This startup is building tech that will help ships connect with each other to optimise capacity
Summary
This will be an open platform wherein hundreds and, in future, thousands of vessels will be connected for their operations, says Joy.According to him, shared economy in maritime logistics exists in a smaller fashion wherein a few Japanese ship owners have joined hands to create their own pool of vessels.Enabling a shared economy in the maritime industry is what Smart Ship Hub is current working on. With no information from the vessel, shore staff seldom know when the ship has a breakdown mid-sea or faces the wrath of bad weather, causing a delay in cargo arrival and monetary loss.All these ultimately lead to cost leakages, delayed processes, higher cost of supplies, an expensive value chain, a poor supply chain, and inefficient ship management.According to a report by UNCTAD, around 80% of global trade by volume and over 70% of global trade by value are carried out by sea and handled by ports worldwide. Now it has come down to 30 days, says Joy.Inefficient and legacy workflows in ships and shore are gradually giving way to automated remote management, he says.The startups digital platform also predicts key performance metrics to monitor operational efficiency and achieve cost savings.The key performance indicators (KPIs) include machinerys health, condition of main engine, auxiliary engine, boiler and cranes, and remaining usable life of the machinery. This is the gap that Smartship Hub hopes to address through its digital platform.Thereafter, the team delivered a proof of concept for the Indian Navy at the Visakhapatnam dockyard for 55 warships.The startup competes with players such as Zero North from West Europe and Alpha Ori from Singapore. Smaller organisations can get digitally upgraded for as low as $1500 a month for base services, says Joy.Smart Ship Hubs India subsidiary is in Pune.