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At Posidonia earlier this month, Signal offered a vision of a technology and Artificial Intelligence (AI) driven future for shipping, which underpins relationships and human decision-making by industry professionals.
Hosted at the Stavros Niarchos Foundation Cultural Centre (SNFCC) in Athens, over 1000 guests listened to insight and analysis from Signal Group founder Ioannis Martinos and Constantinos Daskalakis, the MIT Computer Science Professor.
Martinos explained that personal relationships - and the role of brokers - will remain key as shipping continues to thrive globally. He also described a landscape where commercial data won’t be democratised, but the use of technology in shipping will evolve. “There are people, especially in the technology world, that are democratising some of the information, but I don’t think that is a trend that can actually come to full completion because many of the commodity traders would rather keep the price at which they are selling commodities, and the destination where the commodities are going, secret,” the tech entrepreneur said.
Martinos also discussed the continued pressure facing shipping companies on environmental, social and corporate governance (ESG) factors. “There is more scrutiny and more expectations from us as an industry,” he added. “We only make 3% of global CO2, but that doesn’t mean that we do not have to do our part.” The execution speed to fix vessels will become 10 times faster in the years to come, Martinos went on to predict.
“All the things that take a lot of time now, at least half of them are going to become 10 times faster over the next 30 years in my opinion.”
Daskalakis, a world renowned professor and AI expert, gave an overview of the role AI could play in shipping and across a range of other sectors. AI, and computation in general, comes in various flavours, allowing us to solve different real-life and business problems. It is excellent to follow and support Signal’s endeavours to bring AI to shipping,” Daskalakis said. “Translation software and language models, in particular, have made remarkable progress.” he added. “AI, however, is prone to make mistakes and needs carefully considered human supervision.”
Attendees also had the opportunity to gain a greater understanding of how Signal Maritime pursues sustainably leading performance through the Signal Ocean Platform. Since its launch in 2018, Signal Ocean has continued evolving and now tracks more than 42,000 unique ships across all shipping segments and all global trades. Signal is currently working on bringing everything a professional needs to follow and trade shipping routes in a new series of topic-centric dashboards.
The platform continuously processes and combines streams of private and public data such as AIS, tonnage lists, cargo lists, vessel positions, port costs, port line-ups and freight rates. Using advanced algorithms and AI, data is transformed into private and actionable insights on the freight market. Users can optimally match vessels to cargoes, run profitability comparisons, make CO2 estimates, and use Signal’s patented technology to forecast vessel movements and availability across the globe.
As part of the presentations, Signal Ventures - the investment arm of the Signal Group - reported that the maritime technology market had grown 18% faster than anticipated pre-pandemic and was on track to reach USD 345bn by 2030.
An estimated USD 3bn has been invested by venture capital since 2020. Signal Ventures has itself invested in 11 start-ups in the commodity, supply chain, operations and vessel management sectors. Three of the portfolio companies have already completed follow-up funding rounds.
Creating a sustainable world requires us to embark on a journey towards a zero emission future, where every step is a commitment to preserve our planet for future generations.
Albert Greenway
Environmental Scientist, Sustainability Expert
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Increased Use of Renewable Energy:
Shipping companies are embracing renewable energy sources to power onboard systems and reduce emissions during port operations. Solar panels and wind turbines are being installed on vessels to generate clean energy, reducing reliance on auxiliary engines, and cutting down emissions. Shore power facilities in ports allow ships to connect to the electrical grid, eliminating the need for onboard generators while docked.
Collaboration and Industry Partnerships:
Recognizing that addressing emissions requires collective action, shipping companies, governments, and organizations have formed partnerships and collaborations. These initiatives focus on research and development, sharing best practices, and promoting knowledge transfer. Joint projects aim to develop and deploy innovative technologies, improve infrastructure, and create a supportive regulatory framework to accelerate the industry's transition towards a greener future. The Zero Emission Shipping - Mission Innovation.
To pave the way for a greener future in shipping, the availability of alternative fuels plays a vital role in their widespread adoption. However, this availability is influenced by factors such as port infrastructure, local regulations, and government policies. As the demand for cleaner fuels in shipping rises and environmental regulations become more stringent, efforts are underway to improve the accessibility of these fuels through infrastructure development, collaborations, and investments in production facilities.
