HarborLab, the Athens-based maritime technology company, launched a new AI-powered feature designed to optimize Disbursement Account (DA) analysis and streamline port expense management.
This latest innovation, known as HL AI, is part of the company’s drive to fully integrating artificial intelligence (AI) into its entire platform ecosystem helping shipowners and operators unlock efficiency and major cost savings in daily vessel operations.
With annual port-related spending for ship owners and operators being currently roughly $2 million per year for a single vessel on voyage charter, ship owners that operate a fleet of over 100 vessels, the financial risks of relinquishing DA approvals of up to $200 million annually to third parties or solely managing a traditionally cumbersome process in-house are too high.
HarborLab’s solutions and its latest AI-powered feature are designed to empower their teams with greater control, real-time insights, and technology automation, enabling them to make faster, more confident operational and financial decisions.
With the launch of HL AI, DA verification and approval workflows is enhanced by offering the ability to operators to see and understand how each port expense charged in a DA is calculated in greater detail, backed by HarborLab’s algorithmic insights and access to real-time port tariff data.
In addition, HL AI can instantly translate all tariff documents to eliminate potential language barriers, making it easier to understand official port information in English.
HL AI can also automatically generate AI-powered email responses for expense discrepancies to accelerate negotiations. Moreover, HarborLab’s AI Agent is continuously learning and evolving as users adapt to the platform to ensure the system’s level of accuracy remains at the forefront of the wider HarborLab system.
“More than $130 billion is spent globally across the industry every year on port expenses, yet many shipping companies still struggle with a traditionally opaque and time-consuming process of port cost management. With HL AI we are eliminating inefficiencies and tripling the DA review capacity of industry players, ultimately giving them greater control over their financial operations,” said Antonis Malaxianakis, Chief Executive Officer and Founder of HarborLab.