World News
ICS Urges Shipping to Embrace Tech to Reduce Costs and Optimise Performance
Speaking at this week's CMA 2016 shipping conference, Esben Poulsson, President of the Singapore Shipping Association and Vice Chairman of the International Chamber of Shipping (ICS), stressed the importance of using technology to increase fleet efficiency and reduce operation costs to support the shipping industry's success in the future.
"It is clear that companies need to be more innovative in their approach and they need to embrace new technology to help drive costs down and optimise the performance of their sea-going assets," said Poulsson.
During the address, Poulsson discussed several potential advantages of utlising new technologies, including robots and drones in assisting with work in dangerous environments, including extreme temperatures and with toxic chemicals.
Poulsson says that the shipping industry must demonstrate an increased willingness cooperate with and support associations working for the shipping industry's interests, including more practitioners improving their active support for applicable national and international associations.
"This is an important point because the industry is supported by these associations – whether regional, national or international – and whilst their members are supportive of the work they do, full engagement is essential if companies are to get the correct operating environment," said Poulsson.
Further, Poulsson says there is a need for improved cooperation between the regulator, industry and its associations, adding that more governmental ownership is required in both risk assessment and cost benefit analysis in order to expedite regulation development and implementation.
In November, Poulsson said that "there is definitely a consolidation trend going on" within the global shipping industry, which is being driven by unsustainably low rates.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
Popular Now More
-
Dec 23The company carried out worldwide marine fuel trading from offices in Singapore. -
Dec 232024's total is heading for a 3.4% gain from 2023 and the highest level since 2019, according to the latest market survey from Ship & Bunker and 2050 Marine Energy. -
Dec 23"We're being ripped off at the Panama Canal like we're being ripped off everywhere else," President Trump was cited as saying at an event in Arizona on Sunday.