EPS uses DeepSea AI to significantly improve accuracy of fuel consumption forecasts
Vessel behaviour modelling is now a “solved problem”, as DeepSea delivers 99% accurate vessel modelling with EPS, setting a new ‘gold standard’.
Weekly fuel consumption forecasting with good data is accurate to within 1%.
November 14, 2024 – Athens, Greece / Singapore: DeepSea Technologies, the award-winning Al-led maritime technology company and energy efficiency experts, today announced it has delivered weekly fuel consumption forecasts accurate to within 1% after a transformative 6-month project with Eastern Pacific Shipping (EPS). Measured against a baseline of standard data inputs, improved data quality reduced the inaccuracy of weekly fuel consumption forecasts to 0.8%.
Across the business, EPS teams were able to benefit from highly accurate vessel behaviour models, supporting improved vessel operations and maintenance scheduling, enabling chartering teams to provide more reliable speed and consumption warranties to customers.
The transformation was made possible by the provision of real-time sensor data from EPS’s vessels, coupled with DeepSea’s AI-driven Cassandra platform, which provides highly granular, real-time insights to help EPS streamline fuel consumption, ensure regulatory compliance, and reduce environmental impact.
Working together, EPS and DeepSea have driven technical advancements in the EPS fleet and developed innovative approaches to model validation that support EPS’s strategic roadmap for digitalisation and decarbonisation. The fleet owner has prioritised developing a robust data pipeline and rigorous validation process to improve fleet optimisation approaches.
Over six months in 2024, DeepSea and EPS built and implemented advanced digital twins, offering an accurate, up-to-date understanding of vessel behaviour, validating them through a combination of empirical and statistical observations and methods to confirm model accuracy.
Deploying DeepSea’s Cassandra technology, EPS can now evaluate vessel performance with extraordinary precision, generating predictive insights that inform performance-based decision-making across its 300-ship fleet of tankers, bulk carriers, PCTCs, containerships, and gas carriers. Using the AI technology, EPS expects to enhance vessel and fleet performance monitoring, improve reaction time to inefficiencies and drive forward its decarbonisation efforts.
“This result is testament to the fact that the technology now exists to model vessel behaviour incredibly accurately. We can finally say that it’s a solved problem. The industry is quickly realising that the availability and quality of data is now the limiting factor.” said Dr. Konstantinos Kyriakopoulos, CEO and Co-founder of DeepSea Technologies. “For EPS, understanding the value of data is embedded in their organisational DNA, and they were uniquely prepared to leverage high-frequency sensor data to achieve next-level efficiency.”
“Performance is not the work of a single department – it’s about giving the entire organisation the tools to make data-driven decisions. Good information enables good business,” said Pavlos Karagiannidis, Fleet Optimisation Manager at Eastern Pacific Shipping.
“With our unwavering focus on performance, DeepSea’s Cassandra platform empowers EPS to achieve new levels of operational efficiency and advance our sustainability goals,” added Karagiannidis.
To access the full whitepaper, visit: https://www.deepsea.ai/post/precision-unlocks-optimisation-achieving-99-accurate-vessel-performance-models-with-eps
About DeepSea Technologies:
DeepSea is a maritime technology company specialising in AI-based vessel performance monitoring and optimisation. It combines many years of experience in the shipping industry with deep expertise in the fields of software, hardware, and Artificial Intelligence. Its people are passionate about creating products that help their clients make data-driven decisions to achieve their decarbonisation objectives and lead the industry forward.
Visit DeepSea’s website www.deepsea.ai to find out more about how they help shipping companies become more efficient and reduce their CO2 emissions.
About Eastern Pacific Shipping: With a history spanning 60 years, Eastern Pacific Shipping Pte. Ltd. (“EPS”) is a leading shipping company that is committed to the green and technology-driven growth of the industry. Headquartered in Singapore for the past 30 years, EPS is driven by its mission to be the safe and efficient transportation provider of choice to the shipping industry. Empowering that mission is a 6,000 strong and growing workforce across sea and shore. They oversee a versatile fleet of over 300 vessels and 31 million deadweight-tonnes across four core segments of containership, dry bulk, gas and tanker vessels. EPS’ shore team is fully integrated with in-house commercial, finance, innovation, IT, legal, manning, operations, and technical.
