Liv Kjaer
General Manager
TORM

Sam Jones
Head of Application Management
TORM

How TORM is leveraging digitalization to achieve sustainable growth over the past decade 

As a leading player in the product tanker industry, TORM understands the power of working in a collaborative and cohesive way. This is the ethos behind their ‘One TORM Platform’ initiative, which integrates their business model, operational platform, and performance culture into one shared strategic approach. TORM operates a wholly owned product tanker fleet and is primarily active in the spot market, focused on optimizing the tradability of their vessels and maximizing the efficiency of every voyage. TORM’s inherent spirit of innovation is what led them to partner with Veson back in 2010. Much has changed since then, with TORM embarking on a digitalization journey that has supported a 10-15% increase in their fleet size over the past decade. What has remained unchanged, though, is a shared vision to leverage digital technology to connect TORM’s international team of experts and empower well-informed, nimble, and collaborative decision-making. 

In a candid conversation with Liv Kjaer, General Manager for TORM’s Copenhagen operations team, and Sam Jones, Head of Application Management, we delved into the rich tapestry of the decade-long partnership with Veson and how TORM has evolved into the business it is today.  

From ‘second movers’ to active influencers 

“I have been a part of the Veson – TORM relationship for the past ten years,” reflected Liv Kjaer, who started her journey at TORM as a Veson IMOS Platform super user for the commercial department. She shared that over the past decade of partnership with Veson, she has seen TORM’s approach transition from a more passive ‘second mover’ role to a proactive influencer of product development and adoption. “This evolution has been driven by increased support from Veson as well as a growing curiosity amongst business application managers and a big support from our IT department,” said Liv. 

The expansion of how TORM leverages the IMOS Platform was supported by the cohesive nature of their ‘One TORM Platform’ strategy. This aligns closely with Veson’s ethos of collaboration and integration, making the two a naturally strong pairing. “We all work under the same platform with the same goal and the same mission for the company, which enables us to really respond immediately to any changes that may happen in the market,” Liv explained. 

Sam added, “The maritime industry is based on relationships. These relationships, they’re paramount to continued success. And thankfully, Veson is able to put the right people from [their] side together with the stakeholders from our side as and when needed. There’s a symbiosis here.” This symbiosis has proven particularly effective in discovering the best approaches to tackling regulatory changes like EU ETS. “If, for example, there are practicalities where the new legislation in this industry might be a little fuzzy, the Veson team we’ve seen is keen to facilitate working groups with us and our peers to essentially help ourselves to help ourselves as an industry. And this is fantastic,” Sam explained.  

Maintaining clarity and confidence in times of change 

With the growing need for sustainable operations and regulatory compliance, TORM is leveraging voyage data and advanced functionality within the IMOS Platform to generate CO2 emissions reports that can be shared with customers. Further, the team at TORM has been working directly with Veson to elevate their decarbonization configurations within the system to best address compliance. “[It] has been invaluable to us working with one of the [Veson] consultants not only on the decarb stuff but on our approval workflows, where we’re looking at the forms and how we can automate them,” explained Sam. “And yes, we can figure stuff out ourselves from the release notes. But having somebody there to show us, guide us – it’s fantastic,” he added.  

Liv shared that one of her favorite features in the IMOS Platform from an operator’s perspective is the Tasks & Alerts functionality, which acts as a safety net to ensure accuracy and standardization in daily workflows across their global teams. “We have built up the Tasks & Alerts setup so it kind of covers everything we foresee in our daily jobs,” Liv explained. “And instead of using one notebook for outstanding tasks, I can create the task in [the IMOS Platform] and it gives some sort of transparency across our global ops department. So, for instance, when I hand a ship over to another operator, they can easily see what’s pending.” This kind of continuity and access to relevant data is at the core of TORM’s decision-making process.  

The importance of a strong foundation and an adaptive mindset 

The maritime industry is in the middle of a booming era marked by change and technological advancement. Amidst this excitement and uncertainty, TORM anchors themselves to a strong foundation of curated systems and strategy that will keep them consistently moving forward. At the same time, they foster an innovative spirit that allows them to explore possibilities, from AI to new ways to leverage existing data.  

When asked about what interesting data points are impacting his work at TORM, Sam shared that they are automating the approvals of noon reports and other messages from their fleet. While the hope is that someday an internet of things would allow this data to be pulled straight from the machinery, they are setting the stage for future breakthroughs by optimizing how they work today. “The foundation is there,” he said, “and one of the foundations is the fact that the source of truth for all operational data, for fleet data, for CII, is going to be the Veson IMOS Platform.”  

Liv reiterated the growing importance of data in improving the quality and ease of their day-to-day operations. She speculated that Artificial Intelligence will likely become a helpful ally and could assist with creating even more accurate TCE budgets, gaining more market knowledge from the chartering side, getting real-time and historical data on port congestions, enhancing the accuracy of turnaround times, and more.  

For organizations embarking on their digitalization journey, Liv Kjaer offers sage advice: “Engage early and define your goals clearly.” In a sea of options, clarity of vision serves as a guiding star, enabling smoother navigation amidst myriad choices. The maritime industry’s culture of knowledge sharing can also be very helpful, fostering a community where experiences are exchanged and lessons learned. 

Building symbiosis through close collaboration 

At the heart of the Veson – TORM partnership lies a symbiotic relationship built on trust and collaboration. Whether navigating technical intricacies or deciphering the implications of new legislation, the Veson team stands shoulder to shoulder with TORM, facilitating dialogue and driving progress. 

As TORM charts its course towards a sustainable and prosperous future, its partnership with Veson remains a pillar of stability and support amidst uncertainty. We are excited to continue collaborating to navigate challenges, embrace opportunities, and find creative ways to grow.