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Industry Outlook

The Opportunities
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The international shipping industry is responsible for the carriage of around 90% of world trade. Without shipping, intercontinental trade, the bulk transport of raw materials and the import/export of affordable food and manufacture goods would simply not be possible,

 

In Singapore, the maritime sector continues to become a major driver of growth for the country's economy, making up 7% of the nation's GDP and employing more than 170,000 people.

The Problems
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It is well known that the maritime industry has historically been slower to implement technology changes that are regularly adopted quickly by inshore companies. Many vessel owners and operators view IoT, data analytics and predictive maintenance as theoretical concepts when it is already being practice elsewhere! 

The way the shipping industry is approaching digitalization is very piecemeal and reactive. It is a culture of only requesting solutions for specific issues as opposed to approaching digital transformation in a more strategic, long-term approach

The Solution
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Shipping is an industry that relies upon connections between people and for information to be transported in an accurate and timely manner. As technology advances and the masses of information becomes too much to handle manually, we must stay vigilant and ahead of the technological wave by adopting and embracing new technologies.

Digitalization and new technologies are the keys to enhancing the efficiency of shipping, and those who do not embrace it will be left behind.