2864
Views

Lloyd’s Expands Advisory Services Buying Machine Learning Data Company

Lloyd's acquires data company to expand analytic services
Lloyd's historic building with the new HQ in the background (LR Foundation)

Published Sep 23, 2021 5:03 PM by The Maritime Executive

Lloyd’s Register continues to follow a strategy design to evolve its business following the changing dynamics of the maritime industry. In the latest move, LR has acquired GreenSteam, a marine data intelligence company specializing in improving vessel efficiency through machine learning. The world’s first marine classification society, created more than 260 years ago, said the transaction is part of a strategy to expand its fleet optimization offering as it builds its advisory services for the maritime industry and broader ocean economy. 

“We want to help clients drive growth and solve complex problems through human expertise, integrated software solutions, and the right insights from data,” said Nick Brown, LR CEO explaining how Lloyd’s Register is expanding its portfolio of fleet management and fleet optimization services. “Our i4 Insight platform, now enhanced with the acquisition of GreenSteam, will enable our customers to optimize their operational efficiency and vessel performance, making their businesses more sustainable in an increasingly competitive world.” 

LR is expanding its portfolio of risk, technical advisory, commercial efficiency, vessel performance, and voyage optimization services, part of its strategy to grow its advisory services. The acquisition will be integrated and managed by i4 Insight, a subsidiary of Lloyd’s Register that offers a digital platform for shipowners, operators, and charterers to access insights on vessel performance and fuel consumption across their fleets. The acquisition will add GreenSteam’s array of machine learning services, from fouling analysis and trim planning, to their dynamic trim and speed optimizers, fully integrated with the?i4 Insight platform. 

GreenSteam was one of the first companies to apply machine learning to vessel performance data and its system can analyze data from thousands of vessels, continually learning, adapting, and updating what it knows about each vessel,” said Joel Meltzner, Fleet Optimization Director and CEO of i4 Insight. “GreenSteam is a leader in vessel-based machine learning for hull and improved vessel performance and as a current i4 Insight alliance partner, it has already enhanced the digital capabilities of the platform. The acquisition of GreenSteam supports our?aim to provide our customers with a single source of information to?solve key operational challenges?and make significant?operational cost?savings.” 

In June 2021, Lloyd’s Register announced the sale of its business assurance and inspection services division, including its cyber-security business Nettitude, to Goldman Sachs Asset Management. The divestment LR said would allow accelerated investment in the maritime service offering, and with the additional investment capital, the company planned to pursue growth both organically and through acquisitions. LR said its focus was on better supporting clients as they are confronted by the regulatory, economic, and societal pressures to digitalize and decarbonize.