Experience and intuition has served the shipping sector well and will continue to do so. That said, the tanker industry understands the potential of data to inform even more confident and commercially astute decision-making.
There are numerous off-the-shelf solutions for a range of vessel types and brokers are supporting shipowners’ and charterers’ needs with investment in market research teams. However, more data doesn’t necessarily mean good data – it is at best useless and at worst misleading without correct interpretation. This is why data analysts are increasingly commanding a seat at the top table, as recognition of the power of these insights grows.
Maximising the institutional value of data can be a difficult task. The biggest challenge is often ensuring that decision makers are practically able to access, understand, and cross-check different types of data that they have access to at critical times. Data streams are often accessed through several different platforms and provide information in different formats. Switching between data in raw number format while other information is found in fully developed dashboards only adds complexity.
The VLCC industry is no different to any other in that the volume and history of data combined with human insight creates maximum accuracy, trend interpretation, and impact. However, in a segment where the average shipping company only owns a few ships, how can all VLCC owners and operators carve out the resource to benefit from data and digitalisation? Moreover, data is not infallible; experience in spotting when it’s supporting the right decision or not counts. Being part of a Pool provides owners with access to an experienced team with access to large volumes of data that can be expertly distilled and – critically – correctly interpreted to deliver insights that provide genuine competitive advantage.
At Tankers International we have a commercial fixture database housing close to 25 years of data, amounting to more than 100,000 recorded voyages, with 40+ data points allocated to each voyage. These economies of scale allow us to access and interpret a large volume of accurate data and present meaningful insights to all our Pool partners; enabling them to make informed decisions. Having an in-house team of data analysts means that bespoke tools can be created for each department – or the segment as a whole – be it an operational optimisation tool, a post-fixture claims tracking tool, or a VLCC Fixture app.
We have invested in internal solutions that bring together data streams from various platforms to present integrated data visualisation tools for decision makers across the organisation. They all have the ability to pull data from multiple sources to draw instant parallels and conclusions, driving efficiency across all departments and ultimately improving the bottom line.
It’s knowledge and experience combined with software and technology that sets Tankers International apart when it comes to data intelligence. This information exchange is providing our Pool partners with the tools to improve operations today, and future proof their organisations for tomorrow.
By Mette Frederiksen, Head of Research & Insight, Tankers International
