LPG shipping company Petredec has partnered with Orca AI and North P&I Club to apply risk data modelling to marine insurance pricing and claims, sharing data from Orca’s navigation and collision avoidance system already installed on Petredec vessels with the insurers.
Orca AI’s system supplements existing onboard sensors with vision sensors and thermal imaging cameras, connected with AI-powered algorithms that analyse the environment and alert crew to dangerous situations.
“The installation of the system was simple, straightforward and appears easy to use. 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 day to day,” said Neil Giles, Fleet Technical Manager at Petredec Holdings.
“Our hope is to further increase our safety record by improving on our crews’ navigational skill set and reduce our operational risk profile in the process.”
The technology system has been implemented on three Petredec ships, and can be used to monitor patterns of behaviour and create risk profiles that can help the crew to improve their handling of potential future incidents. The data collected can also be shared with insurance companies as required, to support more accurate assessment of vessel risk profiles.
“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. Insurance rates are steadily increasing, and they represent a major expense for shipping companies; it is difficult to accurately measure the risk profile of a fleet,” said Yarden Gross, CEO and co-founder of Orca AI.
“For this reason, it is both a unique privilege and a big responsibility to work with two globally significant players. Both Petredec and North P&I understand that fundamental changes are inevitable in the maritime industry and they have chosen to support Orca AI in discovering what lies ahead and help form the future. We very much look forward to working together.”