Shipping – into the future : regulatory, technology, and operation

• Main Author: Ngion, Jessica Jiaxin
• Other Authors: Tan Kim Hock
• Format: Final Year Project
• Language: English
• Published: 2019
• Subjects: DRNTU::Engineering::Maritime studies
• Online Access: http://hdl.handle.net/10356/77719
• Institution: Nanyang Technological University

The Fourth Industrial Revolution is unfolding at breakneck speed with the rapid growth of digital technologies into the maritime industry, which includes the Internet-of-Things, Big data analytics, Autonomous system and robotics, and Blockchain. Also, the advancements of communication technologies such as the maritime satellites communications are also booming. Whilst, the future of maritime shipping is also expected to see a growing trend of “green” technologies to comply with the upcoming IMO environmental regulations. For example, the adoption of abatement technologies or the alternative propulsion systems. However, the current concern is whether the maritime industry is ready for this technology breakthroughs. Technology is a double-edged sword enabling for significant growth, while on the other hand bringing challenges and disruptions to the maritime industry. To quote a saying by Mr Stein Kjølberg that “technology and innovations bring opportunities only for those who are prepared and risks for those who are not (Brewer, 2017)”. Hence, this research aims to assess the impacts, opportunities and challenges brought by the influx of technologies into the future maritime industry, as well as evaluate how the industry stakeholders can leverage its benefits. The research identifies the application and impacts of the digital, communication, and “green” technologies on how they can create a connected, efficient, safe and a more sustainable maritime shipping environment. For example, the quicker information flow, real-time monitoring system, improved decision-making process, and the reduction of harmful emissions at sea. Following next, the overall opportunities and challenges brought by the technology adoption will be addressed with the support of interview findings from industry players ranging from shipping companies, classification societies and the port authorities. Also, research findings shows that the adoption of technology enhances the industry effectiveness and competitiveness. Whilst, the investment cost, technology awareness and maturity, as well as the manpower competency are the main challenges that requires attention from the maritime industry. Lastly, the research has provided suggestions on how the future maritime industry can better prepare and leverage the benefits through the emerging technology adoption.