In our latest thought leadership, commissioned by Lloyd’s Register (LR) we explored the current state of operational AI in the shipping industry. It examines the latest trends and developments in AI applications, provides case studies showcasing successful implementations and discusses critical considerations for achieving a successful return on investment (ROI).
Investment, growth, and deployment of AI solutions for ship operations continue to grow. In the last year, the industry has seen a wave of new AI technologies launched to improve energy efficiency, cut emissions and boost safety. The market is now worth a staggering US $4.13 billion, according to Thetius data, but in order to make the most of this growing market, stakeholders must understand when, where, and why to invest in AI technologies.
Throughout the course of the research, Thetius analysts recommend 6 key recommendations to the industry when it comes to implementing AI into maritime operations. In our previous article, we shared the first three of these recommendations. Here we present the final three recommendations.
These recommendations are as follows:
- Ensure your AI can rapidly troubleshoot problems
AI must be able to rapidly troubleshoot problems to prevent minor issues from turning into significant failures. This is particularly important in remote operations where rapid detection of machinery issues is necessary to avoid costly vessel downtime. High-quality data is crucial for accurate detection and diagnosis, ensuring that repairs are targeted and effective.
- Deploy benefit tracking to understand the value of AI
AI solutions should incorporate benefit tracking to help users clearly identify the gains from deployment. Often, the advantages of implementing a particular solution aren’t immediately obvious. Benefit tracking highlights progress and helps assess how and when previous losses occurred in the absence of AI.
- Consider revenue creation, not just cost
AI is often seen as a tool for cost reduction, but Daniel Jacobsen, Vice President of Artificial Intelligence at Lloyd’s Register OneOcean, suggests it should chiefly be viewed as a means to generate revenue – something with no upper limit. AI can drive revenue growth in various ways, such as offering more accurate insurance models or very accurate predictive maintenance solutions.
The integration of AI into the shipping industry is not just about improving operational efficiency or reducing costs. It is about redefining the future of maritime operations by embracing innovation that can unlock new revenue streams, enhance safety, and contribute to sustainability goals. As AI technologies continue to evolve, stakeholders must take a proactive approach to implementation, ensuring that they harness AI’s full potential. By focusing on rapid troubleshooting capabilities, deploying benefit tracking mechanisms, and viewing AI as a tool for revenue creation, shipping companies can maximise the return on their AI investments and drive significant value across their operations.
As the market continues to grow, reaching over US $4.13 billion, those who make informed, strategic investments will be best positioned to lead in this new era of maritime innovation. Collaboration between technology providers, shipping operators, and industry regulators will be critical in setting industry-wide standards for AI deployment, ensuring that it is not just a tool for competitive advantage, but a driver of positive change across the entire industry.
To read the full report that helped to shape these recommendations, read our thought leadership report, produced in collaboration with Lloyd’s Register titled, “Beyond the Horizon, Opportunities and Obstacles in the Maritime AI Boom” This report offers an in-depth analysis of the current state of operational AI in the shipping industry, shedding light on the latest trends, groundbreaking developments, and successful implementations. You can download a copy of the report here.
