ZeroNorth announced the creation of a new multilateral working group aimed at creating a new industry-wide standard to measure the accuracy of vessel fuel consumption models.
The working group will leverage new digital technologies to unlock more precise fuel consumption predictions. Following the most recent meeting, a draft ‘Tier 1’ benchmark is now ready to be tested in the market to gather feedback.
Predicting and accurately measuring marine fuel consumption is an important task that crew, owners, operators and charterers have to complete for every vessel travelling the world’s oceans. Technology and theoretical modelling have significantly evolved to create fuel consumption models and speed curves that estimate the amount of fuel that a vessel should consume under certain conditions. This information is an important part of vessel performance optimisation
said ZeroNorth.
Fuel consumption models are generated from a mathematical formula that considers a huge range of parameters, such as the deadweight tonnage of a vessel, its width, engine type, draught and power.
The working group will also release and begin to test this new standard, which will enable owners, ship managers, operators and charterers to assess the accuracy and bias of their current fuel consumption models.
Speaking on the announcement, Søren Meyer, CEO, ZeroNorth, stated:
Once finalised, this benchmark will enable our industry to standardise how it measures for vessel fuel consumption. It’s also happening at exactly the right time. Digital solutions will be vital to underpin our sector’s decarbonisation efforts, so it’s important that we understand if fuel consumption models are accurate enough for voyage optimisation
