RIYADH: Bahri, a global leader in transportation and logistics, has signed a Memorandum of Understanding (MoU) with Hyundai Heavy Industries (HHI) Group to harness Big Data and technological innovation in the maritime industry. Hyundai Heavy Industries (HHI) Group is the world’s largest shipbuilding group with extensive experience in ship construction and shipyard management.
The two parties signed a Memorandum of Understanding (MoU) that lays out a comprehensive business cooperation framework to jointly evaluate the feasibility of launching new long-term projects, while at the same time bolster existing projects that have resulted from their close association over the years. Bahri was represented by its Acting CEO, Mr. Ali Al-Harbi, and Bahri Data, a global leader in data-driven efficiencies that is making pioneering moves in the usage of Big Data and advanced analytics in the maritime industry. Representatives from Bahri Ship Management also attended the signing ceremony.
The ceremony, which took place at Bahri’s headquarters in Riyadh, was presided by Eng. Abdulrahman Mohammed Al-Mofadhi, Chairman, Bahri, and Mr. Chung Ki-sun, Executive Vice President of Corporate Planning for HHI Group, who was accompanied by Mr. Kwang-Hean An, CEO of Hyundai Global Service (HGS), the service company of HHI Group.
Mr. Ali Al-Harbi, Acting CEO, Bahri, said: “We are excited to collaborate with HHI Group and unearth opportunities that will positively impact the transportation and logistics sector. As one of the largest ship owners and operators in the world, we have a commitment towards the industry to drive sustainable growth by deploying new and improved technology, harnessing data and insights, and making the system more efficient than ever before. We also have the Saudi Vision 2030 in our sights, and with cost efficiency and economic diversification being key components of the reform plan, we believe that this collaboration comes at a crucial moment for both companies and the transportation industry at large.”
Mr. Anwar Siddiqui, Head of Bahri Data, said: “In just over a year since launch, Bahri Data has emerged as a critical differentiator for Bahri and has established itself as a benchmark for data-driven initiatives in the transportation industry. The need of the hour is a solid and reliable framework that puts data at the core of our business, and this collaboration will set the tone for distilling sophisticated transportation functions into streamlined and predictable data that helps make smarter decisions.
This strategic undertaking with HHI Group opens up several possibilities, including using Big Data technology to generate higher revenues and ensuring improved client satisfaction through real-time data and analysis.”
The discussions of collaboration were initiated when a delegation from Bahri visited HHI Group in February this year for the naming ceremony of Bahri’s recently delivered ‘AMJAD’, a 300,000 DWT Very Large Crude Carrier (VLCC). With the new Big Data division launched in 2016, the company saw HHI Group as a potential partner considering its extensive experience and impressive record in shipbuilding.
The two companies have shared a close relationship for decades and have overseen the delivery of 34 vessels.
This relationship was further strengthened with the joint development – including construction and operation – of a maritime yard in Saudi Arabia with Saudi Arabian Oil Company (Saudi Aramco) and Maritime Offshore Limited (Lamprell) which will produce commercial vessels, offshore service vessels and jack-up rigs.