Innovative technology has unleashed its potential to reconstruct the maritime industry and it continues to become ever-more significant for maritime sectors to implement technological strategies of their own.

The ship-to-shore connectivity reconstruction has catapulted the internet of things (IoT) to the epicenter of advanced shipping, initiating a world of possibilities that perhaps only dedicated hardcore futurists ventured to envision a decade ago. This next generation of innovative connectivity between ship and shore will be influenced by the progress in creating applications that help ship owners and supervisors reduce expenses by enhancing operational effectiveness, automating processes and overcoming expensive repairs. The potential for narrowband connectivity has developed from traditional Inmarsat-type voice applications to complex networks of M2M devices delivering big data and other value-added services directly to end-users via satellite connectivity. The maritime industry will remain a fundamental mobility vertical across all aspects of the satellite communications value-chain, and technology service providers will undertake the appropriate combination of innovative services, at the right price.

The need for digitalization in the maritime industry

Smarter ships, automated operations, proactive maintenance, advanced security and reliable visibility across the supply-chain are prerequisites to meet the ever-growing requirements for productivity, profitability and cost-efficiency.

The maritime industry, in particular, stays converged on improving competence in its energy and ship monitoring demands to avoid inefficiencies, bottlenecks or unnecessary resource consumption. Introducing innovative technology such as the implementation of IoT devices and sensor systems across fleet management helps the maritime industry gain a competitive edge, harnessing the full potential of data for more effective operations and decision-making.

The proliferation of innovative maritime-focused technologies has made it possible for the maritime industry to evolve and rapidly enhance business models to engage in myriad value-producing opportunities. Within the maritime sectors, the use of IoT and machine learning enables fleet management to make accurate decisions at the right time. Innovation takes the continuous stream of shipping data with machine learning and enables owners, administrators, traders, cargo charterers and other players in the market to navigate complicated contracts and workflows with confidence. It decreases expenses, enhances visibility and keeps users more informed and updated.

The virtual revolution has given way to strengthening digital momentum, benefitting in several strategic business growths, from operational efficiency enhancements and cost reductions to even environmental performance enhancements. Therefore, when a maritime industry operation embraces virtualization, it ushers in a wave of progressive innovations that can unlock new, revenue-generating opportunities.

Machine learning improves data continuity and analytics

According to Veson Nautical, the maritime industry generates approximately 120 million data points related to contracts, vessel transportation, cargo stations and more in a single day. With the implementation of machine learning algorithms, it is possible to systematically manage and regulate data with a large degree of diversity and scale. IoT devices implemented in various places in the vessels can collect data and provide near real-time feedback and alerts about the engine, equipment parameters, warehouses or even weather.

Using machine learning, these data can promptly become a fragmented mix of manual user inputs that can bridge the gap from static information to actionable insights. Machine learning enables consistent and continuous access to data spanning all operational areas, therefore aiding decision-makers in making precise and accurate judgments.

Advances operational performance and decision making

In addition to improving the continuity and availability of relevant data, IoT implementation and machine learning also can add new depth. Through IoT implementation, ship owners and supervisors can administer proactively with maintenance, by monitoring shipboard machinery and equipment in real-time.

IoT devices and other sensors empower maritime stakeholders to monitor vessel performance, bunker consumption, risk vulnerability and chartering rates in distinct ways. The data obtained from IoT devices replaces guesswork with reliable support of historical and contextual data. This results in a progressive improvement in business agility that empowers maritime operations to function more efficiently and enhance their competitive edge.

A more reliable automation of processes

Operators and decision-makers across the maritime industry are assigned with handling all the complexities of operational, commercial and environmental performance amid constrained schedules and shifting demands. Machine learning and IoT takes conventional everyday tasks and implements the expertise to automate them, allowing stakeholders to allocate time on value-added tasks that increase the profitability of every voyage. IoT sensors and alert systems serve up automated signals, reporting relevant events or anomalies to the appropriate supervisor in charge. Human error is estimated to cost the maritime industry more than $541 million each year, which includes things like physical accidents, environmental pollution and much more, which are not part of commercial operations.

In January 2018, the EU Monitoring, Reporting and Verification scheme came into force for individual voyages, which passed a regulation that all ships have to present verified emissions data to the European Maritime Safety Agency (EMSA) for every voyage they engage within the EU. This sprawling regulatory concern coupled with an increasing business need for better perceptibility of operations at sea makes IoT the fundamental technological investment of preference for shipowners and vessel operators around the world.

Conclusion

The implementation of a digital solution for ship management must connect seamlessly with other enterprise technologies and must simplify the process of maritime industry management with the help of a user-friendly application on which the IoT devices can be monitored and controlled.

By implementing technological solutions, the maritime industries are capable of leveraging integration to obtain real-time information from industry benchmarks, including freightage availability, bunker prices, weather variations and more. With IoT technology and adaptive innovation, commercial maritime shipping solutions can have a strategy to evolve and remain relevant as market dynamics and business requirements change.

Author bio

Ricky Philip is an industry expert who has been working towards understanding the implications of IoT in the Maritime industry. He has a passion for learning more about the emerging technologies in the areas of artificial intelligence, big data, SDN/NFV, cloud analytics, and Internet of Things (IoT) services. He is also a contributor to several prominent online publishing platforms such as Medium.com and HubSpot.