Optimize Vessel Earning
Using SMARTVoyager
Background
SMARTVoyager is a next-gen software platform to assist commercial operators (pool, charterers, traders, etc.) using big data analytics and machine learning technologies. This easily operated software application leverages accurate hull models, weather/sea information, and daily noon reports from the vessels to provide decision support for voyage optimization earnings and/or Charter Party compliance.
In today’s commercial world and uncertain market conditions every dollar saved counts. We, at Alpha Ori, developed the SMARTVoyager software to help owners realize additional savings opportunities as well as reduce environmental impact.
How SMARTVoyager works
The journey starts with the user entering the voyage in the system. All the voyage leg related constraints can be entered in the system (eg. ETA/laycan/arrival window etc. requirements, speed, or consumption commitments, NOR related limitations, and any other overriding conditions. The users can also choose the preferred optimization method for the voyage – whether to optimize fuel consumption, daily charter hire cost, or a combination of the two.
.
Optimization through patented algorithm & weather information
The patented algorithm takes all the voyage related criteria as well as weather information along the route into account to suggest speed guidance which is most suitable from the optimization perspective. All constraints considered, the safety of the vessel, cargo and crew is always given the highest priority and all routes are provided with the weather routing being optional.
In order to achieve the desired results, vessels are expected to comply with the daily speed advice as closely as practically possible. Since first deployed in 2021, there have been very encouraging results in realization of potential savings.
Although theory and data science support opportunities for optimization and significant savings, real cases are required to support and prove the software viability. Below are two actual cases with the software in use operating on two different vessel types over varying weather conditions and long voyages.
Explore the SMARTVoyager cases
Case I
A gas tanker on a trans-pacific voyage in the month of June 2021. Summary of the voyage details and results are shown in the below image:
- A savings of $63,075 (6.4% overall) was achieved for the voyage.
- Savings is determined by the actual reported voyage expenses as compared to a baseline of the vessel traveling at 16 kn with expected consumption of 43 t/day.
Case II
A bulk carrier transited through Indian and Atlantic oceans in the month of Feb-March 2021. Summary of the voyage details and results are shown in the below image:
- A savings of $47,255 (5.5% overall) was achieved for the voyage.
- Savings is determined by the actual reported voyage expenses as compared to a baseline of the vessel traveling at 14.5 kn with expected consumption of 30 t/day.
Save costs & CO₂
In conclusion, from SMARTVoyager enabled voyages in 2021, the overall average savings on the voyage cost which includes both the bunker and hire component is 3-8 %. A similar trend was also observed in CO₂ emissions. With the use of SMARTVoyager, the savings displayed in the cases above are representative of the majority of voyages under different prevailing circumstances.