Editor Martyn Wingrove calls on leading shipping charterers and owners to negotiate ways to invest in IoT to cut fuel costs
Shipowners and charterers need to break barriers to implementing the internet of things (IoT) technology. The benefits include reduced fuel consumption, lower operating costs, emissions cuts and safer navigation.
These come from analysis of data that is streamed from ship systems to understand engine performance, fuel use and voyage execution.
With the benefits that are achievable, I am surprised to hear that many shipowners are reluctant to spend money on updating their fleets with IoT technology. This would include installing sensors, cabling, upgrading satellite communications and investing in the analytics.
At a webinar that I moderated in late June, I heard that these costs have tumbled by 90% over the past 10 years while fuel savings from IoT applications could be as much as 10% and the number of shipping accidents could drop by a similar percentage.
I also heard that the biggest barrier to IoT adoption is charterparties.
Shipowners at our European Maritime Cyber Risk Management Summit in June said they would be more…
