Wednesday, March 11, 2020

Dry Cargo Shipping Company Opts for Cloud Based Fleet Document Management Tool

Charter Contracts Brought Up to Date
Shipping News Feature

DENMARK – One of the country's oldest shipping companies, NORDEN, which today operates a fleet of around 275 dry cargo vessels, has brought itself right up to date with the implementation of Sea/contracts, an agile, cloud based, document management tool for the production and management of recaps, charter parties and other shipping documents, across its Panamax, Supramax and Handysize dry cargo operations.

As one of the world’s largest operators globally of dry cargo vessels, NORDEN requires a significant number of charter parties, contra and other shipping documents and contracts between a charterer and a vessel owner, produced against its fixtures, and this latest document management update will affect 10 of its offices.

Sea/contracts is currently used by over 1,000 users across charterers, owners, and brokers. As well as meeting NORDEN’s specific requirements, the module provides a full audit trail of changes, stronger collaboration across key stakeholders and streamlined workflow with the use of electronic signatures. Christian Vinther Christiansen (Head of Dry Cargo Operator), NORDEN, commented:

“With the volume of documentation that we produce, it was necessary to rethink our operations to ensure the systems and tools we have will support our overall Digital Strategy. We needed to ensure recaps and charter parties would be produced in a standardised and efficient way, with stronger controls around terms.

”With Sea/contracts in place, our business is heading towards improved efficiency, and the business has increased confidence around its governance of terms and minimisation of human error, [it] provides us with lots of data around our charter parties which we otherwise wouldn’t have had. As we own the data, it can also be applied to our in-house advanced analytics helping us to achieve our business goals.”

Sea/contracts is currently one of eight interoperable modules on the Sea/ platform that can be used either together or separately. The programmes are licensed from Maritech, an operation owned by the Clarkson plc group but separated from the organisations broking, banking, support and research functions.

The full Sea/ platform (viewable here) is designed to improve the day-to-day working of shipping professionals, by enabling better informed trading strategies, ensuring stronger collaboration between market participants and providing operational tools for success from within a single platform. Jeff Woyda, Chairman, Maritech, observed:

“We are delighted that a company of NORDEN’s scale, has signed up to Sea/contracts. Not only does it demonstrate the industry’s demand for smarter charter party management, but it also highlights the increasing need for better compliance to mitigate risk.”