Lloyd's List is part of the Informa Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Data is driving all-sector refocus for maritime

Actionable data is becoming the bedrock for many areas of shipping, a Rightship seminar has been told. The human element remains key, whether on board ship, in a shipyard, or in an insurer’s office

A thought leadership seminar hosted in London this week by Rightship and the UK P&I Club learnt that finding a shipyard whose newbuildings meet energy efficiency criteria is vital to financiers and charterers, and therefore to shipowners.

SHIPPING is becoming safer — there are fewer accidents and incidents than in the past.

However, claims involved are now higher in value than before, so the gap between premium income and pay-out has become a real concern for insurers. For this reason, it makes sense to use data to identify where claims are most likely to occur and focus attention on these areas.

Meanwhile, there is similar concern about the diminishing number of cadets training to become seafarers. Where there are cadets, there are no berths on board ships to enable them to train. The ageing demographic is worrying. For this reason, it makes sense to use data to remove the repetitive tasks, so seafarer skills can be targeted where they are most needed.

At the same time, shipyard workforces are growing older: highly skilled engineers are retiring but the cohort of new recruits does not have the experience to replace them. For this reason, it makes sense to use data to enable autonomous technology in ship construction wherever possible.

Data and analysis of that data, the information and insight this offers, and the use of data-driven technology have very quickly become the bedrock of our industry.

The headlines are revealing. At a Rightship seminar in London this week, UK P&I Club’s head of loss prevention, Stuart Edmonston, disclosed that while 24% of the club’s book is bulk carriers, these ships represent 59% of the Port State Control detentions; tankers make up 26% of the book, but only 2% of inspections. These are simple stats that offers actionable insight.

When talking about Rightship’s greenhouse gas rating scale, the company’s analysis showed that only one Japanese shipyard is building A-rated newcastlemax bulkers (around 200,000 dwt) — which must have made the seminar at Bari-Ship interesting to attend.

This insight is important for the discussion about decarbonisation of shipping. With little more than a single ship’s lifecycle to go before 2050, said Rightship’s sustainability manager Kris Fumberger, finding a shipyard that meets stringent emissions-reduction targets will matter for shipowners because it will matter to financiers and to charterers. Building the cheapest ship will no longer give competitive advantage in the 2040s.

Even so, data analytics brings dilemmas of its own.

“What does the Internet of Things mean for the insurer?” asked Rightship’s director of strategy Wayne Blumenthal. “If insurer sees [via IoT] that the engine is running hot, does he wait for it to blow up, or advise the chief engineer that the risk is growing?”

When it comes to risk, whose self-interest is highest: the owner of the ship, the operator of the ship, or the owner of the cargo? Where should insurers focus their energy and effort?

The answer, all three speakers agreed, is that the human element remains a key consideration.

When a P&I club’s risk assessor visits an insured vessel in port, it will be to help avoid claims. When an incident occurs, it’s no value producing a 30-page report because no one will read it: pick out the lessons to be learnt and place them all on a single page. When risks are identified and recommendations taken onboard, the ship becomes safer for the seafarers, and safer for their families.

So, the drivers for risk management — and also for data-driven, analytics-based technology — should not be primarily economic, but human.

Clever technology working with skilled and experienced professionals will bring improved levels of safety, lower levels of emissions, and higher revenues than we see now.

Advertisement

Related Content

ONE opts for Navis’ cloud-based stowage platform
Carrot and stick approach to data-sharing
Japan looks to unmanned ships to offset labour shortage
Shipping chiefs urged to take lead in digital transformation
Hapag-Lloyd to add tracking to all reefer boxes
Industry still lagging behind on digital standardisation and data sharing

Topics

Advertisement
UsernamePublicRestriction

Register

LL1127870

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel