PRESS RELEASE
1 (4)17 May 2024

THE FIRST PROTOTYPE TRIALS OF THE BLUE VISBY SOLUTION
DEMONSTRATE SIGNIFICANT SAVINGS OF CO2 EMISSIONS
The first voyages of the Blue Visby Prototype Trials took place in March/April 2024with the bulk carriers M/V Gerdt Oldendorff and the M/V Begonia, which, undervoyage charter to Blue Visby Consortium member CBH Group, performed ballast
voyages to CBH Group’s Kwinana Grain Terminal, Australia.
The Prototype Trials resulted in CO2 savings of 28.2% for M/V Gerdt Oldendorff and12.9% on M/V Begonia meaning on average 17.3%, measured against the Vessels'
respective service speeds of 14 knots. In the case of the M/V Gerdt Oldendorff, thePrototype Trial resulted in CO2 savings of 7.9% measured against the vessels
intended voyage speed of 12knots. If the vessel was required to speed up to 14 knots
for example to meet a laycan then the potential CO2 savings would have been 28.2%.
A number of alternative benchmarks were tested in this regard involving speed,RPM, laycan dates and "Business As Usual" assumptions. The parties also had achoice as to whether to calculate the financial value of fuel savings and of theprolongation of the ocean passage by using contract rates or market rates provided
by the Baltic Exchanges (also a Blue Visby Consortium member). The parties
reached commercial agreement as to the applicable benchmark for the purposes ofthe benefit-sharing mechanism.
The level of CO2 savings in the CBH Prototype Trials was consistent with studies that
had been conducted previously: (a) during the Pilot Program in 2023, during which
ten voyages produced an average of potential CO2 savings of 18.9%; and (b) in aseries of hindcast simulations of 284 voyages in November 2021-August 2023, which
had produced potential CO2 savings of 25.6% on average.
In the course of these Prototype Trials, all components of the Blue Visby Solution
were deployed and subjected to rigorous testing: software, technical andoperational system, as well as the benefit-sharing mechanism ("Blue GA").
It was also demonstrated that the Blue Visby Solution does not interfere withweather routing, voyage planning or the timing of berthing – all of which were left in
the hands of the participants. Indeed, the robustness of the operational side of theBlue Visby Solution prevented disruption of the Prototype Trial during a time when
one of the vessels needed to deviate.
From a wider perspective, the data collected during the CBH Pilot Program in 2023
and the CBH Prototype Trials in 2024 are consistent with earlier studies andhindcast simulations of 20,580 voyages worldwide of 3,651 Panamax vessels in 2022,
which showed potential CO2 savings by applying the Blue Visby Solution in the orderof 23.2% (median).
The accumulating evidence demonstrates that the systemic optimisation of theocean passage can deliver substantial reductions in emissions, in a way that iscompatible with the commercial and contractual structure of bulk maritime trade,
and without causing disruption, as the Blue Visby Solution does not interfere withvoyage planning or with cargo operations. The Blue Visby Solution requires noCAPEX, is compatible with any other measure for reducing emissions, while its
unique benefit sharing mechanism removes the obstacle of split incentives and cancreate financial benefits for all participants.

© Blue Visby Solution

PRESS RELEASE
2 (4)17 May 2024

The CBH Prototype Trials are part of a wider program across many geographicalareas and market segments, involving more members of the Blue Visby Consortium:
Marubeni, Port of Newcastle and Port Authority of New South Wales. PrototypeTrials with a wider group of participants will be conducted in the coming months, as
the R&D phase of the Blue Visby is completed and commercial deployment begins.
***For info about the Prototype Trial Program and the Blue Visby Consortium, pleasecontact the Consortium co-ordinators, Pekka Pakkanen or Haris Zografakis,
pekka.pakkanen@napa.fi, or haris.zografakis@shlegal.com
For information about the commercial aspects of the Blue Visby Solution, pleasecontact Christian Wounlund, CEO, cw@bluevisby.com.

