Maritime Leaders Call for Adoption of Technology: Sea Asia 2017 Survey

04 April 2016

Maritime leaders are calling on the industry to adopt new technology as a way to capitalise on opportunities and navigate today’s increasingly complex operating environment. This is according to new survey data released today by Sea Asia in the lead up to Sea Asia 2017.

Nine in 10 (94 per cent) of the leaders surveyed believe that it is time for the industry to make the move towards smart shipping while another 81 per cent recognise the importance of Big Data to the future of the shipping and maritime industry. Leaders surveyed also highlighted that new technological developments are crucial in helping industry players transform the way their businesses operate sustainably.

The survey, conducted ahead of Sea Asia 2017, was carried out among maritime leaders to gain insights into key trends and opportunities facing the sector. Trends highlighted in the survey will form part of the discussions that will take place at Sea Asia in April 2017.

Chairman of BW Group and the Singapore Maritime Foundation, Andreas Sohmen-Pao said: “The global economic, political and technological environment is changing, and the maritime industry needs to change with it. As we look for ways to adapt our business model, forums like Sea Asia provide a good opportunity to exchange ideas and find new solutions.”

Group Chairman of Taiwan’s U-Ming Marine Transport Corp, Douglas Hsu, added that the industry is still at the beginning of this journey.

“A small number of industry players are shifting towards smart shipping. However, with technology developing at a fast pace today, it is important that the industry adapts quickly. To encourage this shift, industry players need to realise the benefits of welcoming technological changes in the industry,” he said.

Across the region, the industry is working alongside government and private sector partners to drive the development of technology and innovation to help ensure it is well positioned to capture new opportunities and navigate new trends and challenges.

In Singapore for example, the Maritime & Port Authority of Singapore’s Maritime Innovation & Technology (MINT) Fund has been enhanced to include the MINT-PD (Product/Solution Development) scheme. This scheme supports up to 50 per cent of qualifying costs for projects that seek to develop technology products or solutions for the maritime industry.

Through this scheme, companies are encouraged to build on existing research and development (R&D) activities and harness technologies from other industries to develop new innovations for the maritime industry.

Meanwhile China is encouraging the development of smart ships. In May last year, the State Council announced the “Made in China 2025” policy, which highlighted the development of the world’s first smart ship as a priority development.

Managing Director of Precious Shipping Ltd, Khalid Hashim highlighted the benefits smart shipping technology can provide.

“Smart technologies in shipping will help optimise ship operations and improve ship-to-shore communications and vice versa. For example, new technologies can better enable the communication of loading and discharging schedules, and more importantly, giving crew members the opportunity to stay in touch with their loved ones on shore,” said Mr Hashim.

Industry leaders also commented on the importance of harnessing Big Data.

The collection of Big Data is important in helping ship owners evaluate the performance of their vessels. By utilising the data collected in areas like machinery parameters, fuel consumption and vessel speed, ship owners can then look into how they optimise further the capabilities of their vessels.

Mr. Khalid Hashim, Managing Director, Previous Shipping Ltd. Tweet

Big Data is another area where the industry is working with Government and other partners.

In Indonesia, for example, the Government is bringing together data from 24 ports to monitor performance and ultimately reduce waiting time for ships and cargo. This data will also allow ship owners to monitor their containers in real time, enabling them to see if they have arrived safely and on time to destination ports.

In Singapore, the Maritime and Port Authority of Singapore (MPA) is collaborating with leading IT company, IBM, to create a unified platform which will integrate real-time data and provide a consistent view of data points across MPA1. This platform will collect information such as vessel positioning and weather data.

Leaders surveyed said that while there are significant benefits from this technology, the initial cost of integrating it is a barrier to adoption.

Seatrade Chairman, Chris Hayman, said the industry needs to work together – and with technology companies – to embrace new technologies and find ways to make smart shipping infrastructure more accessible.

