General Index and Signal Ocean to offer new CO2 and ocean freight benchmarks
Benchmark provider, General Index, and maritime data specialist and software platform, Signal Ocean, have today signed an agreement to publish a revolutionary set of ocean freight and CO2 benchmarks, according to the company's release.
The new benchmarks will provide a series of unique indexes which combine Signal’s vessel and voyage data with General Index’s quantitative and well-established methodologies. This combination will deliver market participants with an accurate view of fluctuating freight rates as well as allow them to monitor their historical and estimated vessel emissions and quantify the financial cost of these emissions.
Using its tuned models, Signal will provide detailed estimates of greenhouse gases emitted on a vessel-by-vessel basis. The service will cover the key global trading routes for crude oil and refined products, starting in the Atlantic Basin. General Index will operate the benchmarks via its tech-native methodologies and production systems, incorporating trade information from its data contributors.
The ocean freight and CO2 benchmarks are the first phases of an ambitious plan of collaboration between the two firms. The move comes ahead of the expected entry of shipping into the European Union’s Emissions Trading System in 2023. The collaboration will provide the industry’s first normalised emissions benchmark allowing shipowners and charterers to trade CO2 emissions.
General Index Signal Ocean’s services are already used by shipowners, traders and energy majors who control around half of the world’s crude oil spot tonnage and cargoes to support their chartering decisions. Dry bulk voyages are also covered by Signal Ocean, while containers and LNG/LPG are currently being tested with design clients. Launched in March 2020, General Index is authorised by the UK’s Financial Conduct Authority (FCA) as a benchmark administrator and is compliant with EU Benchmark Regulation. It offers high-quality assessments for established commodity markets and new innovative solutions using its technology-native approach.
