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.