The National Shipping Company of Saudi Arabia (Bahri) has signed a Memorandum of Understanding (MoU) with the South Korean shipbuilder Hyundai Heavy Industries (HHI) for cooperation in the field of big data.
Under the MOU, the two companies will jointly develop smart ship solutions and apply them to ships operated by Bahri that currently operates 37 VLCC.
As explained by HHI, smart ship technology is a system that helps ships’ efficient operation by using information and communication technology (ICT) and big data. HHI developed the smart ship technology in 2011 and has applied the system to about 300 ships it delivered so far, the shipbuilder added.
In line with the MoU, Hyundai Global Service that was split from HHI in December last year will take the lead in developing the technology that will allow ship owners to remotely monitor and control a ship’s machinery status including engines and generators, and informs repair status and period in advance.
Bahri said that the MoU will e nter into force for a period of six months, which could be extended until the completion of studies and potential decision making on the future steps involving concrete investments on those projects.
In an earlier interview with World Maritime News, Bahri, as a strong believer in the benefits of the big data, said that any company in any given industry has the chance to improve its performance by 5-10%, if not more, by using big data.
As explained by Anwar Siddiqui, Advisor to the CEO of Bahri, big data remains untapped in the shipping industry, therefore there are huge opportunities for innovation, usage, driving optimal performance, and leveraging assets better.
The company revealed that it was developing several big data models and building capabilities, aimed at contributing to saving money, improving customer efficiency, enhancing chartering, and increasing revenue as well as the asset life or efficiency.
Furthermore, the company added that it was investing in partnerships, remaining open to contributing and working with the industry in relation to big data.
Word Maritime News Staff