Bearing has released a new AI-powered application that predicts Carbon Intensity Indicator (CII) scores for vessels, so that shipping companies can gauge their risks, increase their ratings and make better business decisions about the effects of the regulations.
Starting in 2023, the IMO will require ship owners to report CII on an annual basis, with each vessel receiving a grade from A to E. To trade internationally vessels will need to bear a certificate of compliance. Owners will also have to file multi-year plans to improve emissions on each of their ships.
The new AI platform includes data about the global shipping fleet, enabling it to predict vessels’ fuel consumption, speed and other aspects of performance.
Using Bearing’s CII Optimization product, shipping companies can:
- Track and monitor real-time CII ratings for all vessels and see which vessels potentially have problematic ratings
- Forecast a ship’s end-of-year CII rating based upon historical routing and weather patterns
- Simulate different operating conditions and different weather scenarios to see how that would impact the CII rating
- See the trade-off between financial returns and potential CII rating.
To accelerate ongoing R&D and go-to-market efforts for the new CII product, Bearing also announced $7M in post-seed funding from existing investors Mitsui & Co., Ltd., and AI Fund, bringing Bearing’s total investment to $10M.
