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article imageNew online platform will change global freight markets

By Karen Graham     Oct 2, 2017 in Business
Alexander Varvarenko, founder and chief executive of Ukraine’s Varamar Group, has launched an online platform for global freight markets called ShipNext.
Shipping has been a grey area when it comes to adopting new technology, says Mr. Varvarenko, adding that shipping companies need to show greater transparency.
In talking about his new platform, Varvarenko says, “Shipping is global so we need a platform for everyone to interact, Shipping needs to be transparent, but it is a grey business and this stops digitalization. But this will be the next step.”
The concept is simple — connecting commodity traders with shipping companies in a cheaper and more efficient way. The platform intercepts emailed cargo requests or ship position notifications and automatically match cargoes with ships using over 70 databases and complex algorithms.
“It will minimize human error and increase efficiency by automating multiple routine checks and calculations relating to ship and port data, distances, restrictions, risk zones and rules of carriage by sea," according to Vamamar's CEO.
Alexander Varvarenko in 016.
Alexander Varvarenko in 016.
Alexander Varvarenko
The ShipNext platform has already been endorsed by BIMCO (Baltic and International Maritime Council). Founded in 1905, BIMCO is the largest of the international shipping associations representing shipowners. Its membership controls around 65 percent of the world’s total shipping tonnage and has members in over 120 countries.
ShipNext is backed by Dragon Capital, an eastern European investment bank. Mr. Varvarenko said the online platform will “minimise human error and increase efficiency by automating multiple routine checks and calculations." He also added, “ShipNext was born of the desire to change the outdated shipping practices and make life easier for traders, shipowners, and other market participants."
The new platform will be rolled out over the next 18 months, and additional features, such as tendering and negotiations, contract management, reporting and post-fixing being added.
More about Varamar, shipnext, commodity traders, shipping companies, algorithms
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