To support the shipping industry’s decarbonisation drive, the Baltic Exchange has calculated a set of indicative CO2 emissions figures and Energy Efficiency Operating Indicator (EEOI) reference values. Initially these cover the standard Baltic vessels trading on the various dry bulk routes for which we provide spot freight assessments.
Over time, it is hoped that this benchmark will provide the shipping industry with a valuable point of reference as the market seeks to factor in carbon emissions alongside charter rates. By understanding the variability in operating efficiencies across routes and size classes, owners and charterers will be able to take practical steps to minimise their carbon footprint.
Currently, whilst vessel owners and operators may have access to such information on their own fleets, a lack of available reference data makes market level comparisons more challenging.
For each route a calculation of total CO2 emissions based on vessels travelling at both full and eco speed has been made as well as EEOI values.
The EEOI is one of a range of measures which the IMO has endorsed to support and measure the shipping industry’s progress towards its carbon reduction goals and provides insight into a vessel’s efficiency at sea. The EEOI enables operators to measure the fuel efficiency of a ship in operation and to gauge the effect of any changes in operation, such as improved voyage planning or more frequent propeller cleaning, or introduction of technical measures such as waste heat recovery systems or a new propeller. An annualised, weighted-average portfolio level calculation of the EEOI serves as the primary metric used by the Sea Cargo Charter (SCC) to track organisational alignment to IMO decarbonisation trajectories.
At this stage, these figures have been calculated based on typical vessel and voyage characteristics. Members are encouraged to provide feedback and to provide their own findings and operating performance which the Baltic can then use to validate, maintain and update the index EEOI values.