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Digitalization: How it will transform the maritime industry in 2023

For the past two years, supply chain interruptions have been a defining feature.

Yet as COVID-19 displayed its erratic brutality and the globe adjusts to a new "normal," 2023 appears to be bringing its own unique set of difficulties.

A considerably more challenging future for the global economy is predicted by the persistence of geopolitical tensions, ongoing inflation, and rising interest rates.

Ocean freight is already feeling the effects of this unpredictability, therefore if this industry wants to improve performance and further unleash their competitive advantage in 2023, they must adopt digitalization.

According to a recent SAP poll, two-thirds of shipping companies have already begun their digital transformation, and within the next two years, 70% of UK businesses expect to use new technology expressly to address supply chain concerns.

So, what’s next? Headline-grabbing technologies like artificial intelligence (AI), the internet of things (IoT) and digital twinning will be critical for the future of maritime, and will see markedly increased use over the next few years.

A starting point for modeling the potential effects of supply chain disruptions is the use of technologies like electronic bills of lading to support instant, secure document transfer and insurance, as well as digital twin technology, which uses a digital model of an upcoming physical product for testing.

The emphasis will be on the next generation of communication systems capable of seeing the links between this data and turning knowledge into action as a result of increased automation and outside systems supplementing this data.

Additionally, it goes beyond just efficiency.

In 2023, the sector will benefit from digitalization and data exchange in order to achieve its emission reduction goals and decarbonization initiatives.

By enabling just-in-time arrivals, when a ship's speed and course are changed to ensure that their arrival time corresponds with the port's handling activities, for instance, faster data interchange amongst all pertinent stakeholders helps ships to use less fuel.

According to a recent study funded by the International Maritime Organization, this both lowers operational costs and may reduce carbon dioxide emissions by 14% every journey.

Source: https://www.hellenicshippingnews.com/going-digital-how-technology-can-overhaul-the-maritime-sector-in-2023/

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