The acquisition will be the latest move for maritime technology firm NAVTOR, which also purchased US-based vessel analytics and performance optimisation specialist Tres Solutions in early 2021.
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 CEO Tor Svanes says that the acquisition will “transform the way the industry views traditional log-keeping”, unlocking a spectrum of benefits that “propels vessel logbooks into the smart shipping age.”
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 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.
The acquisition will allow users to digitise any combination of vessel logs, creating a uniform “smart” system. This 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.
The integrated offering will be 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.
“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,” said Ingenium founder Amitabh Sankranti. “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.”