Maritime Risk Management: Future Trends and Innovations 

There are many risks to face in the shipping industry, whatever your company size or the vessels you use. Financial safety, environmental and reputational risks are ever-growing, due to a range of threats from climate change to piracy.  These dangers must be faced, investigated and mitigated, through effective maritime risk management. There are several trends and innovations in shipping safety, and HiLo is at the forefront of them.  

Why maritime risk management is critical for shipping safety?

Maritime risk management is critical to improving shipping safety. New technology, including tools perfected by HiLo, mean that for the first time marine companies can take a fully proactive approach to safety. This translates into better shipping safety operations with reduced accidents and loss of life; a more sustainable industry; better compliance with regulations; and improved efficiency and significant cost savings.

Innovations in shipping safety  

Shipping safety is being transformed through maritime risk management trends and innovations. These are being driven by technological advancements and a growing focus on efficiency and sustainability. These innovations are creating a new era of proactive maritime risk management based on data-driven decisions, focused on preventing incidents before they occur.  By anticipating and mitigating potential problems, shipping companies can create a safer environment for crews; ensure a more sustainable industry; protect the environment; ensure efficient operations; and gain significant cost savings. 

Future trends in maritime risk management 

Driven by these technological advancements, there are significant changes in how maritime risk management is approached. 

• Artificial Intelligence (AI) and Machine Learning (ML) are revolutionising shipping safety risk assessment. By analysing vast amounts of data on equipment performance and historical incidents, these technologies can predict potential hazards such as equipment failure.  

• Big data and advanced analytics tools gain valuable insights from real-time sensor readings, and maintenance logs. This allows operators to identify risk patterns, increase operational efficiency, and make data-driven decisions to minimise accidents and delays. 

Why HiLo’s innovations are the future of maritime risk management  

HiLo’s ground-breaking innovations, experts and experience are transforming shipping safety. Our world-leading, peer-reviewed statistical analysis finds your biggest risks and the most dangerous trends in the industry – both now and in the future – in a clear step-by-step process: 

1. We show you the accidents you are most likely to suffer 

2. We show you which are the most likely drivers of these accidents 

3. You see whether the risk from these likely drivers is increasing or decreasing 

4. You learn the contributing factors to these risk drivers, so that you know what specific issues you need to resolve 

5. The timing of the actions you take is also recorded, so you can measure how quickly and successfully these specific issues are resolved 

We thus both (a) identify the leading causes of issues for your fleet and (b) provide you the information, through a framework of actionable actions, to easily create your own step-by-step action plan to resolve these issues. 

Our solutions empower shipping companies by:  

• Peer-reviewed analysis through a system built by risk management specialists 

• Enabling, informed choices based on real-world data insights, not just experience, for better safety and efficiency.  

• Providing cost-effective, scalable solutions that fit your needs and budget  

Furthermore HiLo’s tools don’t just identify your shipping safety issues; they offer actionable insights into how to solve them. Our web-based SaaS maritime risk management tools Pinpoint and Pulse discover risk hotspots and demonstrate the proactive measures available to prevent incidents before they happen.  

Benefits of HiLo maritime risk management on shipping safety 

• Improved safety: By focusing on significant events, HiLo aims to prevent major accidents and save lives at sea. 
• Reduced costs: Proactive risk management can help to avoid costly repairs, pollution cleanups, and potential legal liabilities. 
• Enhanced efficiency: Improved decision-making based on data insights can optimise routes and operations, leading to cost savings and time efficiency. 
  

Predictive analytics – an innovation transforming shipping safety 

HiLo’s innovative approach to predictive analytics uses sophisticated algorithms to allow you to transform maritime risk management for your operations. Our analysis is more than 98% accurate, meaning you can allocate resources where they are most needed to proactively address potential issues before they cause real-life problems.  

By analysing all this data, our Pinpoint tool can find these initial risks, even when they do not pose a significant issue on their own. This is the greatest innovation transforming maritime risk management: for the first time, you can prioritise shipping safety issues to fix on your fleet prioritise issues based on their potential long-term impact. Examining each individual risk, we can identify hidden patterns and predict the causes of potential major catastrophes before they occur.  

This innovation has never ever been possible before, because there has never been sufficient shipping data in a single system to find these trends. HiLo’s fleet of customers now includes more than 50 companies and 2,500 vessels of 5 different types, meaning for the first time we have sufficient maritime data to transform shipping safety, including incident reports and near misses.  

Benefits of HiLo’s innovative approaches to maritime safety 

• Raise your self-assessment scores by up to 48% with targeted maritime risk management guidance 
• Proactively address human error risks identified by Pulse, ensuring your crew have safer voyages 
• Increase your commercial appeal and enhance your company’s reputation through a demonstrably strong and improving safety record 

How HiLo’s maritime risk management helps you  

HiLo’s maritime risk management innovations can greatly improve shipping safety for your organisation.  

Our customers have seen a range of financial and safety benefits for their vessels in the past year, including: 

• Improvements in self-assessment performance by up to 48%   

• Savings of over $130 million  

• A 2,000 reduction in predicted injuries 

Try HiLo’s maritime risk management to improve your shipping safety 

Get in touch today to discuss how HiLo can both protect your vessels, crews and the environment and transform your bottom line.