In a bid to facilitate seamless and accurate matching of cargo with ships, ShipNEXT, which is an initiative of Ukranian maritime magnate, Alexander Varvarenko, has developed an independent online platform. The new software is a state-of –the-art product which was officially launched on October 2.
Announcing the launch of its first phase, ShipNEXT said, the software will ‘read’ a cargo request or ship position through email and automatically match cargos with ships using over 70 databases and complex algorithms. The company added that it will gradually roll out more capabilities over the next one and a half years.
Varvarenko, the founder of Odessa-based Varmar Group claimed, the implementation of ShipNEXT commences a new era of digital revolution for the global freight market. Currently, time and cost inefficiencies hamper the industry’s global recovery and further development. The digital solution not only saves time and money for its users, but marks the beginning of a new chapter in the history of shipping.
It is designed to be a one-stop online platform for fixing all types of cargo, tendering and negotiations, contract management, reporting, post fixing and operations, and ratings of its users.
“ShipNEXT was born of the desire to change the outdated shipping practices and make life easier for traders, ship owners and other market participants. In it we have combined Artificial Intelligence and latest digital technology with our 17-year industry experience in shipping dry-bulk, steels and heavy and oversized cargo. It took us over 18 months to develop,” Varvarenko added.
The software will minimize manual error and enhance efficiency by automating multiple routine checks and calculations using ship and port data, distances, restrictions, risk zones and rules of carriage by sea, among other navigational statistics.
ShipNEXT will integrate various aspects and sectors of the market. It is designed to be a one-stop online platform for fixing all types of cargo, tendering and negotiations, contract management, reporting, post fixing and operations, and ratings of its users. The software will facilitate increased transparency in ship finance by providing banks with real-time charter rates, statistics and analysis.
ShipNEXT has been endorsed by BIMCO (Baltic and International Maritime Council) as a significant tool for the industry, and is currently engaging with the world’s largest commodities’ traders for potential cooperation. Dragon Capital, the one of the largest eastern European investment banks, is participating in the project, industry sources said.