Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,921.50-96.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

AOT's digital solution making waves in global maritime sector

The solution SMARTShip is an Internet of Things (IOT) platform that enables on board operation of multiple systems.

, ET Bureau|
Sep 26, 2019, 05.34 PM IST
0Comments
Getty Images
tech-getty
KOCHI: The patented digital solution developed by Alpha Ori Technologies, (AOT)founded by Chennai and Singapore based Synergy group, a fast growing ship management company, is making rapid strides in the global maritime sector.

The solution SMARTShip is an Internet of Things (IOT) platform that enables on board operation of multiple systems thus helping the crew and managers to continually monitor data, benchmark performance and take data driven, rules-based decisions .

Rajesh Unni , founder of AOT and Synergy told ET that the benefits of a smart ship outweigh the onetime capital cost of $ 30000 in installing the digital solution. BW group of Singapore and Nissen Kauin of Japan are shareholders in AOT

``In a situation where shipping sector is facing a recession, our product helps in an annual saving of $150000 per ship per year. There could be about 5% saving in fuel, the biggest cost for the ships, alone,’’ Unni said adding that it has been already installed in 35 ships globally while another 60 vessels are waiting to get equipped with the solution.

Yet another advantage is that the transformation to smart ships helps in improving job opportunities for the seafarers in India, Unni pointed out. Currently India contributes 10% of the global maritime workforce estimated at 1,545,000. Philiippines, China, Indonesia and Russia are the other major players.

``Although the core skills will remain the same, the workforce will have to get updated as the shipping industry is getting transformed from analog to digital enterprises. We have already taken the initiative to re-train our workforce through our learning centre.’’ Unni is aiming at bringing down the SMARTShip installation cost to $10000.

Synergy formed in 2006, manages a fleet of over 265 vessels and employs 10,000 seafarers. It earned a turnover of $50 million last year and is growing at 40% annually.

Unni said the new regulation to cap sulphur emissions from ships at 0.5% compared with 3.5% at present by the International Maritime Organisation (IMO) from January 1 2020 will require ships to get fitted with scrubbers to comply with new norms. Globally there are 59,000 commercial vessels operating.

``Though shipyards in China, Korea and Turkey have taken advantage of the opportunity for scrubber installations, going forward, Indian shipyards too will get a chance as IMO is aiming at 50% reduction in emissions by 2050,’’ Unni said.

Also Read

India, ASEAN vow to step up ties in maritime sector, boost connectivity

India & Indonesia seek to deepen infrastructure ties with eye on maritime sector

Maritime sector to create 1 crore jobs in 5 years: Nitin Gadkari

Dubai-based port operator DP World says committed to India's maritime sector

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service