[Volume 18. Veson Nautical: Global Leader in AI-Powered Maritime Logistics Solutions]

Veson Nautical IMOS X

South Korea Emerges as the New Maritime Industry Hub

K-Shipbuilding Leading the Global LNG/LPG Revolution

Korean shipbuilding has established global dominance in the LNG/LPG carrier market with exceptional technology and quality leadership worldwide. Particularly in high-value LNG carrier construction, Korea maintains overwhelming competitive advantage, with major shipyards including Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean serving as key suppliers in the global LNG carrier market.

Korea's Differentiated Competitive Advantages: While China focuses on volume-driven growth in global shipbuilding, Korea specializes in technology-intensive, high-value vessels. The country possesses world-class technological capabilities especially in LNG/LPG carriers, offshore plants, and special-purpose vessels:

• KOGAS-developed KC-1/KC-2 Systems: Started development in 2005, achieving world-first domestic production of LNG cargo containment systems. Successfully reduced technology royalties while improving performance, breaking away from French GTT technology dependency

• Complete Cryogenic Technology Independence: World-leading capabilities in safe LNG storage and transportation at -163°C cryogenic environments

• Dual-fuel Propulsion System Leadership: Pioneering LNG-fueled propulsion vessels for environmental regulation compliance

• Ultra-large LNG Carrier Construction Capability: Capable of building large LNG carriers from 170,000㎥ to 270,000㎥ Q-Max class across the full range

  
  

Korea's Global Maritime Dominance by Numbers

Overwhelming Shipbuilding Order Backlog (2025 Basis) According to VesselsValue data (acquired by Veson), Korean shipbuilding maintains the world's largest order backlog at $138 billion. LNG/LPG sectors show particularly high concentrations:

• LNG Carriers: $71.3 billion (52%, 276 vessels)

• LPG Carriers: $14.9 billion (11%, 129 vessels)

• Container Ships: $35.6 billion (26%, 184 vessels)

• Tankers: $14.7 billion (11%, 185 vessels)

Global Shipping Companies' Dependence on Korea Major global shipping companies' vessel orders at Korean shipyards:

• CMA CGM: $8.09 billion

• NYK Line: $7.21 billion

• Qatar Gas Transport: $6.9 billion

• Evergreen Marine: $6.38 billion

Digital Transformation Necessity in Korean Maritime

Intersection of Growing Complexity and Technological Advancement The technical complexity of vessels built in Korea is rapidly increasing. 37% of total orders worth $71.4 billion are dual-fuel vessels, requiring not just simple operations but real-time fuel efficiency optimization, environmental regulation compliance, and complex cargo management simultaneously.

Advanced Management Requirements for LNG/LPG Transportation:

• Boil-off Gas Optimization: Efficient utilization of naturally evaporating gas during voyages

• Multi-stage Temperature Management: Responding to various cargo characteristics from cryogenic to ambient temperatures

• Real-time Market Integration: Immediate decision-making in volatile energy markets

• Global Regulatory Compliance: Complex international standards including EU ETS and IMO environmental regulations

This rapid development in Korean shipbuilding and maritime creates complexity levels that can no longer be managed through traditional methods. At this point, the combination of AI and data analytics has become essential rather than optional, and Veson Nautical stands at the center of this transformation, presenting new paradigms for the Korean maritime industry.

Digital Transformation Era in Maritime Transportation

Turning Complexity into Competitive Advantage

The maritime industry has traditionally faced high risks and uncertainties due to complex contract management, volatile market conditions, and coordination among numerous stakeholders. However, Veson presents a new concept called "Decision Advantage" that can transform this complexity into measurable rewards.

Innovation from Data Analytics Perspective Maritime transportation data represents a treasure trove of vast information generated in real-time. From vessel positions, weather conditions, fuel consumption, cargo status, to port congestion - analyzing all this data with AI models to support optimal decision-making is Veson's core strategy.

