The latest attempt to digitise the shipbroking process ShipNEXT boldly claims Varvarenko has created a platform that “marks the beginning of a new chapter in the history of shipping".
Ukrainian entrpreneur Varvarenko is behind Odessa-based heavy lift and general cargoship owner Varamar Group and Veles Bulk and now adds ShipNEXT to his portfolio.
The company said the first phase of the platform will “read” emailed cargo requests of ship positions and automatically match cargos with ships using over 70 various databases and complex algorithms. It said the software will increase efficiency and reduce human error.
The platform will be rolled out over the next 18 months integrating various aspects and sectors of the market.
ShipNEXT was born of the desire to change the outdated shipping practices and make life easier for traders, ship owners and other market participants. In it we have combined Artificial Intelligence and latest digital technology with our 17-year industry experience in shipping dry-bulk, steels and heavy and oversized cargo, and it took us over 1.5 years to develop,” said Varvarenko, founder and ceo of ShipNEXT.
Meanwhile Ukrainian investment bank Dragon Capital has bought a minority stake in ShipNEXT via Dragon Capital Investment.
“We believe that great sector knowledge and operational background backed by a strong team of industry practitioners, scientists and IT professionals will help ShipNEXT to set a new standard, making shipping faster, more transparent and cost-efficient,” said Brian Best, managing director, head of investment banking, Dragon Capital.