Transaction part of strategy to become the go-to partner and advisor to the maritime industry and broader ocean economy.
LR has acquired GreenSteam, a marine data intelligence company specialising in improving vessel efficiency through machine learning.
The acquisition will be integrated and managed by i4 Insight, a subsidiary of Lloyd’s Register. i4 Insight, part of LR's Maritime Performance Services business, is a digital platform that allows shipowners, operators and charterers to easily access insights on vessel performance and fuel consumption across their fleets. LR is expanding its portfolio of risk, technical advisory, commercial efficiency, vessel performance and voyage optimisation services to unlock and drive growth for clients, part of its strategy to become the go-to partner and advisor to the maritime industry and broader ocean economy, following the June 2021 divestment of its Business Assurance and Inspection Services division.
The acquisition will see GreenSteam’s vast array of machine learning services, from fouling analysis and trim planning, to their dynamic trim and speed optimisers, fully integrated with the i4 Insight platform. This move expands on LR's vision of solving complex problems with integrated software solutions further driving reductions in greenhouse gas emissions and operating costs.
Nick Brown, LR CEO, said: “We want to help clients drive growth and solve complex problems through human expertise, integrated software solutions and the right insights from data. When certainty is scarce, a trusted advisor is vital, which is why Lloyd’s Register is expanding its portfolio of fleet management and fleet optimisation services. Our i4 Insight platform, now enhanced with the acquisition of GreenSteam, will enable our customers to optimise their operational efficiency and vessel performance, making their businesses more sustainable in an increasingly competitive world.”
Shaun Gray, Executive Chairman of GreenSteam, said “Our experience with i4 Insight as one of its inaugural Alliance Partners is positive proof that this acquisition is the right thing for our company. Lloyd’s Register is an ambitious organisation with a long history in shipping and outstanding relationships with its customers. This, combined with i4 Insight’s innovative spirit to give the shipping industry the tools to make truly informed decisions about fuel consumption, is a win-win. Together we will support shipowners in optimising vessel operations while also delivering on emissions targets.”
Joel Meltzner, Fleet Optimisation Director and CEO of i4 Insight, said: “GreenSteam is a leader in vessel-based machine learning for hull and improved vessel performance and as a current i4 Insight alliance partner, it has already enhanced the digital capabilities of the platform. GreenSteam was one of the first companies to apply machine learning to vessel performance data and its system can analyse data from thousands of vessels, continually learning, adapting, and updating what it knows about each vessel. The acquisition of GreenSteam supports our aim to provide our customers with a single source of information to solve key operational challenges and make significant operational cost savings.”
GreenSteam were advised by Pantokrator and BrownRudnick.