This is according to research conducted by Inmarsat and Lloyd’s List in May 2020, which included interviews with ABB, Bureau Veritas, G2Ocean, and Hempel, to capture insights from shipowners and ship managers in a period of technology transition.

The report, entitled Digitalization Uncovered - What's Next for Shipping? highlighted that, for compliance, the frequency with which owners/managers select digital safety management/ incident reporting and cyber security solutions aligns with IMO 2021 requirements to enhance reporting under the revised ISM Code.

See also: Digitalization and innovation in smart shipping

The report also unveiled a rapidly increasing need for extracting data off a vessel in real-time as opposed to using more manual methods, such as noon reports.

In addition, a 83% of those planning to deploy more fleet and vessel performance solutions want to deploy fuel optimization and fuel monitoring applications within 24 months.

Despite these encouraging findings on digital adoption, where owners and managers were asked to identify challenges to implementation, 37% of 186 respondents included ‘lack of or little evidence of value for money’ as a main reason.

In the area of cost savings, out of the respondents willing to quantify (80%), 91% said they expected some kind of saving - ranging from marginal (1-5%) to substantial. Of those talking hard cash, 49% estimated savings upwards of $1m, with 15% predicting savings of $10m or more.

You may download the report here.