How to generate savings for the shipping fleet?

The financial security of the fleet may be compromised by various factors. How to protect it, or even increase it? Here are some ideas – many based on the newest technologies.

The shipping industry is undergoing a radical transformation in recent years. The carriers are introducing various technological tools in order to optimize their processes and reduce overall costs. The environmental impact of the industry and the regulations supposed to reduce it force the shipping companies to rethink their resources usage and logistics. Many of these changes come as a necessity due to changing laws – but they can generate savings if applied in a thoughtful way.

In order to start saving, the carriers may resort to technology, but traditional methods also can make a difference. Below, we put both together to facilitate optimization of the fleet.

#1 Route optimization

Artificial intelligence revolutionizes various sectors, including the shipping one, and advanced route optimization is one of the reasons. The machine learning algorithms can (based on real-time data) estimate which route will be the shortest, safest, and the most optimized in terms of fuel usage. They also take unexpected events, like blockages, and weather conditions (the temperature, tide, wind, etc.) into account. This way, the shipping carriers can optimize their schedules and adjust to the environmental requirements at the same time.

#2 Engine spares regeneration

The spare parts of the diesel engine get damaged with time until they become impossible to use. That means a financial loss for the shipping carrier. Instead of investing in new parts, it’s worth carrying out diesel engine spare regeneration and bringing it back to the initial state. The regeneration process may involve different stages depending on the state of the diesel engine – for example, the exchange of the diesel particulate filter and restoring the coat of the spares damaged by high exhaust temperatures. The regeneration of the diesel engine involving the exchange of diesel particulate filters helps the carriers reduce their environmental footprint, as the particulate matter released during the combustion processes gets almost completely filtrated. Engine spares regeneration and propulsion services are usually carried out in workshops, but you can also order on-board service.

#3 Demand prediction

The predictive abilities of the machine learning algorithms enable carriers to estimate the demand and plan their schedule on this basis. Since this form of transporting goods is time-consuming, reacting to real-time changes in demand is challenging. Predictive analytics helps the carriers to overcome that obstacle and make their routes more cost-effective.