- GeoSpock will partner with SGX to build an advanced global maritime spatial database with the Baltic Exchange to focus to global maritime air emissions.
- The digital programme will commence with a specific focus on maritime air emissions, offering members access to visualization and data insights.
- The data allows 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.
Spatial big data company GeoSpock will partner with Singapore Exchange (SGX) to build an advanced global maritime spatial database with the Baltic Exchange to bring insights to global maritime air emissions, reports Seatrade Maritime News.
Era of digitalisation
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.
Richard Baker, CEO of GeoSpock, explained that shipping is central to the global economy, underpinning 90% of the world’s trade.
He added that this industry is undergoing an intense period of digitalisation, with data analysis becoming fundamental to business success. The industry generates huge quantities of data.
He further explained saying that ‘origin to destination’ for many commodities or goods, means 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.
The Baltic Exchange
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.
Global standard in shipping industry
“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.
Jackson believes that the database they 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.
He said that it will set a global standard for a data first strategy in the shipping industry.
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Source: Seatrade Maritime News
