Ocean Technologies Group: Delivering Value Through Innovation and Data

Thomas Zanzinger
Chief Executive Officer | OTG

Presenting at the 2024 Singapore Customer Seminar

Going through the due diligence and sale process has allowed us to look at our strengths from different angles. It gave us the chance to step back and objectively assess the value we’ve built over the years. Seeing our business through external eyes made me appreciate the depth of our solutions, the strength of our market position, and the quality of our customer relationships. This process reinforced my belief in the purpose and potential of OTG and gave me fresh perspectives on how we can continue to grow and evolve in the future.

Our Privileged Market Position
It’s a great privilege to serve a huge portion of the world fleet. OTG works with over 1,000 owner and operator customers, managing 17,000 vessels across all sectors and trades, including 62% of the world’s tankers and 17 of the 20 largest ship managers. With over one million seafarers relying on our solutions, we’re deeply honored by the trust our customers place in us, and we’re dedicated to continuing to deliver value to this incredible community.

Our Value
We make it possible for our customers to minimise risks by preparing their teams to work safely and compliantly, anywhere, with total flexibility and at scale, avoiding many of the costs of traditional methods.

We ensure that our customers have the correct documentation and can provide evidence that they are following regulations and requirements. Ensuring employees have the right certification, crew change and maintenance regimes are managed, hazardous materials are logged, inventories kept, and records maintained across training, crew and fleet management.

Reducing Accidents and Incidents Through Training
Safety and compliance remain at the heart of everything we do at OTG. We know that many accidents at sea are attributed to human error, statistically, around 75%. The importance of training and preparedness cannot be overstated. While the financial cost of accidents is measurable, the number of accidents prevented by well-trained teams making the right decisions in critical moments is harder to quantify. But we know the margin between success and failure often depends on the skill and preparedness of individuals and teams.

For just a small investment, less than 30 cents per day per seafarer, our customers gain access to extensive maritime training capabilities with which they can prepare their crew, helping them avoid costly accidents and incidents that could result in losses amounting to millions. This is one of the key ways in which OTG helps our customers reduce risks and maintain the highest standards of safety.

Preventing Costly Detentions
It’s not just accidents that can be costly to our businesses. Port delays due to equipment failure or detentions have a direct financial impact. With an average vessel operational expenditure of $5,000 per day and daily charter rates of $60,000 – 80,000 for vessels like LNG tankers, being off-hire can have a devastating impact on profitability. Our solutions are designed to help customers avoid these costly disruptions and keep their fleets operating at peak performance.

Our customers routinely outperform industry averages in Port State Control (PSC) inspections. We typically observe 53% fewer deficiencies and 33% fewer detentions amongst our customer cohort and additional gains amongst those that take the most comprehensive services. These numbers reflect the critical value we bring through our solutions, helping our customers minimise risks, avoid costly delays, and maintain high standards of safety and compliance.

Whilst regulatory compliance remains a strong driver for everything we do, we are increasingly seeing that it is the demands of charterers that are really driving up standards. Conformance standards such as those from OCIMF with TMSA and SIRE, and RightShip RISQ and DryBMS, separate the quality operators from the rest and enable them to win the best charters. They are also part of a wider move that goes beyond shipping to reach higher standards in sustainability and greater transparency in Environmental, Social and Governance.

Empowering the Workforce Through Human Capital Managament
Human Capital Management (HCM) has become a focal point for many of our customers, and we’re proud to support them in developing their people. This year, we’ve continued to see the growth of our COMPAS crew management platform, which helps maritime companies take a strategic approach to workforce recruitment and management. By investing in the right tools, our customers are not only reducing workloads but also building more resilient and high-performing teams. The ability to attract, select, develop, and manage people, while creating an environment where they can thrive, has enormous benefits. These returns aren’t just seen in avoiding accidents and incidents, but in the efficiency of operations, the care for vessels and cargo, and the wellbeing of teams both aboard and ashore.

Fleet Management that Delivers Results
Fleet management plays a critical role in ensuring safety and operational efficiency. Our TM Master solution, adopted by 15 new customers this year, has become a vital tool for streamlining fleet operations and delivering ROI ahead of forecasted expectations. It offers a comprehensive approach to managing planned maintenance, inventory, and procurement, while providing data-driven insights that help reduce operational risks and streamline operations.

A bright Future Ahead
Looking ahead, it’s clear that the maritime industry is poised for significant change. At OTG, we remain committed to supporting our customers on this journey by providing the technology, tools, and insights they need to thrive in a rapidly evolving world. The combination of OTG and Lloyd’s Register offers unparalleled opportunities for innovation, and I’m confident that together, we’ll continue to lead the way in transforming the maritime sector.

Thank you to all our customers, partners, and my fellow Oceaneers for being part of this journey. I’m excited for what the future holds and look forward to what we can achieve together.

Warm regards,
Thomas Zanzinger
CEO of Ocean Technologies Group