How Technology is Transforming the Maritime Industry

Nowadays, most industries are embracing automation and ICTs as a way to ease their workloads and help them deal with complex problems brought about by technological advancement. Although the maritime sector is not very friendly to new technologies, therefore, it remains a traditional industry, it has not been left behind in the adaptation of key technologies. Why are changes adapted so slowly in this industry?

Why the maritime industry is slow to adopt change

The industry is not friendly to new technological innovations because:

  1. Most maritime officials are ex-mariners who prefer to keep things traditional and are not very tech savvy.
  2. Many shipping companies are family owned, and they use the traditional family-oriented management model which has little or no room for tech innovations.
  3. The market is competitive, and it demands great interaction between players, and using different media than other parties makes communication impossible. Therefore, for changes to be adopted, they must be implemented across the board.

Does this mean that there are no changes in the maritime industry?

The fact that change is adopted slowly does not mean that no changes have occurred. The recent years have seen more investment in technologies that are expected to transform the maritime industry such as:

Sales and purchases of ship

The fair market value of ships is very fluid and to remain up-to-date, owners must follow recent acquisitions and keep in touch with sales and purchases brokers. The situation can get tricky if you need a quick valuation for accounting and financial purposes. To help out with this situation, online platforms have been developed where with just a few clicks, you can access:

  • The fair market value of any vessel in the world
  • A ship’s market, historical, and scrap value
  • Recent sales of similar vessels

This has not only increased transparency but also helped in object valuation of assets. Ship owners must ensure that they use tools like Linksys VPN to access market value information anonymously and improve cybersecurity.

Internet of Things

Internet of Things (IoT) has been widely adopted by shipping groups such as the Maersk Group. This technology is proving invaluable in container tracking and reefer monitoring. It is also being used to monitor onboard machinery performance and in predicting maintenance of the same.

Blockchain

Digital currencies such as Bitcoin are being used as methods of trading cargo and procuring products. Soon, these currencies will develop into a mainstream way of transacting in maritime. At the same time, they will increase cybersecurity for traders and decrease human intervention in trading processes.Technology can decrease maritime operating expenses by up to 40% due to a decrease in crew wages. Though slow, technological advancement in this industry is expected to gain momentum and we expect to see lots of changes in the coming years.