Today, 80 percent of international trade by volume and more than 70 percent of global trade by value are carried by sea and handled by ports worldwide. And every year, the shipping industry consumes 300 million tons of fuel, releasing about 3% of the world’s carbon-dioxide emissions into the atmosphere. Scientists project that the maritime industry could account for 17% of the world’s CO2 emissions by 2050.
There is no doubt, we need to decarbonize the maritime industry.
While there are several paths to get to these goals – anything from tools to hardware - a recent study from McKinsey & Company suggests that to get to zero carbon shipping by 2050, 50% of decarbonization will come from efficiency.
What does that mean exactly? Well, think of it this way: Every single day in maritime, there are thousands of people that come to work. And they make thousands of decisions every day, every month, every quarter. This requires the coordination of systems and the transfer of data and information across all workflows. But this is not foolproof. There is simply just too much data - too many systems, too many log-ins. Too many screens. These fragmented systems result in loss of revenue and increased costs.
That is where an AI-based solution can help. We have said this before, but it bears repeating. In order to operate more efficiently, you need to empower your teams with data: From ports, weather feeds, existing internal systems, from noon reports, on-board sensors and digital twins, to name a few sources. For that, you need software tools to process and interpret all that data so departments can take effective action.
At OrbitMI, our commitment to decarbonization is baked into our product, with software and data that not only enriches the quality of data that we have, but also accelerates decision making on both ship and on shore. Our customers are able to improve efficiencies, as well as the speed of decision making, resulting in increased productivity, increased profits – and most importantly, decreased carbon emissions.
Zero carbon shipping by 2050 is possible. Learn more by watching the recent Marine Money Climate Week 2021 webinar, “The Pathways to the Decarbonization of Shipping” by clicking here.
Want to improve your company’s efficiencies, improve your profits and decrease your carbon emissions? Let’s talk.