ORBCOMM Inc. (Nasdaq: ORBC) has announced that IHS Markit (NYSE: INFO) has extended their contract for ORBCOMM’s satellite Automatic Identification System (AIS) data used for ship tracking and other maritime navigational and safety efforts.
IHS Markit’s new, multi-year contract was the result of a competitive procurement evaluation among providers of space-based AIS data services. IHS Markit has been a partner with ORBCO since ORBCOMM’s inception of commercial space-based AIS data in 2009, and will continue to provide ORBCOMM’s AIS data services to their government and commercial customers. These services enable maritime domain awareness, sanctions compliance and commodity trading applications.
In addition, IHS Markit is using ORBCOMM’s AIS data to support their web-based maritime and trade solutions, including Maritime Portal Gold/MIRS, AISLive Premium, Trade Compliance Service, MINT and Commodities@Sea. By leveraging ORBCOMM’s comprehensive AIS service, IHS Markit delivers the information, analytics and insight to help customers identify growth opportunities, reduce global supply chain risk, make more effective business decisions and improve operational efficiency.
ORBCOMM’s satellite data AIS service has provided the most comprehensive and reliable global coverage in the market over the last decade. ORBCOMM is continuing to invest to support growth in the AIS markets by enhancing its satellite AIS service with two new, next-generation AIS CubeSats, which are expected to expand coverage of ORBCOMM’s constellation, increase visibility to smaller Class B ships and extend its polar footprint with launches planned on separate missions starting in late 2020.
“We are pleased to extend our long-standing partnership with IHS Markit, who has been instrumental in working with ORBCOMM to develop and expand the global satellite AIS market over the past decade,” said Greg Flessate, ORBCOMM’s Senior Vice President and General Manager, Government and AIS. “IHS Markit’s contract renewal is a strong testament to the quality and reliability of ORBCOMM’s AIS data, which is integral to supporting their global maritime and trade solutions as well as solidifying ORBCOMM’s leadership and continued growth in the maritime market.”
“With around 90 percent of global trade done by sea, the detailed tracking of vessels provides a clear commercial and security advantage,” said Stuart Strachan, Senior Vice President, Maritime and Trade at IHS Markit. “Our maritime and trade solutions combined with ORBCOMM’s AIS data help our customers stay ahead of changing markets, trade data or supply chain disruptions and capitalize on trading opportunities with verified intelligence on commodity shipment activities as well as ensure regulatory compliance.”