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On the 7th December, Vortexa are proud to have been involved in the Tech in Commodities 2020, an event by Enterprise Singapore and ran in conjunction with SWITCH 2020, delivering a panel with key industry leaders.
Our panelAdopting freight analytics for a winning edge combined experts Ron Crean from Windward, Morten Aarup from Norden BS, Henry Curra from Braemar ACM Shipbroking,and moderated by Vortexa Lead Freight Analyst Arthur Richier.
As part of the panel, the panel discussed the four below points:
Which market participant benefits most from increased use of data analytics within shipping?
Does greater transparency through the harnessing of the power of data lead to greater efficiency?
How is maritime risk better understood and addressed thanks to technology?
How can data analytics capabilities help the industry's drive towards decarbonisation?
Watch the full panel discussion below!
Key takeaways from the session:
Infrastructure and agility are major themes in terms of accessibility of freight analytics.
The digital landscape has changed for the industry. What was privileged information owned by a handful of larger companies on refineries, or big maritime fleets, who were able to trade on that information, is now widely available.
Shipbrokers can certainly benefit from increased data availability. Advising on current market activity with real-time information is not the only benefit, but also being able to feed our assumptions and make predictions.
Access to data is only the first part, integrating it and making it available to decision-makers in a fast way is the key.
Analytics can make us more efficient and helps advise clients within a fraction of the time. However, in terms of forecasting it's a lot more complicated. The models are becoming bigger, colloquially likened to a multi-headed hydra that constantly needs feeding, with a lot of inputs and decisions to be made from this data.
Covid has shown us new ways of having to comply with sanctions and deal with risk, for instance not having in-person inspections on ships. Building a dynamic view of risk is quite interesting and learning how to vet ships in a different way is something to accomplish.
Fuel efficiency can be a large driver to dive into data and digitalisation within a business.
Data is hugely important to optimise what's out there and getting the most out of it, but the big leap forward to decarbonisation or greener ships will have to be a change in technology to keep up with demands. This echoes the International Chamber of Shipping (ICS) calling for a bunker fuel carbon levy.
For more information about how freight analytics can help you get ahead of the curve, get in touch with us!