelligent database that captures data on every measurable aspect of the shipping industry. This includes metadata such as location, weather, emissions, fuel usage, journey routes and times. Through the collection of this data, its membership will have complete and instant visibility into the shipping landscape.
With such data on hand, companies will be able to analyse and optimise shipping on a global scale, while providing regulators and governments with a new level of transparency.
The data will also allow members to make more informed decisions on emissions initiatives, in the whole value chain, demonstrating how the industry is tackling regional and global clean air emissions goals.
“As our market embraces digital technologies and as the Baltic Exchange executes its digital strategy it is imperative for our members that we adopt and utilise the most advanced technology and develop the most holistic database available for our industry,” commented Mark Jackson, ceo of Baltic Exchange.
“The database we are building with GeoSpock will act as a hub of information that can be constantly added to and improved on but more importantly interacted with. We believe it will set a global standard for a data first strategy in the shipping industry,” Jackson said.
Read more: Digitalisation will not reinvent shipping, but raise efficiency
Baker added that the goal of the combined database is to “disentangle the sector”, achieving data interoperability throughout whilst creating an innovation hub.
“Only by having ubiquitous access to trusted data and removing friction to data silos can the industry move to measuring and managing what matters,” Baker said.
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