United Ocean

Shipping needs true, transparent and timely vessel emissions data

Peter Georgiopoulos on why the industry must invest more in tech

Peter Georgiopoulos, among the most written about shipowners this century, made his return to shipowning this year with the creation with business partner Leonidas Vrondissi of United Overseas Group, which took over United Arab Chemical Carriers (UACC). Having left Gener8 Maritime in 2018, Georgiopoulos had spent much of the intervening period studying and investing in maritime tech firms. This period has been transformational in Georgiopoulos’s thinkings about shipping and tech. The industry’s ability to comply with pollution and climate change goals demands a new, technology-driven approach, he tells Maritime CEO.

“Carbon pricing, emissions trading, EEXI, CII, The Poseidon Principles, Getting to Zero and The Sea Cargo Charter. Regulators are coming for shipping and this time they are bringing the banks, charterers and civil society along with them,” Georgiopoulos says.

In just over a year, carbon pricing will be applied to shipping emissions in Europe and at the same time the EEXI and CII will enter into force.

“All three will bring new levels of scrutiny to monitoring performance and reducing emissions,” Georgiopoulos says.

This acceleration in the tempo of emissions monitoring for compliance with regulations and market measures has demonstrated an inconvenient truth, Georgiopoulos argues, pointing out that quantifying and collecting actual voyage and fuel consumption data is not something the industry has much experience with.

Both the IMO and the EU data collection programs collect annual vessel emission data retroactively so it’s possible to see what a ship did last year but not last week. While this is aimed at forming legislation going forward and offering good historical data on shipping’s carbon footprint, in order to make meaningful carbon changes Georgiopoulos says we need real time data. And that data needs to be accurate and not estimated or a year old.

“While we realise that to enable all market participants the initial bar has to be set low, but whether you are a charterer, owner or operator, we all need a solid regulatory platform and real data in order to make informed decisions that actually arrest climate change,” Georgiopoulos says.

The question then is this. How to deploy devices in the real world that can offer charterers and other industry players meaningful actual vessel specific real-time data and how to do this quickly?

For this reason, Georgiopoulos invested in emissions data start-up SeaArctos to simply and cost effectively demonstrate that an owner is not only embracing new environmental regulations, but is able to confidently demonstrate compliance to all stakeholders from class and flag, banking and insurance to Port State control and Coast Guard.

“Understanding the exposure that will come from regulations and carbon pricing can help companies prepare and understand the steps they need to take, Georgiopoulos insists. ●

Spot on United Ocean Group

Founded this year by Peter Georgiopoulos and Leonidas Vrondissi. Took over United Arab Chemical Carriers in a deal giving it a fleet of 20 ships.