Danish researchers Soren Roschmann and Anders Liengaard have long been picking apart data related to the operating performance of publicly listed dry bulk shipowners to gauge their performance against Baltic Exchange indices.

But with the growing focus on shipping’s ability to comply with mandated reductions in carbon emissions, the researchers have added a twist to their annual survey: a separate ranking of the same fleets by efficiency in accordance with the International Maritime Organization’s Carbon Intensity Indicator (CII) regulations.