Lloyd’s Expands Consulting Services With Acquisition Of Machine Learning Data Company
Lloyd’s Register continues to follow a strategic design to grow its business in keeping with the changing dynamics of the marine industry. In the latest move, LR acquired GreenSteam, a marine data intelligence company specializing in improving vessel efficiency through machine learning. The world’s first maritime classification society, established over 260 years ago, said the transaction is part of a strategy to expand its fleet optimization offering as it expands its advisory services for the maritime industry and the ocean economy at large.
“We want to help customers drive growth and solve complex problems through people expertise, integrated software solutions and the right insights from the data,” said Nick Brown, CEO of LR, explaining how Lloyd’s Register is expanding its portfolio of fleet management and fleet optimization services. “Our i4 Insight platform, now enhanced with the acquisition of GreenSteam, will enable our customers to optimize their operational efficiency and the performance of their vessels, making their businesses more sustainable in an increasingly competitive world. ”
LR is expanding its portfolio of risk, technical advisory, business efficiency, vessel performance and voyage optimization services as part of its strategy to expand its advisory services. The acquisition will be integrated and managed by i4 Insight, a subsidiary of Lloyd’s Register which provides a digital platform for ship owners, operators and charterers to access information on vessel performance and the fuel consumption of their fleets. The acquisition will add GreenSteam’s range of machine learning services, from fouling analysis and trim planning, to their dynamic trim and speed optimizers, fully integrated with the platform. ? i4 Insight.
GreenSteam was one of the first companies to apply machine learning to vessel performance data and its system can analyze data from thousands of vessels, continuously learning, adapting and updating what it knows. on every vessel, ”said Joel Meltzner, Director and CEO of Fleet Optimization. by i4 Insight. “GreenSteam is a leader in ship-based machine learning for hull and vessel performance enhancement and as a current partner of the i4 Insight alliance it has already enhanced the digital capabilities of the platform. . The acquisition of GreenSteam supports our goal of providing our customers with a single source of information to solve key operational challenges and achieve significant savings in operating costs.
In June 2021, Lloyd’s Register announced the sale of its commercial insurance and inspection services division, including its Nettitude cybersecurity business, to Goldman Sachs Asset Management. The divestiture, according to LR, would accelerate investment in the maritime service offering, and with the additional investment capital, the company planned to continue to grow both organically and through acquisitions. LR said its goal is to better support customers as they face regulatory, economic and societal pressures to digitize and decarbonize.