Liquefied Natural Gas (LNG) infrastructure has seen significant growth in recent years, resulting in more LNG bunkering facilities and LNG-powered vessels. Nonetheless, the availability of LNG as a marine fuel can still vary depending on the region. To ensure consistent availability worldwide, there is a need for further development of LNG supply chains and infrastructure. For biofuels, their availability hinges on production capacity and the availability of feedstock. Although biofuels are being produced and utilized in various sectors, their availability as a marine fuel remains limited. Scaling up biofuel production and establishing robust supply chains are imperative to ensure wider availability within the shipping industry.Hydrogen, as a fuel for maritime applications, is still in the early stages of infrastructure development. While some hydrogen vessels have been tested or introduced in the first quarter of last year, the infrastructure required for hydrogen production and distribution needs further advancement.
Ammonia, as a marine fuel, currently faces limitations in availability. The production, storage, and handling infrastructure for ammonia need further development to support its widespread use in the shipping industry.Methanol, on the other hand, is already a commercially available fuel and has been used as a blend with conventional fuels in some ships. However, its availability as a standalone marine fuel can still be limited in certain regions. Bureau Veritas in October 2022 published a White Paper for the Alternative Fuels Outlook. This white paper provides a comprehensive overview of alternative fuels for the shipping industry, taking into account key factors such as technological maturity, availability, safety, emissions, and regulations.
Creating a sustainable world requires us to embark on a journey towards a zero emission future, where every step is a commitment to preserve our planet for future generations.
Albert Greenway
Environmental Scientist, Sustainability Expert
Increased Use of Renewable Energy:
Shipping companies are embracing renewable energy sources to power onboard systems and reduce emissions during port operations. Solar panels and wind turbines are being installed on vessels to generate clean energy, reducing reliance on auxiliary engines, and cutting down emissions. Shore power facilities in ports allow ships to connect to the electrical grid, eliminating the need for onboard generators while docked.
Collaboration and Industry Partnerships:
Recognizing that addressing emissions requires collective action, shipping companies, governments, and organizations have formed partnerships and collaborations. These initiatives focus on research and development, sharing best practices, and promoting knowledge transfer. Joint projects aim to develop and deploy innovative technologies, improve infrastructure, and create a supportive regulatory framework to accelerate the industry's transition towards a greener future. The Zero Emission Shipping - Mission Innovation.
To pave the way for a greener future in shipping, the availability of alternative fuels plays a vital role in their widespread adoption. However, this availability is influenced by factors such as port infrastructure, local regulations, and government policies. As the demand for cleaner fuels in shipping rises and environmental regulations become more stringent, efforts are underway to improve the accessibility of these fuels through infrastructure development, collaborations, and investments in production facilities.
Liquefied Natural Gas (LNG) infrastructure has seen significant growth in recent years, resulting in more LNG bunkering facilities and LNG-powered vessels. Nonetheless, the availability of LNG as a marine fuel can still vary depending on the region. To ensure consistent availability worldwide, there is a need for further development of LNG supply chains and infrastructure. For biofuels, their availability hinges on production capacity and the availability of feedstock. Although biofuels are being produced and utilized in various sectors, their availability as a marine fuel remains limited. Scaling up biofuel production and establishing robust supply chains are imperative to ensure wider availability within the shipping industry.Hydrogen, as a fuel for maritime applications, is still in the early stages of infrastructure development. While some hydrogen vessels have been tested or introduced in the first quarter of last year, the infrastructure required for hydrogen production and distribution needs further advancement.
Ammonia, as a marine fuel, currently faces limitations in availability. The production, storage, and handling infrastructure for ammonia need further development to support its widespread use in the shipping industry.Methanol, on the other hand, is already a commercially available fuel and has been used as a blend with conventional fuels in some ships. However, its availability as a standalone marine fuel can still be limited in certain regions. Bureau Veritas in October 2022 published a White Paper for the Alternative Fuels Outlook. This white paper provides a comprehensive overview of alternative fuels for the shipping industry, taking into account key factors such as technological maturity, availability, safety, emissions, and regulations.
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