We4Sea releases new platform to share performance data between the parties

Dutch ship performance monitoring company We4Sea has released a new update, aimed to significantly improve cooperation between charterers and owners.

Dan Veen, CEO and founder of We4Sea:

”We believe the only way to meet the new CII regulations is by cooperation between charterers and owners, as they both can impact the results. In the proposed new BIMCO clause, focussing on long-term charters, cooperation is key.

First, there is a “good faith” duty to cooperate. Secondly, to share findings and data which may assist in monitoring and assessing the vessel’s compliance with CII regulations.  And last, in planning future voyages, and sharing best practices which may enable the vessel to improve its energy efficiency."

We4Sea has now released a new module, enabling the real-time sharing of performance data between the parties in the charter party.

Dan Veen:

“While we consider the CII far from perfect, we consider it a step in the right direction. In our opinion, ideally, CII will lead to more cooperation and transparency between parties.

In our view, open data transfer between owners and charterers and jointly operating the vessel in an optimum manner is the key to reducing carbon intensity and achieving a good CII rating.”

We4Sea now supports this dialogue by supplying a Single Source of Truth (SSOT) platform. SSOT is a known concept used to ensure that everyone bases business decisions on the same data.

Accessible to both owners and charterers, accurate and reliable data around operations, vessel positions, speed, reported consumption, weather, and CII can now be shared in (near) real-time. This will save lengthy discussions in analysing vessel performance.

Also, the costs of monitoring the vessels may be shared between the parties, saving costs for both owners and charterers.