IMO2020 is getting closer and the approaches discussed in the current meetings to fulfill IMO2020 requirements will generate additional pressure to the industry and thus can put many shipping and commodity trading companies in a challenging situation. But the question arises that how can digitalization help to meet and manage the IMO2020 regulations.
For many companies digitalization is a core strategic initiative but when it comes on the topic of IMO2020, it israrely explored or discussed. However, digitalization can help to address IMO2020 impacts in many ways. Because of IMO2020 bunker procurement processes will become more complex, additional operational costs will be generated, a sophisticated bunker plan will be even more essential and surroundings of bunkers will become more competitive, thus it will create an impact of overall voyage P/L just to mention some of the raising challenges that would come around. Thus, IMO2020 will require companies which is involved in the shipping and commodity trading industry to rethink the way business is going today and also at the same time, this new regulation might also create new opportunities to surpass the competition. But digitalization can help to tackle these challenges in a more efficient way and help in grasping the opportunity.The shipping and commodity trading companies are offered a wide range of functionalities to highlight and manage IMO2020 impacts mentioned before by Singular Point’s MARiS platform.
Using MARiS, shipping companies and commodity trading companies will be able to:
- ensure that the bunkers are consumed correctly and in accordance to IMO2020 regulations in any area of the world and thus can avoid any penalties caused by any inappropriate usage of bunkers,
- help planning the voyages smartly while considering IMO2020 regulations during cargo and freight evaluations,
- be alert on time, if ECA requirements change in certain ports or areas of the world,
- include costs for operating scrubbers in their P/L evaluation or any other additional operational cost generated by IMO2020 regulations,
- help in improving their bunker procurement process, and make sure that they can keep straightaway track of bunker prices globally and have the ability to compare different low sulphur bunker and LNG prices that meet the IMO2020 regulations and minimize bunker costs,
- to analyze and compare future bunker requirements against multiple scenarios and thus, help in simulating different bunker impacts on P/L.
- Meeting IMO2020 regulations requires the shipping and commodity trading industry to consider physical and digital approaches as IMO2020 will impact everyone in the industry and beyond. It will prove a victory for the companies that are able to manage bunker procurement and planning in a more efficient way.