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South Korean company SSVT (Smart Ship Venture Technology), seeks to expand to Singapore with its new service offering, PANKI.

PANKI is an Artificial Intelligence (AI)-powered, blockchain-based monitoring and management solution that aims to solve ESG challenges for the painting process in the shipbuilding industry. Development for the platform began in February 2021, and a prototype was completed in April 2022. PANKI digitalises the shipyard painting inspection process and automatically generates reports and analyses of the collected data.

Singapore is one of the biggest ports globally for maritime trade, as it is connected to more than 600 ports in over 120 countries worldwide. With 140,000 vessels calling at port yearly, Singapore is the busiest port in the world in terms of shipping tonnage.

SSVT believes that PANKI can drive cleaner efficiency towards ESG efforts with their expansion to Singapore. PANKI addresses the issue of the growing shortage of skilled inspectors and personnel by creating clear reference points on the vessel for painting inspection. The platform digitalises and manages the entire painting process from front to end.

“Maritime trade is the backbone for international trade, and a pillar of the global economy. At SSVT, we believe that paint management plays a crucial role in preserving the seaworthiness of vessels. With PANKI, our clients will be able to make their maintenance efforts smoother, and reduce their fuel costs, while being sustainable for the environment in the long run,” said Park Jonghyun, CEO at SSVT.

PANKI accelerates the process by 150%, from inspection and approval, to making clear data-driven decisions in five days. By streamlining the painting process, PANKI can improve ship fuel efficiency by 1.5%, resulting in USD $105,000 of annual fuel savings per ship. Along with improved productivity from reduced downtime for painting projects, PANKI’s approach towards proactive maintenance can also save companies up to USD $4.5 billion across 10 years.

Leveraging blockchain technology, PANKI provides data transparency for all parties involved. This facilitates smoother communications between shipyards, ship owners and insurance companies.
SSVT is currently developing PANKI and is targeting April 2023 for the completion of the first version. Additional functions will be added to the platform to allow seamless integration to aid clients from the construction to the operation stages of their vessels.

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