Photo: Image by Offshore Energy

LR buys ship data intelligence company to increase sustainability

Maritime classification society and technical services provider Lloyd’s Register (LR) has acquired GreenSteam, a marine data intelligence company specialising in improving vessel efficiency through machine learning.

As informed, the acquisition will be integrated and managed by i4 Insight, a subsidiary of Lloyd’s Register.

i4 Insight, part of LR’s Maritime Performance Services business, is a digital platform that allows shipowners, operators and charterers to easily access insights on vessel performance and fuel consumption across their fleets. 

The move will help the shipping industry to drive reductions in greenhouse gas emissions and cut operating costs, according to the company.

“Our i4 Insight platform, now enhanced with the acquisition of GreenSteam, will enable our customers to optimise their operational efficiency and vessel performance, making their businesses more sustainable in an increasingly competitive world,” Nick Brown, LR CEO, said.

GreenSteam was one of the first companies to apply machine learning to vessel performance data and its system can analyse data from thousands of vessels, continually learning, adapting, and updating what it knows about each vessel.

Its machine learning technology uses real ship performance data to provide owners and operators with actionable advice.

Unlike traditional analytic approaches that fail to use and model 90% of performance data, by using machine learning, GreenSteam includes all ship performance data in its models to deliver insights other standard methodologies just cannot see.

“The acquisition of GreenSteam supports our aim to provide our customers with a single source of information to solve key operational challenges and make significant operational cost savings,” Joel Meltzner, Fleet Optimisation Director and CEO of i4 Insight, added.

Last year, Lloyd’s Register launched a dedicated centre of excellence to accelerate decarbonisation of the world of shipping.

The Maritime Decarbonisation Hub, a joint initiative between Lloyd’s Register Group and Foundation, is focused on helping the maritime industry design, develop and commercialise the pathways to future fuels required for decarbonisation.

Related Article