Once again shipping and its digital transformation drew many readers’ attention this week on Splash.
Frank Coles’ article yesterday elicited many comments from our readership. The CEO of Transas argued maritime will have to be smarter or shippers will demand changes to their current business model.
“In the meantime while everyone sits and thinks about the current model and the current shipowner, the disruptors are going to take your lunch,” he warned.
Coles will star as one of the panelists on Monday’s Maritime CEO Forum future of shipping session, preparation for which has been storming ahead this week.
Coles will be sat alongside Kris Kosmala, a Splash columnist and general manager for Quintiq, as well as Steffen Tunge, the boss of OSM Ship Management and Sverre Prytz, a partner at Helix Advisors who used to head up BW Ventures. The session is being chaired by the founder of Futurenautics, Kate Adamson. The session promises to be a lively debate between tech wizards and the CEOs of many top shipowners and managers.
Kate has been in touch with her fellow speakers to set a framework for the discussion, and I am excited with what she has planned. I can give you a sneak preview here.
According to accountants Moore Stephens, the top concerns for ship operators are access to finance, regulation and compliance, and competition. Furthermore, according to the Waypoint Digital survey conducted with Ericsson this year 73% of shipping companies believe that digital transformation is key to the future financial and market success of their businesses.
With a room full of CEOs results from these two surveys will serve as a useful guide to make sure the session is tackling what’s uppermost in delegates’ minds but in a ‘future’ context with the following broad questions:
- Investing in the future – access to finance for digital infrastructure investment and transformation – is there a ‘digital dividend’?
- Smart regulation – can the technologies disrupting shipping be used to radically reshape regulation and compliance, or are we facing the ‘bureaucratic singularity’ in shipping?
- Competition to collaboration and cost reduction to value creation – how do we adopt an infonomic mindset to realise the value of all our data both at a company and an industry level?
- Leading digital transformation – how do CEOs and boards manage the tension between execution and innovation, combat siloed organisation structures and organisational culture that often threatens to eat digital strategy for breakfast?
Coles has been through the Waypoint survey and his key takeaway from it, he wrote in a round-robin email to fellow forum panelists regarded the common confusion between innovation and disruption, the thought respondents were transforming, when they are barely modernising, and spending nothing.
Coles’ forthright take on smart regulation, something he labelled as an oxymoron goes as follows: “The disruption that is coming in navigation is going to totally reshape the way ships operate. Regulators will have to follow, not control.”
Meanwhile, Quintiq’s Kosmala used the round-robin discussion ahead of Monday’s debate to hit out at shipping’s poor record at working together to engender technological change.
“There is lack of clear understanding of the benefit that each collaborating party obtains in the maritime supply chain,” he maintained. “Each party would like not only to gain proportionally to their investment, but actually get a dividend on top of that. We are very poor at ecosystem-wide ROI calculations that could enable the parties to understand what they would get.”
The future of shipping is one of four sessions at the high calibre attendance forum alongside dry bulk, tankers and human resources. Splash will be carrying extensive coverage from the gathering as well as other key events taking place during the packed agenda set for Singapore Maritime Week.
For more information on next week’s Maritime CEO Forum, click here.
Maritime CEO Forum is sponsored by Cobham, Dualog, DVB Bank, Gray Page, Q88, ShipServ, Transas, Veritas Petroleum Services, V.Group and Wartsila.