Press release

Thorco Projects Selects Navis’ Bluetracker for Charter-Party Compliance Monitoring and Analysis of Operating Fleet

Sponsored by Businesswire

the leading provider of maritime software solutions for efficient and
compliant cargo and vessel performance, announced today that
Copenhagen-based Thorco Projects has selected Bluetracker to monitor and
analyze the vessel performance of their own vessels and contracted
vessels in compliance with the agreed terms of the charter party. The
specialist in global project shipping operates one of the world’s
largest multi-purpose fleets, featuring vessels with lifting capacity to
handle unusually large and heavy cargo as well as excellent speed

Thorco Projects’ commitment to carrying a broad portfolio of break bulk
and heavy cargo anywhere in the world at any time requires reliable
performance and a high level of flexibility in this spot-market
business. Therefore, Thorco Projects sought assistance in efficiently
overviewing their own and chartered vessels that need to respond to the
requirements of a highly volatile market.

With the help of the Charter Monitor module of Bluetracker One, Thorco
Projects will achieve greater visibility of charter-party compliance by
monitoring the operational speed versus fuel oil consumption as agreed
upon with the charter party. The scope of the current initial agreement
includes 12 contracted vessels. The system gives automatic notification
if the speed consumption curve exceeds certain limits, which enables
closer collaboration between Thorco Projects and their ship managers in
order to continuously optimize vessel performance.

In addition, the system fosters closer internal collaboration between
the performance and operations departments by both working with a single
source of truth, easy to use and to share data. “Operating a mixed fleet
of own and chartered vessels in a spot-market business is often a
challenge, since the operational vessel performance data are being
evaluated from different perspectives with different priorities,” says
Thomas Mikkelsen, CEO at Thorco Projects. “Establishing a
multi-tenant source of truth that ensures the same level of knowledge
about operational data in real-time of different stakeholders is a step
towards effective operations in a dynamic market based on collaboration.”

“The availability of operational vessel performance data at any place,
at any time, is seen as an added value – especially by the technical
managers amongst our customers using Bluetracker,” says Selke Eichler,
Global Director Customer Support at Navis Carrier and Vessel Solutions.

Besides the easy collaboration functionality, the system additionally
runs a plausibility and estimation engine to ensure a level of high data
consistency and quality based on data collection sources. It already
proved successful at one of Thorco Projects’ ship owners before rolling
out at Thorco.

By adding Thorco Projects’ contracted vessels being monitored with
Bluetracker, the Bluetracker fleet has grown to more than 500 vessels of
different types using onboard data collection (reported or measured) and
/ or vessel performance and emission compliance, monitoring and
analyzing functionalities.

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About Navis, LLC

Navis, a part of Cargotec Corporation, is a provider of operational
technologies and services that unlock greater performance and efficiency
for the world’s leading terminal operators and ocean carriers. Navis
combines industry best practices with innovative technology and
world-class services to enable our customers to maximize performance and
reduce risk. Whether tracking cargo through a port, automating equipment
operations, or managing multiple terminals through an integrated,
centralized solution, Navis provides a holistic approach to operational
optimization, providing customers with improved visibility, velocity and
measurable business results.

About Cargotec Corporation

Cargotec (Nasdaq Helsinki: CGCBV) is a leading provider of cargo and
load handling solutions with the goal of becoming the leader in
intelligent cargo handling. Cargotec’s sales in 2016 totaled
approximately EUR 3.5 billion and it employs over 11,000 people.