Petredec is deploying artificial intelligence (AI) on its LPG carriers to improve navigation, cut navigation risks and lower insurance costs
Petredec is trialling this technology in partnership with North P&I Club and Orca AI. They are looking to revolutionise marine insurance pricing and claims through an enhanced data model for ships that more accurately reflects their risk profile.
Petredec has installed Orca’s AI navigation and collision avoidance system on Earth Summit, Silvio and Dancing Brave. Orca AI improves visibility in difficult weather and sea conditions, prevents human error during navigation and helps crews make informed decisions. Its platform provides insight into a ship’s behaviour and risk profile to help seafarers to improve their handling of potential future incidents. This information is shared with insurers, enabling a more accurate assessment of vessel risk profiles.
“We foresee a significant potential of this system when it comes to improving real-time navigational awareness and more importantly, learning from the difficult navigational situations that occur daily,” said Petredec Holdings fleet technical manager Neil Giles.
“Our hope is to further increase our safety record by improving our crews’ navigational skill sets and reducing our operational risk profile in the process.”
North P&I Club said using AI will improve safety at a time when there are nearly 4,000 maritime accidents per year. Many of these accidents are caused by low situational awareness in congested areas, lack of visibility regarding misses and risk patterns, and insufficient data available for handling potential incidents.
“We are excited to be part of this transformational project,” said North P&I Club director of loss prevention Colin Gillespie, “and are supportive of any initiative that improves the risk profile of vessels within the club’s membership and helps reduce the number of incidents on the water.”
Orca AI’s system supports ships in difficult to navigate situations and tackles the rising rate of accidents. It supplements existing onboard sensors with vision sensors and thermal cameras. Its AI-powered algorithms constantly analyse the environment and alert crew to dangerous situations.
“The challenges faced by the maritime industry are numerous and there is a continual need to make shipping safer, to sustain trade and protect the maritime environment,” said Orca AI chief executive and co-founder Yarden Gross.
“Insurance rates are steadily increasing, and they represent a major expense for shipping companies,” he said. “It is difficult to accurately measure the risk profile of a fleet.”
North P&I Club, Petredec and Orca AI intend to change all that by using AI.
Petredec is one of the world’s largest shipowners and charterers of LPG vessels, having invested more than US$2Bn in its fleet of more than 30 gas carriers since 2015.
Shipping companies such as Neste, Dorian LPG, P&O Maritime Logistics and PSA Marine will explain their investments in energy optimisation, voyage planning and internet of things during Riviera Maritime Media’s Vessel Optimisation Webinar Week, 24-27 May.