Sea has successfully migrated all customers from the latest acquisitions of Chinsay and MarDocs onto the Sea contract management solution. In doing so, Sea has reached an important milestone in its ambition to create a consolidated platform for managing and concluding recaps and charterparties, to the benefit of all participants across the global maritime trade ecosystem.

The acquisitions of Chinsay and MarDocs have been instrumental in this. By working closely with clients, Sea provided comprehensive support to ensure a trouble-free experience for users at every step of the migration. As a result, users are now in the best position to unlock greater efficiencies and mitigate risks across recap and charter party management workflows.

As the clients have been migrated, and many new customers have been added, the number of contracts conducted via the platform has gone up significantly, which supports the fact that there are great benefits in digitising and consolidating the contract management workflows for the entire ecosystem. The more parties on the platform the greater the benefits for all participants.

Christoffer Svärd, Chief Commercial Officer of Sea, said of the milestone: “From close collaboration with our customers, we know the industry wants to reduce complexities and streamline their workflows, and not have to operate on multiple platforms to solve the same problems. They also want more reliable and actionable data that they can use in their daily operations. Our latest acquisitions and ongoing product development are shaped with this in mind. They represent an important step towards our goal to create the intelligent marketplace for fixing freight. This will support our customers through every step of the way of their chartering processes, ensuring historical and current data is available at any given moment to unlock insights, enable data-driven decision-making, and lead to better profitability.”

Customers demand easy collaboration and stronger governance

Both dry and wet markets have historically suffered from fragmented documentation processes, with documents dispersed across several systems – or none at all. This lack of standardisation and digitisation has been holding back progress and preventing shipping from harnessing the benefits of data and digital workflows.

With the consolidation of Sea’s solutions, customers can now benefit from immediate access to previous contracts, clauses, and data – unlocking efficiencies through direct access to documents from any device, any time, and anywhere. This enables easy collaboration on the creation and approval of recaps and charterparties, with both internal and external stakeholders. Sea is building an ecosystem across the industry for charterers, brokers, and owners, allowing them to connect and gather around one standardised workflow in a single platform. As a result, customers are harmonising their chartering processes while also strengthening compliance and governance.

Data standardisation

Having a single contract management software also allows for smoother integrations, making it easier to transfer pre-fixture workflow data to voyage management and onwards. The potential of being able to share data between systems easily makes standardisation across the industry even more important.

The shipping industry ultimately faces many challenges that are best addressed collectively, and this is only possible with the right data-driven insights. Without standardisation as a first step, we cannot hope to make smarter, data-driven decisions. This journey starts with digitising your core workflows in order to unlock structured data that will help uncover these crucial insights.

Throughout 2024, Sea will continue to focus on driving this data standardisation, enhancing the functionality and bringing industry players from across dry and wet markets onto Sea’s platform, where all their pre- and at-fixture chartering needs can be met.

Media Contacts

Sea Media Contact: Tinie Tarp, Head of Marketing | +45 2763 3545 | tinie.tarp@sea.live

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