As the world becomes more interconnected, global shipping is vital for businesses, especially for those looking to expand overseas. There are plenty of advantages that efficient shipping brings to companies. That said, Ocean shipping has a number of difficulties, including rate rises and cargo losses. Due to restricted container capacity and port congestion, transportation costs are expected to remain high this year. Due to the COVID-19 epidemic, major ports throughout the world were unable to handle imports quickly enough, trucking companies were short-staffed, and warehouses were at capacity. Delivery delays and higher transportation costs were brought on by the imbalance between supply and demand as well as global lockdowns.
The risk of cargo theft rose as a result of the supply chain disruption. Due to cargo theft and loss, the marine industry suffers annual losses of billions of dollars. According to the National Cargo Security Council, cargo theft and loss cost the sector an estimated $50 billion yearly. A study by the World Shipping Council (WSC), whose member businesses manage 80% of the world’s containership capacity, found that between 2008 and 2016, 1,582 containers were lost at sea annually, including during catastrophic occurrences. Natural disasters that result in cargo loss are uncontrollable, whereas cargo theft is a more serious issue that is manageable.
E-commerce orders have grown over the past two years, which has caused a huge surge of goods that are ready to be delivered. However, there is a backlog of ships at key ports as a result of pandemic-related measures, manpower shortages, and increasingly diminishing warehouse capacity. CargoNet recorded 359 supply chain theft and fraud occurrences in the third quarter of 2021 across the United States and Canada. Every year, cargo theft costs the nation close to $13 million. A total of 294 theft instances involving trucking vehicles, such as semi-trucks, were reported.
T42 is offering a cutting-edge method to lessen cargo theft
This year, since supply chain turmoil is predicted to persist, carriers must take the initiative to create a strong security plan to stop cargo theft and the destruction of priceless items. For a very long time, the shipping sector has resisted using new technology. 99.9% of shipping containers are not tracked or inspected for security, according to t42, a provider of worldwide container tracking and data fabric management for shipments, which results in huge losses. Fortunately, cargo theft may soon be a thing of the past thanks to machine learning and intelligent IoT technology.
Real-time tracking, security, and monitoring solutions are offered by t42 IoT Tracking Solutions Plc, formerly known as Starcom Plc, for the worldwide supply chain, logistics, container, and freight markets. The business assists its customers in lowering excessive insurance costs, escalating premiums, and expenses to improve bottom-line performance. The firm provides detection-capable multi-sensor tracking devices, command and control centre setup (C4I), full integration with outside enterprises and authorities, cloud storage provisioning, staff training, international technical support, and customer service. The routing of shipments is continuously improved by machine learning algorithms and AI-based monitoring to save costs and improve the environmental benefits. In order to manage the container fleet, the IoT device analyses real-time data to enable intelligent detection of course deviation, temperature deviation, humidity deviation, tampering attempts, accident container damage, and break-ins. Data is transmitted in real-time to the company’s cloud and data recovery facilities through its technology.
t42 offers cargo owners, shipping firms, freight forwarders, insurance firms, customs agencies, homeland security, and police in about 55 countries end-to-end worldwide container tracking and digital transformation of shipments. More than 100 distributors and 50 logistics and support partners have already worked with the organisation.
Recent declarations and forays into new markets
The business is growing into new markets and solidifying its position as a major player in this new sector. In recent news, t42 stated that it has won its first commercial order in Latin America for cloud platform services and sensor-fusion-based tracking solutions. More equipment is anticipated to be ordered for use at additional ports throughout Latin America in addition to the initial 500 units. A Latin American consortium of five top local enterprises serves as the client and provides local port authorities for a significant regional port in Latin America with trade statistics. The management of the port’s rising traffic will be facilitated by the tracking systems and services offered by t42.
Prior to this, the business announced in November 2021 that Olimp Bulgaria Ltd. (“Olimp”), a leader and exporter of security seals worldwide, had made a purchase of its tracking technology and services. After completing a pilot programme that lasted more than a year and a half and entailed working with the Bulgarian customs department, t42 has delivered the first order for about 250 Lokies Smart Tracking Lock systems.
Following the conclusion of the pilot programme in Argentina, t42 and a LATAM distributor came to an agreement under which the company will offer local port authorities t42 solutions for the next four years at a cost of more than $16 million. The pilot program’s initial rollout of 200 smart locks produced fruitful results (“Lokies”). The Lokies were completely approved for usage during the pilot by the Argentinian customs officials, and the Online portal was connected and cleared for use with their systems successfully. T42’s technology will assist port authorities in limiting smuggling activities, ensuring adherence to international rules, and securing significant tax revenue for a jurisdiction. Revenues related to hardware and ongoing SaaS services are covered under the agreement and are anticipated to last as long as the equipment is functional. It is projected that revenue from hardware sales will be generated for four years, starting in 2023 and ending in 2026.
In this period of supply-chain instability, one of the largest problems is the loss brought on by stolen goods or missing cargo. A technical solution that enables the shipping sector to track and control container shipments is needed. Companies may leverage real-time data transmission and analytical capabilities that can provide useful insights to governments, ports, tax authorities, and other interested parties on demand with the aid of AI and machine learning. T42 is revolutionising the global shipping business and tackling the sector’s most critical issues with its end-to-end live-tracked solutions. The recent partnerships may open the door for future partnerships with additional regional port authorities and the companies they support in order to offer a complete line of shipment tracking solutions.