Wayfinder provides dynamically optimized voyage guidance that saves vessels time, fuel, and emissions. Berge Bulk, Star Bulk, and other leading shipping companies rely on Wayfinder to keep their fleets on the most efficient path to port and to accelerate their long-term decarbonization strategies.
Wayfinder leverages the most accurate marine weather forecasts — powered by Sofar's global network of ocean sensors — and vessel performance models that are continuously calibrated using the best available weather and vessel data. Wayfinder’s forecasts are up to 50% more accurate than other operational forecasts, ensuring that the platform can deliver superior voyage optimization and maximize a vessel’s operational efficiency.
In Q2 2024, Wayfinder produced very strong gains for customers. A sampling of capesize vessels following Wayfinder’s daily RPM and waypoint guidance saved an average of $23,875 per voyage. Across 30+ ballast and laden legs between Australia-China (Baltic Dry Index C5) and Brazil-China (Baltic Dry Index C14) — two major iron ore routes — the capesize vessels reduced average total equivalent fuel consumption by 5% and average emissions output by 131 MT of CO2.
These impressive gains helped sustain an ongoing run of fortune for the dry bulk sector. For the second consecutive quarter, the Baltic Dry Index performed strongly, peaking at over 2,200 in early May and posting a 1-year change of more than +80% at quarter’s end.1 Per BIMCO, these high prices can in part be attributed to unfavorable environmental conditions in the Panama Canal. Low water levels in Gatun Lake, a key corridor in the canal, have limited the number of ships that can pass through it. This has forced some dry bulk vessels to change course and sail around Cape Horn or the Cape of Good Hope, “lengthening sailing distances and boosting demand.” Without restrictions in the Panama Canal, BIMCO projects that there could have been, “significant downward pressure on freight rates for these segments,” a potential signal that the Baltic Dry Index will drop during the second half of 2024.2
Contact the Wayfinder sales team to learn more about our platform or schedule a demo.
(1) Trading Economics: Baltic Exchange Dry Index
(2) BIMCO: "Dry bulk sailing distances jump 31% for routes using the Panama Canal"
