International Seaways announces efforts to optimize fuel consumption and reduce carbon footprint during investor and analyst day presentation.
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CEO Announces “Get to Green” Campaign During Investor Presentation
In a presentation highlighted by a positive outlook for the tanker market and company performance, International Seaways, Inc. (“Seaways” or “Company”) President & CEO Lois Zabrocky also introduced a “Get to Green” campaign to investors and analysts. The new initiative was launched with the help of Tres Solutions’ (“Tres”) vessel optimization platform, Tres Vessel Analytics (“TVA”).
Ms. Zabrocky noted, “For every ton of fuel that we do not burn, it reduces emissions by 2.7 tons. So we’re working on reducing our carbon footprint.” She continued, “By putting this software on board and monitoring constantly the performance, you can…empower [seafarers]…to control their emissions and this is what we want.”
Secret to Success?
Seaways committed its full fleet to TVA in July and has made tremendous progress in its efforts to “Get to Green”. Early communications from the executive ranks were focused on uniting crews and other team members by a simple mission. William Nugent, Head of International Fleet Operations, encouraged seafarers in the Seaways fleet “to leave a legacy of a cleaner world”, which is rooted in a longstanding commitment to “environmental stewardship”.
Crews, shore-side personnel, technical managers and executives have all bought into the program, which is evidenced by rapid progress in key reporting and performance KPIs. Its fleet KPI for reporting quality has improved 20% since fully implementing TVA. In addition, the Seaways fleet is the fastest to reach a combined data quality rating of “green” since TVA launched.
This improvement has boiled down to a simple recipe – an unwavering focus on the process.
The Seaways fleet KPI for reporting quality has improved 20% since fully implementing TVA. This quick improvement has boiled down to a simple recipe – an unwavering focus on the process.
It is easy to expect results from the onset of installing a new system but the team at Seaways understood the importance of data quality before they could realize fuel consumption and emissions benefits. All stakeholders have been dedicated to consistent, detailed and accurate reporting. Most companies underestimate the importance of this step in the process and without it, future optimization efforts are less than effective.
Performance is a continuous process. Each step of the process is important and everyone has to buy-in to be successful. There are no shortcuts. It helps to start with a clear vision for your performance program (e.g., “Get to Green”) and then work together to realize that vision via consistent monitoring and feedback.
About Tres Solutions
Tres Solutions is a leading maritime software and analytics company, providing a comprehensive suite of digital solutions for vessels, focused on helping clients save money, reduce emissions and improve operations. Tres serves its global customer base from major shipping hubs around the world, including Houston (HQ), Copenhagen and Mumbai. Its core Tres Vessel Analytics (TVA) platform is among the fastest growing performance management and optimization systems in the market and has been deployed on nearly 200 vessels worldwide. For more information, go to tressolutions.com or email firstname.lastname@example.org.
About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 50 vessels as of November 5, 2018, including 13 VLCCs, two Suezmaxes, six Aframaxes/LR2s, 11 Panamaxes/LR1s and 12 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com.