“Technological developments in maritime, smart shipping and the utilisation of Big Data will be one of the topics of discussion at Sea Asia 2017. Maritime leaders will be debating with one another, as well as experts in the technology field, the benefits of smart shipping and Big Data and exploring opportunities on how best to leverage these new trends with others in the maritime sector.

“Sea Asia has traditionally drawn high-level leaders in the global maritime scene, and next year will be no different with some of the biggest names in the industry debating, discussing and analysing key issues shaping the industry at the three-day event,” he said.

Note to editors: Respondents of the Sea Asia 2017 survey are the CEOs, chairmen and directors of maritime and offshore companies.

1 Maritime and Port Authority of Singapore. (2016, March). Partnership on data analytics technologies, Singapore Maritime Technology, Retrieved from http://goo.gl/Lolu6I

About Seatrade

Founded in 1970, Seatrade was acquired in 2014 by UBM, the world’s second largest media and event organiser across a wide variety of industries. Seatrade’s publications, events, management training, research and award schemes cover every aspect of the cruise and maritime industries. The company’s principal strength is its ability to bring key people together, encouraging innovation and facilitating better communication within the industry. Seatrade is headquartered in Colchester, UK, with regional offices in Dubai, Singapore, as well as representatives in all major maritime centres and cruise destinations across the globe.

For more information, visit www.seatrade-maritime.com.

About Singapore Maritime Foundation

The Singapore Maritime Foundation (SMF) was established on 27 January 2004 to facilitate dialogue and cooperation among maritime stakeholders from the public and private sectors. As the bridge between the public and private sectors, SMF aims to provide the industry with a clear and representative voice, and spearhead projects to boost its development.

SMF also organises and participates in a host of maritime events to strengthen the Maritime Singapore brand. To date, SMF has significantly benefitted from strong support from all sectors of the industry which has enabled the organisation to reach out directly to the community for new areas of work to improve the current maritime ecosystem.

For details, please visit www.smf.com.sg.

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CO-PRESIDENT & EXECUTIVE DIRECTOR, PACIFIC INTERNATIONAL LINES

Mr. Lars Kastrup is the Co-President and Executive Director of Pacific International Lines (Pte) Ltd (PIL).
Prior to joining PIL, Mr. Kastrup was CEO of NOL/APL, and subsequently assumed the role of Executive Vice President, Strategy and M&A at CMA CGM Group. A veteran in the global shipping industry with over 30 years of experience, Mr Kastrup’s other roles include Executive Vice President of Assets at CMA CGM Group heading up CMA Terminals, CMA Ships, Container Logistics as well as regional carriers such as MacAndrews, OPDR and Mercosul; as well as Vice President at AP Moller-Maersk.
Mr. Kastrup complemented his tertiary education with leadership and management training at Penn State University and The Wharton School at the University of Pennsylvania.

Ms. Angeline Teo

MANAGING DIRECTOR & HEAD, GLOBAL TRANSPORTATION & OFFSHORE, OCBC BANK

Ms. Angeline Teo is the Managing Director and Head of Global Transportation and Offshore, Global Corporate Banking at OCBC Bank which focuses on the maritime, aviation, land & port ecosystems.
Ms. Teo has spent over three decades in maritime finance. Prior to OCBC, Ms. Teo was working at ING Bank, ABN Amro and DnB in Singapore focusing on maritime and offshore.
Ms. Teo graduated from the National University of Singapore with a degree in Business Administration.

Mr. John Martin

CHIEF EXECUTIVE OFFICER, GARD SINGAPORE

Mr. John Martin began his career in London in 1989 with Richards Hogg Lindley Average Adjusters, and qualified as a Fellow of the UK Association of Average Adjusters in 2000.
At RHL he worked in their offices in Australia, Taiwan and Hong Kong. In 2003 he joined Gard Hong Kong, as a claims handler. Mr. Martin also worked in Gard Japan, and in 2014 he moved to Singapore to set up the Gard Singapore office.
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Prior to joining Quantum Pacific Advisory Limited, Mr. Ducau was Vice President in the Investment Banking Division of Morgan Stanley & Co. International Ltd. in London between 2000 and 2008.
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