UK investment fund Tufton Oceanic — which makes its money playing the ups and downs of asset values and the charter market — has adopted a new fleet data management system launched by American classification society ABS.
The idea behind the service, My Digital Fleet, is to create a comprehensive overview of a vessel’s performance by recording a wide range of data inputs — hull strength, coatings, engine and machinery, fuel and emissions performance.
Critical data is then used to optimise vessel performance to suit a shipowner's operating profile.
Kash Mahmood, deputy chief digital officer at ABS, said the data collected is comprehensive enough to provide “a true representation of a digital twin of the vessel”, and goes some way to addressing a “disparity of data” that has characterised ship-based data management in the industry.
Tufton said it has taken on the new service in a bid to support asset values and the financial performance of its ships.
The UK investment fund is handling the data from its management office in Cyprus.
Roine Ahlquist, head of Tufton Asset Management, said: “The main benefit is the digitalisation of existing data flow and the aggregation of information for better informed decisions. It gives us a better data overview in support of our asset management framework."
Another benefit he cited is the ability to verify vessel performance in relation to a charter party description — and to improve environmental performance as part of Tufton’s environmental, social and governance policy.
“Making more informed speed and consumption decisions is a good way to generate less CO2,” Ahlquist said.
ABS' computerised maintenance management system also aids decision-making on machinery upkeep and replacement that helps preserve the value of a ship and extend its life.
Potential conflict
Some suggest such services potentially conflict with the safety services that ABS provides as a classification society.
Mahmood said the service is provided on a subscription basis and separate from the mainstream certification services.
However, he added that the data involved can be used to demonstrate regulatory compliance in areas such as the environment.
Mahmood pointed out that My Digital Fleet is adaptable to the requirements of the specific trade of a vessel and is easily upgraded.
“It can be adapted to [a] type of chartering arrangement or whatever KPI the shipowner wants to measure,” Mahmood said.
Aggregated data on thousands of ships in the ABS fleet also allows for benchmarking.
“The day-to-day operation is managed better both onshore and offshore,” he said.
Another possible shortfall that some point to is only capable shipping companies with dedicated technical departments will be able to interpret the data correctly.
Mahmood said ABS can help the owner by extracting the most relevant data from the wide range of inputs to make the decision-making parameters clear.
One other concern is security, with the service a potential leak point for commercially confidential fleet performance data.
Ahlquist said he is comfortable with the level of security provided, and Mahmood insisted: “The security has been tested at every component level.”
