Riyadh-based shipping company Bahri has signed a Memorandum of Understanding (MoU) with South Korea’s Hyundai Heavy Industries (HHI) Group to harness Big Data and technological innovation in the maritime industry. The MOU lays out a comprehensive business cooperation framework to jointly evaluate the feasibility of launching new long-term projects, while at the same time bolstering existing projects that have resulted from their close association over the years.
According to Ali Al-Harbi, acting chief executive at Bahri, “As one of the largest ship owners and operators in the world, we have a commitment towards the industry to drive sustainable growth by deploying new and improved technology, harnessing data and insights, and making the system more efficient than ever before.” The strategic undertaking with HHI Group opens up several possibilities, including using Big Data technology to generate higher revenues and ensuring improved client satisfaction through real-time data and analysis.
The discussions about data collaboration were initiated when a delegation from Bahri visited HHI Group in February this year for the naming ceremony of Bahri’s recently delivered VLCC, Amjad. The two companies have shared a close relationship for decades and have overseen the delivery of 34 vessels. This relationship is being further strengthened with the joint development of a maritime yard in Saudi Arabia with Saudi Arabian Oil Company (Saudi Aramco) and Maritime Offshore Limited, a division of Lamprell, which will produce commercial vessels, offshore service vessels and jack-up rigs.