Tag: shipping industry

The UK P&I Club informed that it has launched the ‘Investing in a Safer Tomorrow’competition, as part of its 150th anniversary in 2019. The competition aims to incentivize those entering the maritime industry to suggest ideas in order to improve safety at sea.

According to the American Petroleum Institute’s latest monthly statistical report, the US achieved a record for the production of natural gas liquids during July, as the US produced 4.4 million barrels per day. July also saw the US tie its record for crude oil production at 10.7 mb/d.

V.Group collaborated with the management consultancy Accenture to improve its approach to crew management. Named Embark, the project seeks to develop an in-house shared services model which streamlines key processes for V.Group’s seafarers, customers, and colleagues. 

Intelligence provider CargoSmart analyzed the schedule reliability of 22 ocean carriers across 13 trade lanes, reporting that overall, on-time schedule reliability increased by 6.6% to 69.3% in June 2018, from 62.7% in May 2018. The Europe-Oceania trade had the largest improvement in reliability.

Digitization solutions, such as big data, blockchain, automation, drones, and robotics, are enabling the maritime freight industry to utilize innovative approaches that will reduce or eliminate non-value-added activities. These technologies will benefit the industry, especially considering the fact that global maritime freight transportation revenue is expected to reach $205 billion in 2023. 

The Industrial Internet of Things (IIoT) is set to make a significant contribution to the global economy and of course shipping industry by 2023. This is according to a new study launched by Inmarsat, which highlights that there will be increased automation and operational efficiency through the use of real time data and machine-to-machine communication.

The South Korean Ministry of Maritime Affairs and Fisheries informed on Tuesday, July 24, that it will allocate government stakes of 12.7% in its four port authorities - Busan, Ulsan, Incheon, and Yeosu Gwangyang, through the Korea Ocean Business Corporation. This investment amounts to $1.2 billion. 

The use of drones in the shipping industry is about to take-off. They are used more and more by class societies and marine surveyors and they can provide faster and more informed decision-making on board, reducing the impact of any incident. What is most important however, is the fact that drones can help protect lives.

Singapore is considered as the top world's shipping centre for the fifth year in a row, followed by Hong Kong, London, Shanghai and Dubai. The outcome is based on the International Shipping Centre Development Index issued by Baltic Exchange and Xinhua news agency.

Singapore remains at the top of the International Shipping Centre Development (ISCD) Index for the fifth consecutive year. The index covers 43 of the world's largest ports and cities and is published today by the Baltic Exchange and Xinhua, China's news agency. Hong Kong overtook London for the first time in five years, going to second place.