Global Maritime Industry Challenges

Carbon Neutrality and Regulatory Strengthening With the inclusion of maritime in EU ETS and IMO 2050 carbon neutrality targets, fuel efficiency and emission management have become core competitiveness.

Increasing Supply Chain Complexity Post-COVID-19 global supply chain vulnerabilities highlighted the importance of real-time monitoring and predictive analytics.

Accelerating Digital Transformation The transition from traditional paper-based processes to complete digitalization has become essential across the industry.

Veson Nautical Overview

Founded: 2003

Headquarters: Boston, USA

Core Services: Commercial maritime freight management platform, AI-powered decision support systems

Website: https://veson.comGlobal

Impact: 38,000+ users across 100+ countries, managing 195,000+ commercial voyages annually

Industry-Leading Technology Company

Veson Nautical spearheads the maritime industry's digital transformation, providing platforms that integrate and analyze all data generated in complex maritime transportation processes to support optimal decision-making. Beyond being a simple software provider, it serves as a data hub connecting the entire maritime transportation ecosystem.

Unparalleled Market Position:

• Used by 8 out of 10 major oil & gas companies

• Used by 8 out of 10 largest commodity trading firms

• Processing $122 billion worth of marine freight annually

• Covering 77,000+ vessels with data

Core Technology: What Makes Veson Special

1. Integrated Maritime Operating System (IMOS Platform)

Next-Generation Contract Management Standard IMOS is the most powerful freight contract management platform in the maritime industry, managing the entire lifecycle from pre-fixture voyage planning to post-voyage analysis.

AI-Powered Decision Support:

• Optimal freight rate prediction through real-time market data analysis

• Fuel efficiency optimization using machine learning algorithms

• Risk management through predictive analytics

2. Shipfix: AI-Powered Maritime Email Solution

Revolutionary Communication Automation Shipfix uses AI to transform complex maritime email communications into structured data.

Technical Breakthrough Points:

• Automatic cargo information extraction through Natural Language Processing (NLP)

• Smart filtering for priority information setting

• Automatic market trend analysis and notification features

3. Comprehensive Data Ecosystem

Database of 260+ Commodities, 60,000+ Vessels Veson's greatest competitive advantage lies in providing verified and standardized global maritime data in real-time.

AI Models and Collaboration Strategy

Strategic Partnerships with Global AI Leaders

Multi-AI Engine Integration Strategy According to recent statements by CEO John Veson, Veson integrates multiple AI engines including Claude (Anthropic), Gemini (Google), and GPT (OpenAI) based on their respective strengths. This represents a sophisticated approach utilizing optimal performance from each model rather than relying on a single AI model.

"CoCaptain" AI Assistant Platform Veson's proprietary digital assistant that understands complex maritime data and supports better decision-making:

• Automatic Contract Generation: Automatically generates voyage contracts and invoices to streamline approval processes

• Real-time Quote Creation: Creates voyage estimates and performs complex calculations on command

• Anomaly Detection: Automatically detects and explains deviations from planned voyage P&L

• Natural Language Q&A: Provides context-rich instant answers to questions like "What happened on this voyage?"

Practical AI Applications:

• Automated Laytime Calculations: AI reads and interprets contracts to automatically perform complex laytime calculations

• Natural Language Workflows: Create rule-based workflows in natural language without coding knowledge

• Unstructured Data Validation: Automatically flags data inconsistencies across multiple documents for accuracy

• IMOS X Claims CoCaptain: AI-powered claims management process transformation

AI-Based Operational Optimization Models

• Fuel consumption prediction combining maritime weather data and vessel performance data

• 12% cost efficiency increase achieved through machine learning features introduced in 2023

• Optimal freight rate prediction algorithms through real-time market data analysis

Market Prediction AI Models

• Analysis of global commodity market trends and freight rate volatility

• Optimal freight rate proposals through real-time supply-demand matching

• Solutions for operational cost increases due to complexity growth (experienced by 67% of the industry)

  
  

AI Ecosystem Partnerships:

• Anthropic (Claude): Natural language processing and complex contract interpretation

