Astrup Fearnley and Veracity by DNV Sign MoU on Sustainability Project

(Photo, 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)
(Photo, 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)

Published Jun 30, 2021 5:19 PM by The Maritime Executive

[By: DNV]

Astrup Fearnley and Veracity by DNV (Veracity) 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.

Astrup Fearnley and Veracity by DNV will deploy Emissions Prediction Calculator together

Emissions Prediction Calculator may change the decision making in the shipping society.

“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,“ says Søren Greve, CEO in Fearnleys, the ship broker business of the Astrup Fearnley group.

DNV is very experienced and an expert in building algorithms for emission calculations and performs validation on modelled results. Utilizing 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.

Supporting energy transition

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

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.

Carbon emissions predictions will determine business attractiveness

Decarbonization 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 ship owners themselves. For shipbrokers, such as Astrup Fearnley, who want to support the decarbonization 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.  

 Can make real impact in carbon reduction

 “We are delighted to work with Astrup Fearnley on this project. As a world leading ship broker, Fearnleys has a strong position in the market and their engagement in this project shows how the broker and charter industry can make a real impact in reducing carbon emissions in shipping,” says Mikkel Skou, Executive Director, Veracity.

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,” states Mikkel Skou.

The products and services herein described in this press release are not endorsed by The Maritime Executive.