Table of Contents
Introduction
There are a number of different 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
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.
The Preliminary Workflow
The following areas and modules in the system either include or will include sustainability-related enhancements to accommodate multiple workflows and processes:
Data Setup in the 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
Veslink Voyage Reporting
Sustainability Overview on a Voyage-by-Voyage Basis
Emissions Related Analytics
Reporting and Data Sharing
Data Setup in the Data Center
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 in Fuel/Lube Types and utilize the Fuel Zone 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.
Voyage Estimator
We have also enhanced our Voyage Estimator tool to include the CO2 calculator, 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 and add additional emissions data.
The key metrics for sustainability score and index calculations are:
Total CO2 emitted (calculated by multiplying the total amount of fuel (MT) consumed and the carbon factor as defined in the Data Center)
Total cargo carried on the voyage
Total fuel consumed
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
If the CO2 factor is less than 1.0, the CO2 field in the itinerary will be highlighted in red.
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
Description: When enabled, CO2 Pricing will be included in Bunker Planning and Estimator PnL.
Default Value: N
CFGCO2DefaultCurrency
Description: Default currency for CO2 emissions pricing.
Default Value: EUR
CFGCO2Default Price
Description: Default price per MT for CO2 emitted, expressed in the currency specified with CFGCO2DefaultCurrency.
Default Value: 0
Requires schema version 360
If, when enabling CFGEnableCO2Pricing, the system populates "This Feature requires a schema upgrade" at the top of the screen, reach out to Veson Support to request a schema upgrade to allow the new feature. The Schema may also be upgraded in a later maintenance window as well.
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:
This feature set has been developed specifically for the EU ETS carbon pricing scheme and set up to accommodate future carbon pricing measures. The required % rules for EU port traffic have not been implemented yet, but they are on our active roadmap.
Summary
The features outlined here represent Veson's ongoing commitment to helping users make more sustainable decisions. As part of that commitment, we will continue to add additional sustainability-related enhancements to various areas and modules in the Veson IMOS Platform.