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Are Lower Fuel Prices Increasing Maritime Speeds?
Spire puts the spotlight on the stories our data tells. Whether it's AIS, ADS-B, Weather Forecasting or Earth Information data, these data sets help us decrypt the world we live in. This story is derived from a free sample of our data.
Watching oil stock prices rally last week had us checking our AIS data to see if we might find some patterns to explain the fluctuations. While energy analysts argued the West Texas Intermediate (WTI) stock price rally was largely due to premature investor optimism stemming from relaxing COVID-19 lockdown orders, we wondered how lower bunker fuel costs might be affecting the maritime industry. The two major issues wreaking havoc in the oil industry remain unsolved: storage scarcity for crude oil and weak demand. Could lower bunker prices mean ships are traveling at higher, less fuel efficient speeds?