NAVTOR and Ingenium Marine have signed a term sheet under which NAVTOR will acquire Ingenium Marine.
The transaction is subject to execution of definitive agreements. Once completed, Ingenium will become a fully integrated NAVTOR company and continue to operate from Mumbai, India. NAVTOR is looking forward to integrating digital logbooks into its innovative e-Navigation and performance product portfolio. The move will, according to NAVTOR CEO Tor Svanes, “transform the way the industry views traditional log-keeping”, unlocking a spectrum of benefits that “propels vessel logbooks into the smart shipping age.”
The acquisition will be the latest bold move for maritime technology firm NAVTOR, which also purchased US-based vessel analytics and performance optimisation specialist Tres Solutions in early 2021.
Svanes calls the new consolidation a key step forward, with the Indian firm’s software allowing users to digitise any combination of vessel logs, creating a uniform “smart” system. This dramatically reduces administration, enables easier compliance, standardises quality (with less human error), and creates the ability to instantly share data with onshore organisations for complete vessel and fleet awareness. Detailed analytics are also made simple, delivering insights into trends and performance for improved decision making.
Leading the way
“NAVTOR is dedicated to making life simpler, safer, more efficient and profitable for our customers through unique digital solutions,” comments CEO Tor Svanes.
“That’s what we’ve achieved through leading the development of e-Navigation and, since the acquisition of Tres Solutions, performance monitoring and optimisation. Ingenium has travelled the same road with logbooks – taking an onerous, complicated, often unreliable, and out-dated paper-based system and transforming it for 21st century demands. Digital logbooks may not be mandatory yet, but when the industry sees what is possible they will be… and they’ll be a rush to adopt to maximise competitive advantage.
“So, we’re really thrilled to bring the Ingenium team and technology onboard, and genuinely excited to see the positive impact on our global customer base.”
Ingenium has spent the last five years developing a Class and Flag State approved solution compliant with all relevant IMO guidelines and regulatory standards. Instead of crew members filling in a vast array of paper logbooks (where the records are only ever as good as individual entries) Ingenium’s easy to use, intuitive software allows them to input data on a single, secure platform, with real-time data sharing to shipowner or management offices on shore. It is transparent, error-free, rich in insights and a key, verifiable way of proving compliance with regulations and charter covenants.
It is, Ingenium Founder Amitabh Sankranti notes, a long-awaited solution for an industry under pressure.
“Log-keeping is a big beast, creating a huge administrative workload that is increasingly difficult to manage, but, given regulatory demands, more and more critical to successful, compliant operations,” he explains. “It is also a very valuable data source, but one that is near impossible to properly utilise, given the physical nature of the records.
“Here we have a way of radically simplifying data capture, accessibility, transparency and utilisation. Workloads are reduced, decision making enhanced, money saved and compliance made easy. It’s a win for everyone. NAVTOR has been quick to realise the transformational benefits the solutions can offer and how we at Ingenium can complement their overall smart shipping mission. Joining the team was a ‘no brainer’ and, I believe, will supercharge the digital logbook revolution. It’s a fantastic opportunity – for us, but also for shipowners and operators.”
Ingenium’s software will now be integrated within NAVTOR’s established e-Navigation and performance suite, which has products on over 7500 vessels worldwide. Fully customisable for individual owners (with real-time dashboard alerts for desired issues), it can be installed remotely and requires minimal crew training. Logbooks covered include Oil Record Books (ORB part 1 and 2), Cargo Record Books, Ballast Water Record Books, Garbage Record Books, and more.
NAVTOR’s unique product and service portfolio also includes digital chart table NavStation, fleet management and performance optimisation tool NavFleet, industry leading Passage Planning software, and the type-approved cyber secure data gateway NavBox, amongst other solutions.