• Google (Gemini): Large-scale data analysis and predictive modeling

• OpenAI (GPT): Creative problem-solving and user interface improvement

• Collaboration with major shipyards on smart ship technology development

• Scalable infrastructure development with cloud platform vendors

• Real-time data collection system development with IoT sensor companies

• Long-term strategic partnerships with major cargo companies

Strategic Partnerships

Global Enterprise Long-term Partnership Model The recent strategic technology agreement expansion between Veson and global agricultural giant Cargill exemplifies Veson's partnership strategy. With 160 years of history, Cargill employs approximately 160,000 people and operates global food supply chains through maritime transportation.

Core Values of Cargill Partnership:

• Customer-Centric Solution Development: Integration of proprietary data, supplier information, and customer insights

• Enhanced Regulatory Compliance: Compliance with new industry regulations including IMO and FuelEU initiatives

• Accelerated Digital Transformation: Unified platform provision through seamless integration of both companies' systems

• Cargo Procurement Process Advancement: Enhanced visibility, efficiency, and control capabilities

  
  

This large-scale global enterprise collaboration model provides important strategic insights applicable to the Korean market.

Korean Market Applications of Cargill Model: Cargill's successful partnership demonstrates similar collaborations are possible with Korea's major corporations:

• POSCO Group: Steel raw material maritime transportation + shipbuilding data integration

• GS Group: Energy supply chain + LNG/LPG terminal operation optimization

• Hyundai Group: Automotive export logistics + shipbuilding smart ship technology

• Samsung Group: Electronics global supply chain + maritime digitalization

Through strategic partnerships with such major conglomerates, Veson can perform roles as a digital transformation partner beyond being a simple software supplier.

Major Competitor Analysis

Company	Core Strengths	Market Position	Key Differentiators	Limitations vs. Veson
CargoSphere	Global freight rate management	Mid-size enterprise focus	Cloud-based rate management	Lacks integrated operations platform
Freightos	Digital freight brokerage	SME-targeted	Online instant quotes	Limited enterprise-level functionality
GoFreight	NVOCC specialization	Mid-size forwarders	Ocean transport specialization	Lacks AI-based analytics capabilities
Kuebix	Transportation Management System	Land transport strengths	Data analysis capabilities	Limited maritime transport expertise
Magaya	Integrated logistics software	Mid-size forwarders	Multi-modal support	Insufficient maritime transport depth

Veson's Unparalleled Competitive Advantages

Data Scale and Quality

• Industry's largest verified maritime database

• Real-time global trade flow tracking and analysis

AI Technology Level

• Maritime industry-specialized machine learning model development

• Combination of 20+ years accumulated domain expertise with AI technology

Market Penetration

• Established as standard platform for global major enterprises

• Continuous innovation through industry's largest development organization

Korean Market Opportunity Analysis

Veson's LNG/LPG Solution Focus Strategy

Veson's current focus on LNG/LPG voyage management solutions represents a highly strategic choice. LNG/LPG transportation is one of the most complex areas in the maritime industry, requiring continuous balance between voyage profitability and fuel consumption, contractual compliance, and real-time market price response simultaneously.

Technical Complexity of LNG/LPG Transportation:

• Boil-off Gas management for cryogenic liquefied natural gas

• Fuel efficiency optimization according to various consumption modes

• Dynamic scheduling in high-traffic maritime passages

• Real-time P&L tracking and ROB (Remaining On Board) management

Explosive Growth of Korean LNG/LPG Ecosystem

Digital Innovation Demand from World's Largest LNG Importer

Korea, as the world's largest LNG importer, imports approximately 45 million tons of LNG annually, representing about 12% of global LNG trade volume. The recent long-term contract between TotalEnergies and KOGAS for 1 million tons annually over 10 years demonstrates Korea's LNG market's continued growth.

