Waves of Change: One of the world’s oldest industries is getting a tech makeover
The backbone of global trade comes at a significant environmental cost. According to research conducted by academics in the US, emissions from approximately 90,000 cargo vessels worldwide result in 60,000 annual fatalities and incur healthcare expenses of up to $330 billion per year because of lung and heart ailments.
The diesel engines of the world's largest ships, which are in operation for about 280 days a year, produce approximately 5,200 tonnes of sulphur oxide (SOx) gases.
There is no argument that the shipping industry has to reduce pollution and embrace sustainable practices. To its credit, the industry is navigating an era of rapid transformation and innovation to reshape the way goods are transported across the world's oceans.
Major Advancements
One of the most significant advancements in 2023 is the continued push towards digitalisation.
Pushpank Kaushik, Chief Executive Officer of Jassper, a ship broking company for bulk vessels, says companies like Hitachi have started using software on ships to provide insight on fuel consumption. Artificial intelligence (AI)-integrated software is helping in route optimisation, which helps vessels to cut fuel consumption in a route.
Moreover, AI also helps predict sudden change in weather — common in seas — so that operators can navigate around squalls. That helps in reducing fuel use and potentially hazardous situations that can lead to fuel leaks.
Software has also helped reduce turnaround time at ports. This helps shippers calculate how long they have to wait before at port — again, important to calculate fuel consumption.
Insufficient water levels at the Panama Canal are causing congestion along the historic trade route connecting the Atlantic and Pacific Oceans.
