Table of Contents

Introduction

There are a number of different The Veson IMOS Platform offers several features and data solutions you can use in the Veson IMOS Platform to understand and reduce greenhouse gas emissions.

• Sustainability Panel (VIP only)

• CO2 Calculator

• Carbon Pricing

• Emissions Data Table

for understanding and reducing carbon emissions. These features are a part of Veson’s two-fold approach to sustainability, which consists of empowering our users to make more sustainable decisions on a daily basis and collaborating with stakeholders (both internal and external partners) to drive decarbonization in maritime shipping.

...

Sustainability features in IMOS

The following areas and modules in the system either include or will include sustainability-related enhancements to accommodate multiple workflows and processes:

...

Data Center

...

Vessel Valuation in Trading & Risk

...

Trade Hub GHG Rating Overview

...

Avoidance of Congested Areas in Oceanbolt

...

Voyage Estimation on CO2 Emissions and Cost

...

Operations Management of Fuel Consumption and Speed Analysis

...

...

Sustainability Overview on a Voyage-by-Voyage Basis

...

Emissions Related Analytics

...

Reporting and Data Sharing

Data Setup

...

With Data Setup in the Data Center, you can enter relevant information in the Data Center and ensure the system is set up throughout. You can set up fuel information and carbon factor factors in Fuel/Lube Types and utilize the Fuel Zone Zones functionality with the IMO 2020 checkbox to ensure a more flexible fuel consumption.

Vessel Valuation

We are currently looking to enhance Vessel Valuation features and Trading & Risk areas of the system, including Trade Hub, to provide emissions visibility into the pre-trade market analysis.

Trade Hub

With the newest Oceanbolt and PortLog integrations, we provide features that give visibility into port congestion statistics to help avoid long wait times and assist in decision-making process, thus reducing the CO2 emissions.

...

Use the Fuel Grades in the Data Center to set up backup fuel grades in the Compliance Breakeven calculator.

Chartering

Voyage Estimation on CO2 Emissions and Cost

We have also enhanced our Voyage Estimator Estimates tool to include the a CO2 calculator with emissions metrics and ratings, Speed Comparison Analysis, and the ability to calculate the optimal speed for the minimum CO2 emitted.

Voyage Manager

In the Operations module, we have enhanced the Voyage Manager to include the CO2 calculator, the Sustainability panel, and the ability to enter additional emissions data.

Veslink Voyage Reporting

Veslink Voyage Reporting remains unchanged, providing ship-to-shore bunker consumption information directly to VIP.

Report Designer

The Report Designer now has a new table the Voyage Emissions, where voyage emission data is accessible to be reported for a variety of purposes including sharing the data with counterparties.

Sustainability Panel (VIP only)

With the sustainability panel in VIP, you can view key metrics that determine the carbon intensity of a voyage Carbon Expenses.

Emissions tabs

The Emissions tab in Time Charter In and Time Charter Out contracts, Cargo COA, and VC IN COA contracts allow you to capture contractual details agreed to with the counterparty regarding how emissions expenses will be settled over the life of the contract.

Sustainability Panel

The Sustainability Panel in IMOS allows you to view key metrics that determine a voyage's carbon intensity and add additional emissions data.

The key metrics for sustainability score and index calculations are:

1. Total CO2 emitted (calculated by multiplying the total amount of fuel (MT) consumed and the carbon factor as defined in the Data Center)

2. Total cargo carried on the voyage

3. Total fuel consumed

4. Total distance sailed

These metrics are dynamic and change as the voyage progresses.

...

In some cases, additional emissions data needs to be accounted for in the voyage that does not affect the P&L. Example scenarios include SPOT voyages and ballast leg information prior to vessel delivery. In those scenarios, you can enter the fuel consumption data by going to the Sustainability Panel Menu->Emissions Data Grid:

...

The data entered in this grid will be added and summed up to the total values displayed in the sustainability panel, but will not be accounted for in the Itinerary, Bunker Planning, or the P&L. This information is purely for reporting purposes and is available in the Report Designer under the Voyage Emissions Data Table.

CO2 Calculator: Estimates and Voyage Manager

The CO2 calculator is not a standalone feature, but rather an enhancement to multiple areas of VIP. You can view the VIP CO2 calculator in the following areas:

• Estimates

• Speed Comparison Analysis

• Sustainability Tab

• Voyage Manager

• The Report Designer

In Estimates and the Voyage Manager, the CO2 calculator is part of the Estimate and Voyage itineraries. It calculates the CO2 emitted on a leg by leg basis. Charterers, operators, and business analysts are among the users who can benefit from the use of the CO2 calculator.

Setting Up the CO2 Calculator

The CO2 calculator requires a one-time setup in the Data Center → Fuel/Lube Types:

...

The CO2 Factor column values are free-text fields that require a one-time input in order for the CO2 to be calculated throughout the system. Veson Nautical does not impose the carbon factors, since each client may name their fuels a slightly different name, however, the IMO provides the following guidance for the carbon factors of the broadly used fuel types:

...

Source: Fourth IMO GHG Study 2020

Accessing the CO2 Calculator in Estimates

The CO2 column can be accessed by navigating to Port/Date tab within the Estimate Itinerary in the Chartering module.

...

Accessing the Speed to CO2 Comparison Analysis

The Speed to CO2 comparison Analysis helps you analyze how ballast/laden speeds can affect your voyage results and can be accessed in Estimates → Menu → Analysis → Speed Comparison Analysis:

...

Carbon Pricing

The Carbon Pricing feature is available on the Estimate level to give charterers a view into voyage adjusted TCE and to aid in the business decision-making process. We developed carbon pricing features to estimate costs related to carbon expense management as imposed by governing bodies or counterparties in some cases.

