Photo: Image credit: Miros Mocean - Digitised Ocean

BW Group, Miros form vessel performance optimization JV

Singapore-based gas shipping giant BW Group and technology company Miros are launching Miros Mocean, a joint venture focusing on optimizing vessel performance.

The new company will combine BW Group’s maritime expertise with Miros’ radar technology providing precise data about the operating conditions of a vessel.

The lack of reliable information on vessel performance in actual operating conditions leads to highly variable performance data and built-in tolerances in the legal contracts between owners and charterers.

This lack of precision in vessel speed control and lack of accurate weather data are the largest known factors contributing to suboptimal vessel performance, leading to excess fuel oil consumption and CO2 emissions.

“Decarbonising the shipping industry is the grand challenge of our time. International regulators and other key stakeholders have set clear and ambitious goals for emissions reductions, and for the industry to progress, accurate measurement and reporting of emissions data will be important. As custodians of the sea, we as an industry have a duty of care to ensure that decisions are made based on the best possible data,” says Remi Eriksen, DNV Group President and CEO.

Michael Parker, Chair of the Poseidon Principles Association, said now that it has been determined which emissions data should be measured under the Poseidon Principles, it is important for the industry to keep improving accuracy and reliability by accounting for factors such as weather conditions and other operating parameters.

“To be able to understand if an investment is truly optimising the performance of your vessel, you need to account for weather,” says Christian Bonfils, Managing Director, BW Dry Cargo.

“The technology Miros Mocean introduces is what we at BW Group had been looking for. It gives access to accurate speed through water and weather data at the precise ship location and combined with fuel flow and main engine power meters we can quantify fuel savings of up to 10% on a single voyage. It has also helped to change the legal contracts to actual performance instead of warranties, setting the standard for the future of this industry.”

Miros Mocean combines fuel oil consumption and main engine power measurements with real-time accurate environmental conditions at the vessel’s actual location. This allows vessel owners and operators to: 

  • Make real-time decisions about the operation of vessels with the objective of saving fuel and reducing greenhouse gas emissions.
  • Integrate highly accurate weather data into their existing vessel performance systems for further performance enhancements.
  • Optimise charter party contracts by using the measured performance of a vessel rather than warranties.