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Maritime technology startups to get S$50 million in co-investments through SEEDS Capital and six appointed partners

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Maritime technology startups to get S$50 million in co-investments through SEEDS Capital and six appointed partners. Image: Pixabay
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SEEDS Capital, the investment arm of Enterprise Singapore, has appointed six co-investment partners to provide the maritime ecosystem a strong leg-up by catalysing a combined S$50 million of investments into maritime technology startups. The six partners are Innoport, KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier. More than 50 promising Singapore based startups are expected to benefit from the joint investments.

Supported by ESG and the Maritime and Port Authority of Singapore, this latest initiative by SEEDS Capital aims to drive the growth of the maritime sector through technology and innovation. Strengthening the capability of the sector will in turn enhance the resilience of key economic pillars such as the logistics, manufacturing, and wholesale trade sectors which are reliant on smooth and efficient global supply chain routes. The appointment of the six partners is announced at Deal Friday1 today, a platform which connects companies with venture capitals and corporates. Since the start of 2020, four virtual sessions have been held profiling Singapore based startups to 240 investors and corporates in Southeast Asia, China and Europe, facilitating over 120 unique connections.

SEEDS Capital and the appointed partners will invest in early stage maritime technology startups to develop innovative and sustainable solutions that improve operational efficiency and safety across the different segments of the maritime sector. The partners will provide hands-on assistance in helping early-stage startups to fast-track commercialisation, with mentorship and connection to potential clients through their networks.

To nurture startups and spur innovation in maritime technology:

Innoport will team up with startups to speed up development of solutions that will push the sector to relook processes, increase efficiency and accelerate digitalisation. This includes conducting pilot test within Schulte Group’s business units, facilitating connections with experts across fields and more;

KSL Maritime Ventures will pursue sustainable shipping solutions with a focus on renewables, fintech and vessel technologies, taking a long-term view towards creating new global maritime platforms;

PSA unboXed will work with startups in the maritime, ports and logistics supply chain spaces and potentially deploy their solutions in PSA International’s operations if proven successful;

Rainmaking will work with its corporate partners in the next two to three years to drive the growth of more than 100 startups with solutions focusing on decarbonisation, supply chain resilience, artificial intelligence (AI) and deep tech. By working with corporate partners and private equity firms through its platform, Rainmaking aims to accelerate the adoption rate of technology at scale;

ShipsFocus-Quest Ventures will work with startups to scale development of technology that meets the needs and addresses challenges in the maritime sector. It will focus on solutions broadly in digitalisation, sustainability and deeptech for maritime commerce;

TecPier will partner with startups developing smart, data-driven solutions to transform global shipping. This includes improving efficiency and transparency in areas such as ship operations and maintenance, port management, and supply chains.

Mr Ted Tan, Chairman of SEEDS Capital and Deputy Chief Executive Officer of Enterprise Singapore said, “As a global hub for trade and connectivity, we have continually leveraged technology and innovation to develop and facilitate efficient, resilient and secured trade flows. The COVID-19 pandemic has underscored the need to accelerate the transformation of our industries. We look forward to working closely with our six co-investment partners to harness their expertise and networks to further strengthen Singapore’s innovation and startup ecosystem.”

 Ms Tan Beng Tee, MPA’s Assistant Chief Executive (Development) said, “The COVID-19 pandemic has disrupted many business operations and global supply chains. Maritime technology startups will play an important role in accelerating digitalisation and innovation efforts to prepare the maritime industry for a new normal. The combined resources of the six co-investment partners will help catalyse these efforts.”

Maritime

Port of Oakland imports up 1.9 percent in June

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Port of Oakland imports up 1.9 percent in June. Image: Flickr/ Thomas Hawk
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Port of Oakland loaded import volume grew 1.9 percent last month from June 2019, according to data released today. The gain was unexpected given that shipping lines canceled 10 percent of their scheduled Oakland visits due to the trade-related impact of coronavirus.

The Port attributed the uptick in imports to retailers accelerating shipments to the U.S. in light of:

  • Cargo-carrying capacity that dwindles each month as shipping lines continue  to cancel voyages; and
  • An anticipated rise in freight rates.

Oakland’s overall container volume – which includes imports, exports and empty containers – declined 2.3 percent in June from 2019 totals. The Port handled the equivalent of 199,011 twenty-foot containers in June 2020 compared to 203,730 a year ago. The Port said the cargo decrease resulted from a coronavirus pandemic that continues to dampen global trade.

According to the Port, June export volume declined 5.7 percent. The Port said that the weakening export performance was likely due to reduced consumer demand in foreign markets caused by COVID-19 disruptions. Additionally, China instituted new restrictions on wastepaper exports from the United States which further dampened export volumes. The return of empty containers to origins in Asia decreased 14.5 percent.

