Nautilus Labs launches solution to enhance charter party agreements

Nautilus Labs launches Green Charter™ to enhance charter party agreements

Nautilus Labs, a British software company, has announced the launch of its new offering Green Charter™ to enhance charter parties.

According to the company’s recent release, Green Charter™ uses machine learning-based data streams to implement new legal frameworks within charter party agreements and establishes Nautilus as a trusted, independent, shared source of truth between ship owners and charterers to improve transparency and collaboration.

As the foundation of commercial relationships, it aims to revolutionise incentive structures between counterparties and put the industry on the path to profitable decarbonisation.

Nautilus’s Green Charter™ strives to transform legacy charter party agreements by introducing a greener legal framework and unlocking commercial efficiency.

Additionally, the company builds machine learning-based virtual replicas of physical ships, known as Digital Twins, to simulate vessel performance and operational outcomes with a high degree of accuracy.

READ: Hapag-Lloyd inks new 7,000 TEU ships charter agreement

Leveraging these Digital Twins as a single source of truth, Green Charter™ generates dynamic optimisation recommendations, performance reports, and alerts that are shared to drive collaborative outcomes, according to Nautilus Labs.

The technology will be used to implement new commercial clauses that ensure every action achieves peak efficiency across fleets for increased profitability and reduced emissions for both sides of the charter party.

READ: Kongsberg and Nautilus Labs launch vessel data initiative

“It is time to rethink the frameworks that underpin the owner-charterer dynamic,” says Matt Heider, CEO, of Nautilus Labs.

“Traditionally, charter party agreements have been adversarial, lacking positive incentives for maximising joint outcomes.”

“With sensor data as an unbiased source of truth, Green Charter™ facilitates effective collaboration and alignment among industry leaders, leading to improved performance and accelerated progress towards Net Zero,” added Heider.

Nautilus Labs is currently working with a number of global maritime companies to reduce their carbon emissions and improve commercial efficiency.

In May 2023, Nautilus Labs and international shipping association, BIMCO, released a white paper calling on the maritime industry to rethink prevailing charter party frameworks.

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