The future of chartering: Navigating AI and digital transformation

Maritime chartering is experiencing a major technology shift. In addition to decarbonisation and digitalisation movements, events like Brexit, COVID-19 and geopolitical conflicts have exposed the fragility of our supply chains - and in turn the need for new tech which fosters resilience against uncertainty.

As our Founder & CEO Bill Dobie recently discussed, the market is in a constant state of change with factors like dark fleets and cost-of-living crises affecting price and demand. Chartering itself is an intricate microcosm of the supply and demand model - a real time documentation of the constantly evolving landscape as goods are transported around the world.

The world of maritime chartering is well-posed to adopt new technology and workflows and at an accelerating rate - like much of the global trade industry is. They will embrace solutions which allow real time collaboration across remote staff, connect to third party data sources and most importantly visualise their data in a more concise way. All of these innovations will allow charterers to work more efficiently and tackle the challenges they face. Some businesses are already taking advantage of cutting-edge products which provide these benefits.

Accelerated tech adoption

The pandemic acted as a catalyst for many shipping professionals. A necessity arose to rethink their traditional workflows. For example, remote work; what was once an exception is now the norm, prompting businesses to explore innovative ways to maintain operational efficiency while team members are physically spread out across homes and time zones. Collaboration tools that enable real time interactions, virtual meetings and seamless data transfer have become crucial for most firms. 

The pandemic's impact has solidified this need for chartering teams in particular, whose work is highly time-sensitive. Thirty seconds can mean the difference between winning a million-dollar deal or losing it to competition. 

Communication and integration

As a charterer, work isn’t just about searching and acting on opportunities in isolation - it is a team effort which requires real time collaboration across a team to help coordinate the best deals. The importance of quick and clear communication continues to intensify as markets become more unpredictable and overwhelming amounts of data continue to grow. Charterers want to respond swiftly to market changes, make informed decisions and ultimately make more fixtures.

This need has given rise to advanced communication platforms tailored to the specific demands of chartering professionals. Data-driven solutions - like Sedna’s products Stream and Pulse - create a secure, collaborative environment where teams can analyse data, assess market trends and strategise in real time.

An additional game-changing trend we’re seeing is integration partnerships, where maritime businesses combine forces so their softwares’ users can view and interact with key data without switching screens - such is the case with Sedna. 

With so much data from email and other systems to sift through, a natural progression in tech for charterers has been the introduction of artificial intelligence. How teams work are being completely transformed and it shows no sign of slowing down.

AI’s impact on chartering teams

The introduction of AI into chartering operations is reshaping how professionals manage their daily tasks. Chartering inboxes are inundated with vast amounts of data, so they can benefit significantly from AI's ability to process and interpret information quickly.

One notable application is in sorting emails. AI technology - like Sedna AI - can already tag and categorise emails by reading the context of incoming messages. Sedna AI and Workflow Automations are already in use by chartering teams around the world, enabling them to identify the most relevant options quickly. This not only saves valuable time but also ensures that chartering professionals can focus on the critical aspects of their work.

Going beyond email management, AI is also revolutionising data presentation. Sedna's pioneering approach involves pulling data from emails and presenting it in a customised, easily digestible format. This empowers chartering professionals to see their most relevant options instantly, providing a competitive edge in a dynamic market.

Down the line: Advanced tech and sustainability

Peering into the future, we expect chartering to only become more technologically advanced and interconnected. The role of AI will be even more pronounced, with predictive analytics and machine learning optimising vessel routes and predicting market trends with unprecedented accuracy.

Blockchain-based smart contracts are anticipated to be ubiquitous, ensuring transparency, security and efficiency in transactions. The focus on sustainability will be a driving force, with the widespread adoption of eco-friendly technologies and practices aligning with global climate goals.

Communication platforms are expected to evolve further, fostering innovation and adaptability across shipping businesses. Chartering will need to strike a delicate balance between technological advancements and human expertise - as the work can be as much relationship-based as it is data-driven.

Getting a Pulse on the market now

You don’t need to look decades down the road to find AI solutions for chartering needs - they exist now. We’ve taken a conscious and bold step to advance maritime digital transformation and AI-driven business excellence with Pulse.

Sitting on top of the email inbox, Pulse shortens the entire market analysis process by consolidating data from multiple systems into one space and displaying it in structured, deduplicated data lists - ready for analysis and further action. 

With Pulse, charterers can unlock vital data and turn it into a competitive advantage, fixing with confidence and acting before the competition. Time previously spent digging for information across dozens of systems can now be spent on analysing, negotiating and swiftly closing deals before anyone else - without switching screens.

Plus, real time collaboration is simple and efficient as Pulse lies on top of our data-driven communication platform, Stream.

As chartering professionals navigate the complexities of the industry, Pulse emerges as a strategic ally, revolutionising the way opportunities are identified and leveraged, the way teams work and ultimately the businesses’ profitability.

It is exciting to push the boundaries of global trade success, redefining industry standards. No matter what arises in the dynamic maritime market, we are here to help you navigate and seize every opportunity with confidence.