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IMO 2023: Why digitalization through Vessel Insight plays a critical role in meeting the upcoming regulations

The shipping industry is under increasing pressure to decarbonize and reduce greenhouse gas (GHG) emissions. A sustainable operation is no longer a choice, but a “license to operate”. In 2023, The International Maritime Organization (IMO) will adopt a revised version of its initial GHG-strategy. Digitalization is a key element in how to comply with the upcoming regulations. Vessel Insight is the tool you need to take your vessel operations to a more sustainable level.

Prepare for IMO 2023

IMO is the first regulatory body to adopt a global ambition for an entire industry. In 2018, the organization announced its initial strategy to reduce total annual greenhouse gas emissions from international shipping by at least 50 % by 2050. In addition, the strategy aims to reduce CO2 emissions per transport work by at least 40 % by 2030, working towards 70 % by 2050.

In 2023, a revised strategy is to be adopted by IMO. With this, it is expected that IMO will include new regulations in addition to the existing requirements. It is also expected that other regulatory bodies, like the EU will come up with taxation on Carbon emission and that GHG emissions will be banned in European ports from 2030. This increases the need of combining a technical and operational approach to reduce carbon emissions.

Regulations require digitalization

There are great gains to be made through digitalization in the maritime industry to ease the process of complying with current and upcoming regulations. For instance, The IMO Fuel Oil Consumption Data Collection System has been a mandatory requirement since 2019. It requires ships of 5,000 gross tonnage or above to collect and report consumption data for each type of fuel oil they use. In June 2021 IMO adopted new, stringent requirements related to CO2 emissions. One of the mesures that requires accurate and timely data, is the Carbon Intensity Indicator (CII). From January 1st 2023 Ships will be subject to a rating of A (good) to E (negative). This will determine the annual reduction factor needed to ensure continuous improvement of the ship’s operational carbon intensity within a specific rating level. 

Vessel Insight ease data collection and reporting

Digitalization and sustainability go hand in hand. Having access to data and the expertise in deriving meaningful insights from it is key, especially now that the maritime industry is witnessing a shift towards more energy-efficient vessels led by constantly stricter IMO regulations. Vessel Insight is a vessel-to-cloud data infrastructure that help our customers to capture and aggregate quality data from their fleet. By collecting and contextualizing data from ships, customers are equipped to start using applications that are tailored to various needs, like optimizing performance, route planning, logistics and maintenance, resulting in a safer journey and reduced emissions.

Dorian LPG (DK) signs Vessel Insight contract

With an initial plan to monitor and predict consumption and emissions data to plan for IMO 2023 regulations, VLGC operator Dorian LPG (DK), a subsidiary of Dorian LPG Ltd. (Dorian), has contracted to install Vessel Insight to its entire fleet of 22 LPG carries.

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