In 2016, Sigmund Kyvik and Geir Olafsen – both with lifelong careers within the shipping industry – decided to do something about the lack of data-driven decision making in this sector.
Skewed and fragmented access to information as well as lack of transparency in a complex information chain of charterers, brokers and shipowners often resulted in a sub-optimal decision-making process.
Siglar’s core business idea is to rectify this lack of information transparency, and enable the industry players to make rational, swift and sustainable choices when deciding upon the ideal freight option - from both an economical and environmental point of view.
Says CEO Sigmund Kyvik: "The charterers are ultimately responsible for the choice of freight options. But, as the decision chain is influenced by a multitude of brokers and other intermediaries, the landscape is more complex and choices made are very often less fact-based and less transparent than desired.
As a global lead trader on the buyer’s side, I was frustrated with the lack of unbiased and reliable information, which resulted in a suboptimal decision process, and consequently far higher emissions of CO2 than necessary. In international voyages the difference between the worst and best performer can vary by thousands of tonnes of CO2 per voyage. With Siglar, we can pave new ways to cut the emissions effectively, by providing neutral, comparable and dynamic estimates prior to support decision-making."
Geir Olafsen, the CDO of Siglar adds: "With my background from analytics and advisory within the shipping industry, I had been searching for powerful IT solutions and analytic tools that could help structure and process raw data and turn it into actionable insights, thus saving time and laying the foundation for smarter decisions. With no such solution on the market, I finally decided that something should be done to tackle this challenge."
Sigmund and Geir founded this independent provider of actionable insights leading to substantial reduction in CO2 emissions in the shipping industry. They are summing up Siglar’s unique market proposition in the following way:
"There is an enormous potential and urgent need for carbon optimization both within chartering and in operation. The International Maritime Organization (IMO) mandates that the shipping industry must reduce its emissions by at least 40% by 2030. One of the lowest hanging fruits in that regard is the optimization of the chartering process, which allows for both significant emissions reductions and cost-savings. With Siglar, key players in commercial shipping can now get access to fact-based, dynamic and neutral data, enabling them to both map, compare and improve their performance. The end results? Better decisions, improved competitiveness and a greener industry."