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LG CNS Enters the Maritime IT Market

LG CNS opened a booth at Kormarine 2015, an international marine, shipbuilding, offshoring oil&gas exhibition. Most people who visited the booth were surprised to see that LG was attending Kormarine. Since LG had not previously worked in the maritime space, there were mixed reactions to seeing not only LG CNS but any of the LG Group at Kormarine. What would LG CNS have to do with the marine industry? Let’s take a closer look and find out.

Kormarine 2015 opened from October 20-23 at the BEXCO convention center in Busan, South Korea. Kormarine is one of the 10 biggest conventions in Korea and this year there were 15 countries represented with 1,200 companies and 2,200 booths. This is the second largest maritime convention in Asia.

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Kormarine 2015 opening ceremony at BEXCO in Busan, South Korea

LG CNS at Kormarine 2015

LG CNS set up the booth at the 4th row from left in the new conference hall of BEXCO. The booth design was simple and refined which was good enough to attract the visitors’ sight.

At this year’s exhibition, LG CNS opened a booth together with STX Marine Service, Korea’s largest ship management and maritime engineering company which manages over 100 vessels. The reason why LG CNS has opened the booth with them is because LG CNS is cooperating with them on a joint development and marketing project for a ship optimization service solution.

This year’s Kormarine exhibition was the first time attending with the name ‘LG CNS’, therefore, the main purpose was to promulgate that a Player called ‘LG CNS’ exists in the marine shipbuilding industry.

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Foreign customers visiting the LG CNS booth at Kormarine 2015

LG CNS’ Best Shipping Solution, iSEMS

iSEMS, developed by LG CNS, is a solution that deducts ship optimization data, and monitors and assesses that data to reduce power consumption and increase efficiency in the industry. The highest expense in managing ships is the fuel costs. Even with the recent drop in oil prices, fuel costs still remain by far the most costly expense in the maritime management business.

For ship owners and shipping companies alike, reducing fuel costs is the shortcut to expanding competitiveness of production cost and maximizing profits from the competitive shipbuilding market. Building new Eco-Ships is most efficient but this also carries huge production times and heavy costs. It is possible to install various conservation equipment to reduce fuel costs but unfortunately this method is hard to define the effectiveness and requires a lot of initial investment.

iSEMS makes this method much more easily accessible and is more time and cost efficient. iSEMS optimizes management fees by analysis and optimization of data taken about a ship’s status and capabilities starting with route planning data collection. Also, the various data are collected in real-time and transmitted via satellite so information can be shared and the ship’s status can be monitored from land.

Also, in comparison to other competing solutions from all around the world, iSEMS provides better support in decision making when selecting a ship to purchase by analyzing the ships of interest and determining the most efficient choice for the needs of a company.

Currently, there is not yet a network for transmitting satellite data in real-time for all the ships crisscrossing the oceans. In the next 2-3 years, a real-time satellite communications system will be in place for ships on the open sea.

From an IT perspective, the possibilities are endless and there will be a strong ripple effect in the industry. In the current maritime IT market, LG CNS has struck early with iSEMS and will certainly have a strong impact.

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Visitors in LG CNS booth at Kormarine 2015

LG CNS, a Leading Player in the Maritime IT Industry

Even in the 21st century, we have not eliminated accidents on the high seas. With IT such as LG CNS iSEMS, we can not only reduce energy costs, but also expand into other areas of the shipping industry such as maritime safety and e-navigation. LG CNS is committed to becoming a leading player in the maritime IT industry.

Written by Jeongsik Lee, advisory at LG CNS M&E Business Department

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