GeoSpock has partnered with Singapore Exchange (SGX) to build a global maritime spatial database with the Baltic Exchange.
The digital program will commence with a specific focus on maritime air emissions, offering members access to visualisations and data insights.
“Shipping is central to the global economy, underpinning 90 per cent of the world’s trade,” said Richard Baker, CEO of GeoSpock. “This vast industry is undergoing an intense period of digitalisation, with data analysis becoming fundamental to business success.
“Currently, the industry generates huge quantities of data. When we think “origin to destination” for many commodities or goods, then we realise data is being produced in all aspects of the supply chain - from sensors in dispatch warehouses to onboard ships, in ports and on trucks.
“However, this data is siloed and there is no central pool of data that companies, and the industry as a whole, can utilise.”
Baltic Exchange, as part of the Singapore Exchange, is aiming to develop an intelligent database capable of capturing data across the key segments of location, weather, emissions, fuel usage, journey routes and times.
“We are driven by adding value for our members," added Mark Jackson, CEO of Baltic Exchange. "As our market embraces digital technologies and as the Baltic Exchange executes its digital strategy it is imperative for our members that we adopt and utilise the most advanced technology and develop the most holistic database available for our industry.
"We want to inform our membership and the wider shipping community, while also having the means to show the changes in the industry."
Jackson said the database will act as a "hub of information" that can be constantly "added to, improved on and interacted with".
"It's an opportunity for members to innovate and collaborate with data for the benefit of our industry," he said. "We believe it will set a global standard for a data first strategy in the shipping industry."
From a technology perspective, the dataset and data science tools will be designed and built by GeoSpock. The GeoSpock spatial big data platform, built on AWS Cloud, will be able to "ingest and provide" context to large quantities of global maritime data from the Baltic and Singapore Exchanges and industry participants.
While the project will initially focus on UK and Singaporean ports, the initiative will have global capabilities and reach.
“The maritime industry is currently trapped within many siloes, with operators hungry for insight and visibility," Baker added. "The goal of our combined database is to disentangle the sector, achieving data interoperability throughout whilst ultimately creating an innovation hub.
"Only by having ubiquitous access to trusted data and removing friction to data silos can the industry move to measuring and managing what matters."