Major Expected Customer Analysis

1. National LNG Infrastructure - KOGAS (Korea Gas Corporation)

Market Position and Scale:

• World's largest single LNG buyer

• Operates 5 LNG terminals (Pyeongtaek, Incheon, Tongyeong, Samcheok, Jeju)

• Manages long-term contracts for 2.8 million tons annually

• Operates 4,945km natural gas pipeline network

Veson Solution Application Value: KOGAS must manage multiple suppliers and complex long-term contracts while responding to domestic demand fluctuations. Veson's IMOS platform can significantly improve KOGAS's operational efficiency through contract management, risk exposure management, and real-time P&L tracking.

2. LNG Specialized Shipping Companies

SK Shipping

• Korea's largest LNG transportation company (operating 12 vessels)

• Accumulated LNG transportation expertise since 1994

• Currently under HMM acquisition consideration for expanded operations

Korea Line Corporation

• Participated in LNG carrier construction through DSME partnership

• Possesses long-distance LNG transportation know-how

Hyundai Glovis

• Hyundai Motor Group logistics specialist

• Operates 1 LNG carrier (participated in KOGAS tender)

• Ongoing LNG fuel conversion projects for car carriers

3. Integrated Energy Companies

SK E&S

• Korea's first private LNG direct importer (2006)

• Owns gas fields in Indonesia, Australia, and USA

• Secured Freeport LNG terminal usage rights in USA

• Complete upstream-midstream-downstream LNG value chain integration

GS Energy & GS Caltex

• Joint ownership of Boryeong LNG terminal (partnership with SK E&S)

• Large-scale LPG processing through integrated petrochemical operations

• Leading eco-friendly fuel transition through maritime biofuel development

4. Manufacturing Raw Material Transportation Demand

POSCO

• World's 7th largest steel company with massive LNG raw material consumption

• Operates LNG terminal within Gwangyang steelworks

• Recent maritime biofuel cooperation with H-Line Shipping and GS Caltex

Samsung Heavy Industries & Hanwha Ocean

• Major shipyards specializing in LNG carrier construction

• Need for proprietary LNG fuel supply and testing operations

• Potential to provide value-added services to clients through Veson solutions

Special Opportunity Factors in Korean Market

1. Government-led Energy Security Enhancement

The Korean government promotes LNG supply source diversification and emergency inventory management as national strategy. KOGAS must manage mandatory inventory (7 days) and preventive inventory (30 days), where Veson's risk exposure management and predictive analytics capabilities can play key roles.

2. K-Shipbuilding LNG Vessel Technology Innovation

Korean shipbuilding leads the LNG carrier market with proprietary technologies like the KC-1 cargo containment system. Veson's smart ship data integration can connect this technological advantage to operational optimization.

3. Asian LNG Hub Strategy

In the Asian LNG hub construction plan centered on Busan and Incheon ports, Veson's real-

time market data and price prediction models can serve as core infrastructure.

Korean Market Applications of Cargill Model: Cargill's successful partnership demonstrates similar collaborations are possible with Korea's major corporations:

• POSCO Group: Steel raw material maritime transportation + shipbuilding data integration

• GS Group: Energy supply chain + LNG/LPG terminal operation optimization

• Hyundai Group: Automotive export logistics + shipbuilding smart ship technology

• Samsung Group: Electronics global supply chain + maritime digitalization

Through strategic partnerships with such major conglomerates, Veson can perform roles as a digital transformation partner beyond being a simple software supplier.

Korean Market Opportunity Analysis

Korean Shipbuilding Order Backlog and Market Scale According to analysis by

VesselsValue (currently owned by Veson), Korean shipbuilding maintains the world's largest order backlog:

• Total Order Backlog: $138 billion (world's largest)

• LNG Carriers: $71.3 billion (52%, 276 vessels) - Veson's core specialty area

• Container Ships: $35.6 billion (26%, 184 vessels)

• LPG Carriers: $14.9 billion (129 vessels)

• Tankers: $14.7 billion (185 vessels)

Global Shipping Companies' Dependence on Korean Shipyards Major global shipping companies' vessel orders at Korean shipyards:

