VesselMan is a project and process management platform for dry dockings and complex technical projects on ships. “Our digital tool gives shipowners control over and transparency into their projects. This is the core of our value proposition,” says Frank G. Olsen, CEO of VesselMan.
Ships are out of their element when dry docked. Costing over USD 200 million to build, they lose about USD 80 000 each day that they are not in normal operation generating revenue. Dry docking for repairs and maintenance cannot be avoided, and with green technology on the rise, more and more ships are in need of eco-friendly but expensive modifications.
“Dry docking is an extreme event filled with risk. Cost overruns and additional days off-hire are the norm,” explains Olsen.
VesselMan is a cloud-based project and process management platform for dry dockings and complex technical projects. Delivered as solution as a service (SaaS), the platform allows shipowners and operators to supervise, monitor and get real-time status of their projects across the fleet from a web browser.
VesselMan is an easy-to-implement, out-of-the-box solution. “Our platform can be up and running in just 30 minutes. It provides a standardised planning process and best practice templates. Our users value this guidance when implementing complex, costly projects,” says Olsen.
The solution ensures cost control through more efficient project management. This is crucial for minimising off-hire, the time when a ship is not generating revenue due to dry docking. It also reduces delays and the most time-intensive tasks, saving both time and money.
Moreover, VesselMan increases project transparency, as all stakeholders have easy access to the real-time status of projects. “A fleet director, for example, can log in at any time and check to see whether the project is on time, on budget, at the quality expected. Such information used to be hidden in spreadsheets,” says Olsen.
Transparency is essential for compliance with government regulations on sustainability, human rights and decent working conditions. By digitalising the process, VesselMan significantly improves traceability and documents that processes have been followed.
In addition, the platform digitalises collaboration across the value chain, giving shipowners greater insight into their global suppliers. “We ensure that qualification of suppliers is done according to ESG and green requirements and standards, including safety aspects, human factors and the use of hazardous materials. In addition we also utilise our large database by using analytics, AI and machine learning to guide and predict better decisions,” says Olsen.
The solution also encourages responsible resource use. It helps to prevent unnecessary repairs, reduces last-minute delivery of parts and service, and provides greater predictability for optimal decision-making.
Over 50 000 merchant ships trade internationally, and their operation generates an estimated annual income of over half a trillion USD. Another 50 000 vessel types sail the seas as well.
“Our potential market is enormous. Given the huge sums involved, every shipowner and operator seek solutions for greater efficiency, predictability and cost savings,” says Olsen.
Founded in 2017, VesselMan now considers itself to be the market leader. “Our client list includes many globally recognised shipping companies and ship managers,” concludes Olsen.
8. Decent work and economic growth
VesselMan increases transparency into suppliers, helping to ensure worker safety and decent working conditions.
9. Industry, innovation and infrastructure
VesselMan increases sustainability in ship dry-dock projects by qualifying suppliers according to ESG and green standards.
12. Responsible consumption and production
VesselMan encourages responsible resource use by preventing unnecessary repairs, achieving longer intervals between repairs and ordering parts in good time at an optimal cost.