Sea Technology

NOV 2015

The industry's recognized authority for design, engineering and application of equipment and services in the global ocean community

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www.sea-technology.com November 2015 / st 33 Building the Future Marine Industry Holistic Vessel Management Is Key in Today's Volatile Market and Beyond By Tim Schweikert I n the marine business, stability is our top priority. In the last 18 months or so, volatility in oil prices has disrupted the oil and gas marine sector, resulting in rigs standing idle and transport vessels kept in dock. Much of the wider shipping industry is experiencing modest freight rates. While some tanker operators received a boost earlier this year by taking advantage of the fall in oil prices, other sectors—including many iron ore and coal carriers—are barely covering their operating costs. Even while facing up to these commercial challenges, operators also have to tackle increasingly strin- gent environmental regulations and reduced emissions tar- gets. In this market, the two things most important for improv- ing stability are strongly interlinked: minimizing costs and increasing effciency. Whether exploring for oil and gas in deep waters offshore, sailing in a luxury cruise liner, or transporting LNG or containers, marine operators are all seeking to lower their operating expenses. The potential for technology to meet these challenges stretches far and wide. GE's new business combines GE's capabilities in jet engine design, locomotive engines, and oil and gas solutions. Bringing together experts from across the GE businesses under one "GE Store" empowers the in- dustry to address the vessel more holistically. This approach is important, since there are multiple factors that must be examined in order to deliver these reduced costs, includ- ing upgrades to power systems that improve reliability and reduce downtime, or improved operational practices and more fuel-effcient systems. From improved propulsion to automated and intuitive positioning systems to digital ma- A GE Marine DP system.

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