• CMA CGM: $8.09 billion

• NYK Line: $7.21 billion

• Qatar Gas Transport: $6.9 billion

• Evergreen Marine: $6.38 billion

• HMM: $11.9 billion (112 vessels)

• H Line Shipping: $6.09 billion (62 vessels)

  
  

Technology Enhancement and Digitalization Demand

• Dual-fuel Vessels: 37% of total orders ($71.4 billion)

• 80% of container vessels and 50% of LPG vessels equipped with advanced systems

• Rapidly increasing demand for sophisticated software solutions for complex operational requirements and environmental regulation compliance

Strategic Value of Korean Market Entry

Korea's Centrality in Global Maritime

Korea is not simply 'one market in Asia' but rather a core hub of the global maritime industry. The $138 billion scale of shipbuilding order backlog represents continuous business opportunities for the next 5-10 years, particularly strategic given that LNG/LPG carriers, Veson's specialty area, comprise 63% of the total.

Opportunities Provided by Korean Entry:

• Expanded Global Customer Touchpoints: Participation in major shipping companies' Korean order projects

• Technology Development Partnerships: Smart ship technology cooperation with K-shipbuilding companies

• Asia-Pacific Hub: Strategic base for expansion into Japan, China, and Southeast Asia

• Regulatory Compliance Expertise: Solution development for complex environmental regulations and safety standards

Business Model and Market Outlook

Pricing Strategy

Enterprise-Focused Subscription Model

• Basic Platform: Starting from hundreds of thousands of dollars annually

• Modular Additional Features: Usage-based billing

• Global Enterprise Target: Customized contracts (multi-million dollar scale)

Korean Market Application Considerations Given Korean maritime industry preferences for long-term contracts and stable partnerships, 3-5 year long-term contract-based package products would be effective.

Market Growth Outlook

Global Maritime Software Market

• 2024: $2.4 billion → 2030: $4.5 billion (11% CAGR)

• Rapid increase in AI-based solution proportion

Korea Market-Specific Opportunities

• Increased Korea-originated cargo due to global expansion of K-content

• Smart ship data demand as a leading country in eco-friendly vessel technology

• Data concentration effects as an Asian hub port

Core Value Provided by Veson

Operational Efficiency Enhancement

90% Manual Work Reduction

AI-based automation dramatically reduces traditional manual processes, minimizing human errors and improving processing speed.

Real-time Decision Support

Supports optimal timing decisions through real-time data analysis in complex maritime markets.

Risk Management and Profitability Enhancement

Risk Hedging Through Predictive Analytics

Enables advance prediction and response strategy development for market volatility, fuel price changes, and exchange rate risks.

Profitability Optimization

Improves overall profitability through AI model-driven optimal route setting, fuel efficiency improvement, and ballast time minimization.

Conclusion: New Standard for Maritime AI Excellence

Veson Nautical transcends being a simple maritime software company to become a transformative enterprise leading the digital evolution of the entire maritime transportation industry.

From a data analytics software developer perspective, Veson's technological advancement accelerates the maritime industry's digital transition. When combined with Korea's powerful maritime infrastructure and shipbuilding technology, it can create truly global maritime services that can be naturally consumed in any region worldwide.

Value Provided by Veson

Complete Language Barrier Elimination

Removes communication barriers in global maritime networks through multi-language support and standardized data formats.

90% Operational Cost Reduction

Dramatically reduces traditional maritime operation complexity and costs through AI-based automation.

Shortened Global Market Entry Period

Minimizes time and resources required for new market entry through integrated platforms.

Maritime Industry Democratization

Enables maritime companies of all sizes to utilize advanced analytical tools previously available only to large corporations.

Now that image and text generation AI have brought the first wave of change, maritime AI stands at the center of the second wave. At this moment when K-maritime is establishing itself as the center of global maritime transportation, Veson Nautical will become an essential tool opening infinite possibilities for the Korean maritime industry.

ⓒ 2025 The intellectual property rights of this report belong to the author and respective companies.