Several line items were added to the sub P&L line items in Voyage Estimate to account for carbon pricing:

• Total CO2 cost

• CO2 adjusted profit

• CO2 adjusted time charter estimate.

To set up the CO2 pricing, follow these steps:

Step 1 - Enable the following configuration flags

• CFGEnableCO2Pricing

  1. Description: When enabled, CO2 Pricing will be included in Bunker Planning and Estimator PnL.

  2. Default Value: N

• CFGCO2DefaultCurrency

  1. Description: Default currency for CO2 emissions pricing.

  2. Default Value: EUR

• CFGCO2Default Price

  1. Description: Default price per MT for CO2 emitted, expressed in the currency specified with CFGCO2DefaultCurrency.

  2. Default Value: 0

• Requires schema version 360

Step 2 - Access carbon pricing via Estimates → Bunker Planning

Once the configuration flags have been enabled and set up, you can access carbon pricing by navigating to Estimates within the Chartering module, and then selecting Bunker Planning from the Menu dropdown.

...

Step 3 - Enter the desired currency and cost

Note: The exchange rate will populate automatically (based on the default currency as set up in the settings):

...

The P&L will calculate the CO2 cost, CO2 Adjusted Profit (Loss), and CO2 Adjusted (Net) TCE:

...

Summary

...

Carbon Calculator

We developed emissions expense features to estimate costs related to carbon expense management as imposed by governing bodies or counterparties in some cases. Use the Carbon Calculator in the Voyage Manager to incorporate FuelEU and EU ETS modifiers and apply a price to carbon emissions.

EU ETS Calculator in the Carbon Calculator

The EU ETS Calculator article reviews EU ETS modifiers in the Carbon Calculator, such as the phase-in logic, ETS percentages for sea and port consumption, outermost regions, EU ETS exclusions, and more.

FuelEU Maritime Calculator

The FuelEU Maritime Calculator aids in commercial decision-making regarding FuelEU's impact. The FuelEU calculation breaks down Consumption, Energy, GHG Intensities, and Compliance Balance by voyage leg and displays total Energy, Compliance Balance, and Penalty amounts.

Fuel Modes

Use the Fuel Modes feature to define multiple sets of consumption rates on a vessel to estimate bunker consumption more accurately.

Operations

Operations Management of Fuel Consumption and Speed Analysis

In the Operations Module, we have enhanced the Voyage Manager to include the Sustainability Panel, and the ability to enter emissions data and track emissions costs. Use the Carbon Calculator in the Voyage Manager to incorporate FuelEU and EU ETS modifiers and apply a price to carbon emissions.

Lifting Level Emissions Workflow

The Lifting Level Emissions Workflow shows you how to configure emissions factors for FuelEU and EU ETS calculations on the bunker liftings level. In the Bunker Purchase form, you can capture fuel emissions factors, allowing you to track biofuels with varying emission factors. The emissions factors are considered when making calculations using the Carbon Calculator.

Trading & Risk

Vessel Valuation

We are currently looking to enhance Vessel Valuation features and Trading & Risk areas of the system to provide emissions visibility into the pre-trade market analysis.

Capturing Carbon Exposure

The Carbon Exposure enhancement allows you to capture and track your carbon exposure on Cargo Contracts booked past January 2024 to align your risk to the upcoming EU ETS regulation.

Capturing and Tracking EUA Futures

The Capturing and Tracking EUA Futures enhancement allows you to European Union Allowance (EUA) Futures trades and other Carbon Futures trades in the Veson IMOS Platform.

Carbon Allowance Trades

Use the Carbon Allowance trade type to track their value against the market, link them to physical contracts, and account for them on your balance sheet.

Emissions Expense Workflow

The Emissions Expense Workflow covers EU ETS contract changes, the workflow used to track these changes, and the impact they will have on the Voyage P&L, including the following enhancements:

• IMOS supports accruals handling carbon expenses and the financial settlement for allowances.

• Time Charter Contracts now have cash settlement and allowance transfer workflows.

• The allowance inventory aligns with what is budgeted versus what is available for allocation, showing the current balance at any time.

Financials

Invoice FuelEU Maritime costs

The Invoicing FuelEU Maritime Costs workflow outlines specific steps to capture FuelEU costs in your Time Charter (TC) Invoice or Freight Invoice.

Emissions Expense Workflow

Any voyages with cargo operations in an EU port will have an associated emissions expense. Use the Emissions Expense Workflow to determine the applicable emissions expense based on the routing and timeframe.

Veslink Voyage Reporting

Veslink Voyage Reporting remains unchanged, providing ship-to-shore bunker consumption information directly to IMOS.

Integrations

With the Oceanbolt and PortLog integrations, we provide features that give visibility into port congestion statistics. This feature helps to avoid long wait times and assists in the decision-making process, thus reducing CO2 emissions.

Reporting

The Report Designer now has new tables, Voyage Emissions and Voyage Emissions Detail, where voyage emission data can be reported for various purposes, including sharing the data with counterparties.

Tables:

• Voyage Emissions - refers to the Voyage Manager>Sustainability Panel > Emission Data table

• Voyage Emissions Detail - refers to the Voyage Manager > Sustainability Panel > Emission Data table

Fields: EEOI, Voyage AER, CII Rating, ETS CO2 Cost, ETS CO2 Price, ETS CO2 Currency, ETS CO2 Exchange Rate, ETS CO2 Quantity

A pre-built report is available in Operations > Expanded Menu > Performance Reporting > EEOI Reporting

• Produces a report highlighting a single vessel, fleet, or vessel type’s fuel and CO2 emissions for a specified period.

Related articles