COLUMBIA SHIPMANAGEMENT LTD AND THE CYPRUS MARINE AND MARITIME INSTITUTE SIGN MOU FOR LAUNCH OF DIGITAL WAVES PROJECT

Limassol, Cyprus – Columbia Shipmanagement Ltd (CSM) and the Cyprus Marine and Maritime Institute (CMMI) today signed an MOU to launch Digital Waves, which constitutes a comprehensive joint innovation programme to explore the digitalisation of certain domains of the maritime industry. The programme includes research and innovation in domains such as the gathering of data on ships and other stakeholders coupled with the latest trends in connectivity and artificial intelligence (AI).

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Digital Waves will have a global perspective and address domains including the sensorisation of ships, augmented and virtual reality, the gathering and grooming of data using 5G & edge-cloud technologies combined with modern trends in machine learning and cognitive artificial intelligence. Parts of such technologies have already begun to be implemented in the maritime sector as well as in the manufacturing sector through the Industry 4.0 revolution.

 

Digital Waves will explore these modern technological trends and combine them into a holistic programme which is expected to contribute to significant efficiencies, cost savings, and strategic transformation. The programme will also analyse the value-chain of the maritime sector and investigate potential transformations of the business model.

 

CSM and CMMI have assembled a team of international experts who will investigate the current market and innovate with new products and services which will in-turn be offered to the sector through targeted solutions. Digital Waves’ joint innovation programme has already started and has been divided into three phases. To gain a deeper understanding of the Present Mode of Operation (PMO), the first phase involves strategic analysis of main issues faced by the maritime industry stakeholders. The second phase will involve testing and implementation in real-time maritime environments. The final phase will be the development of digital products and solutions.

 

This strategic partnership will enable CSM and CMMI to extend their services to other areas of mutual interest. Both companies are committed to making the shipping industry safer and more sustainable.
In reference to Digital Waves, Mark O’Neil, President of CSM, said “As we enter the new year and a new decade amid the beginning of fundamental digital transformation in shipping, we envisage, through Digital Waves, to benefit from the combination of the rise of improved and cost sustainable connectivity and digitalisation to transform every aspect of the Shipmanagement model over the next three decades with a primary focus on safety and efficiency to the benefit of our clients”.
Zacharias Siokouros, CEO of CMMI said “”We are very excited that only a few weeks after CMMI set sail – having received great support in funds and resources from the EU, the Cyprus Government and our industry and academia partners – we are now embarking with Columbia Shipmanagement on a voyage of exploration into the Sea of Big Data. A voyage that promises a lot of opportunities. And for this, I would like to thank my colleagues at CMMI and our partners at Columbia who have worked over the last few weeks with exceptional professionalism and dedication and have prepared its passage plan which we are today signing with Mark! Digital Waves is without a doubt an innovative project that will develop world-class solutions to address issues beyond the boundaries of our region”