QUOTES"Decarbonisation is unattainable without energy efficiency, and energy efficiency isimpossible if ships continue to Sail Fast Then Wait. The CBH Prototype Trials
demonstrate that the Blue Visby Solution will be a central element of any successful
decarbonisation strategy for all maritime stakeholders: shipowners, charterers,traders, cargo interests, terminals and ports.".
Haris Zografakis and Pekka Pakkanen,
co-ordinators of the Blue Visby Consortium.
"We are very excited to see the results of the first Prototype Trials, conducted withinvaluable support from Consortium member, CBH Group. All components of theBlue Visby Solution were tested: contracts, software, operations, and the benefit
sharing mechanism. While both the Virtual Pilot Program and the Prototype Trials
will continue in the coming months, we are on track for commercial deployment
this year".
Christian Wounlund, CEO"The Blue Visby Solution software has been developed over several years. It hasreceived a ClassNK Innovation Endorsement, and is based on systems that areISO27001 and ISO9000 certified. It uses high-resolution information about weather
data, swell, currents and bathymetry in real-time and uses ship-specificperformance models. Vessel positions and port conditions are dynamicallymonitored and assessed. We are very satisfied with all the tests conducted in thecourse of the CBH Prototype Trials and we will continue to make refinements inupcoming voyages both in the Virtual Pilot Program and in the Prototype Trials".
Kimmo Laaksonen, Software Development Lead
"The operational side of the Blue Visby Solution was rigorously tested in the CBH
Prototype Trials, both in its interaction with the software systems as well as with thevessels. The robustness of our systems was proven when we had to deal with theoperational complexities when one of the ships had to deviate. We have also
learned valuable lessons about the outlook of vessels' crews and how they canprovide support".
Risto-Juhani Kariranta, Marine Operations Lead

© Blue Visby Solution

PRESS RELEASE
3 (4)17 May 2024

NOTE TO EDITORS
The practice of "Sail Fast Then Wait" and the Blue Visby Solution
The Blue Visby Solution is aimed at eradicating Sail Fast Then Wait (SFTW): the operational
practice of ships that sail to their destination "with the utmost despatch", without regard
to other ships or to the conditions at the destination. This practice can be justified forvarious reasons, but is responsible for about 20% of shipping's carbon footprint.
SFTW cannot be addressed by individual ships, or bilaterally as between an individual
shipowner and an individual charterer. It is a systemic challenge that requires a systemicsolution. The Blue Visby Solution combines software, operations and contracts, so as tosystemically optimise the ocean passage of participating ships, and thereby reduce CO2emissions. It does not interfere with the voyage planning or weather routing of individualships; and it does not interfere with berthing or with port operations. A crucial componentof the multilateral nature of the Blue Visby Solution is a benefit-sharing mechanism, "BlueGA" (inspired by the age-old maritime principle of general average), which incentivises
participation and removes the obstacle of split incentives.

The Blue Visby Solution Consortium
Over a period of several years, and with support from 32+ members of the Blue VisbyConsortium, which is co-ordinated by Helsinki-based software company NAPA Oy and
London-based law firm Stephenson Harwood LLP, the project has progressed iteratively
through several stages: from academic studies to proofs of concept, to hindcast
simulations in real operating conditions, to virtual pilots with the use of digital twins and,
finally, to Prototype Trials.

The Prototype Trials
The accumulation of learnings and experience has enabled the project to launch the final
R&D phase: a series of Prototype Trials involving actual voyages, that are being organised
together with Consortium members CBH Group, Marubeni, Port of Newcastle and Port
Authority of New South Wales. Unlike the pilot program that is virtual with digital twins,
the Prototype Trials involve actual voayges, contract amendments and Blue GA delivering
financial consequences ("real ships, real voyages, real time, real contracts, real money").

Next steps
The particular trade and commercial framework to which the CBH Prototype Trial wasapplied has similarities with many other segments of dry and wet bulk trade in many partsof the world. Therefore, the experience and learnings of the CBH Prototype Trial will bescaled up and expanded. Similar considerations apply to the other Prototype Trials, which
are designed to address the different characteristics of other trades and commercial
frameworks.

© Blue Visby Solution

PRESS RELEASE
4 (4)17 May 2024

Prototype Trials will continue and involve more parties and market segments. These first
results are a very significant milestone towards the scaling up and commercial
deployment of the Blue Visby Solution.
****END© Blue Visby Solution