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Maritime

OneOcean streamlines its voyage solutions for greater transparency and efficiency

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OneOcean streamlines its voyage solutions for greater transparency and efficiency. Image: Pexels
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OneOcean, the global leader in digital compliance and navigation services, has unveiled its latest online voyage solutions for the shipping, cruise line, and superyacht industries. Currently unrivalled in the maritime industry, the restructured solutions have been developed to help fleet owners and managers solve multiple navigation and compliance issues whilst enabling their ship and shoreside teams to communicate much more effectively.

OneOcean’s software covers all aspects of voyage optimisation, drawing on the company’s diverse range of passage planning, compliance, safety and environmental products. The unique solutions can be tailored to customer requirements. The software collates, integrates and analyses marine data in real time, providing both onshore teams and onboard crew accurate and up to date information to help them make the best decisions.

Commenting on the launch of solutions, OneOcean’s CEO, Martin Taylor, said: “We have a rigorous research and development programme, which has enabled us to create enhanced voyage solutions that break down the barriers between ship and shore to deliver more connected, transparent and efficient results for our customers. The breadth of our products is now wider and more integrated so that onboard and onshore teams can truly work as extensions of each other. This aids operational efficiencies at a wider level, across multiple areas of the business. For the first time, the maritime industry has access to compliance and navigation services that are completely tailored to their needs.”

OneOcean’s Chief Strategy Officer, Nicholas Bourque, said: “Traditionally, each of our products served specific functions. We have really focused on broadening our approach by looking at the overlapping problems that affect many operational departments but are all part of the same workflow. Our latest solutions development has focused strongly on improving the connectivity of data allowing crews and teams to access identical information. This offers organisations greater transparency and efficiency.”

To coincide with the announcement of their new voyage solutions, OneOcean has launched a new website showcasing the solutions and highlighting the new direction that the company is taking as part of its recent merger.

Mapped into four core areas – Passage Planning, Compliance, Safety and Environmental – OneOcean’s redesigned website has a fresher look and a more fluid, user-friendly interface, which will enable new and existing customers to easily browse through the breadth of integrated solutions available via the company’s world leading OneOcean platform.

OneOcean solutions solve multiple issues and integrate with existing monitoring and management systems, supplying both onshore and onboard teams with the crucial real-time information they need, when they need it.

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Maritime

DNV GL launch support for new Dynamic Positioning system failure guideline enabling quicker and cost effective implementation

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DNV GL launch support for new Dynamic Positioning system failure guideline enabling quicker and cost effective implementation. Image: DNV GL
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OCIMF, a global voluntary association, providing expertise in the safe and environmentally responsible transport and handling of hydrocarbons, has released an information paper on assurance of dynamic positioning system failure mode and effects analysis. This seeks to improve the process of identifying all possible consequences and failures of DP systems. Entitled ‘Dynamic Positioning Failure Mode and Effects Analysis Assurance Framework, Risk-based Guidance’, it is a long-awaited resource for DP vessel owners.

In 2002 following a series of DP incidents in the UK sector of the North Sea, industry concerns were raised about the safety and reliability of DP vessels. Following a comprehensive review by the UK Health and Safety Executive, it was apparent that guidance was not being implemented or adhered to consistently across the supply chain. The paper aims to improve the assurance of DP FMEA quality by setting out how relevant information should be presented, in a prescribed format.

DNV GL’s Noble Denton marine services worked with a large group of industry stakeholders including, classification societies, vessel owners and DP industry bodies to develop the guidance.

Faisal Rashid, Technical Advisor at OCIMF, says ‘I would like to acknowledge all involved for your efforts, participation and leadership in delivering the OCIMF DP FMEA Assurance information paper. We treasure your contributions and time with us. It has been a solid team effort with positive collaboration across the industry. This information paper on the assurance requirements for FMEAs was a broad industry collaboration and will improve safety in the industry and serve as a means to align the spectrum of diverse stakeholders.’

Steven Cargill, Technical Authority for Dynamic Positioning, DNV GL – Oil & Gas said: “Unlike previous attempts to improve DP FMEA standards, the OCIMF information paper is not intended to provide guidance on the execution of DP system FMEAs. There is already a significant amount of guidance on this already available from recognized bodies. The difference is that the new guidelines seek to gain improvement by providing a detailed set of technical requirements on the presentation of key elements of the DP system for the purposes of vessel audit.”

OCIMF members choosing to implement the information paper will seek to gain compliance with its requirements whilst delivering DP vessel services.

It is anticipated that the task of preparing and submitting the document to OCIMF will not prove to be onerous for vessel owners who already have a DP system FMEA aligned with industry best practice. In some instances, external assistance may be required to meet the requirements and DNV GL can assist those having difficulty following the technical requirements. Using DNV GL’s DP experts will ensure vessel operators a quicker and therefore more cost efficient route to assurance and reduce their company’s risks.

Hari Vamadevan, Regional Manager, UK and West Africa, Oil & Gas says: “Supporting our customers in order to meet industry standards in a transparent and auditable manner is vital for all stakeholders. Having confidence in vessel station keeping capability and reliability during critical offshore operations, can significantly reduce risk.”

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