You browse the Internet searching for a product, and you find something marketed as better and cheaper than the competition. The ad looks great, it's all catchy, and you go for it.
Only when the item arrived it turns out to be a low-quality imitation, which doesn't match what was promised. We hope you've only heard of such cases and never experienced them yourself.
Does this story sound familiar?
Alternatively, you’re looking for maritime software, and you find a solution that is cheap, promising to fulfill all your needs.
Yet, in time, you discover that all the promises are misleading, and you’ve been tricked into investing your time and money into software that you can neither benefit from, nor refund.
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Maritime Software: Avoiding Online Scams
Choosing the right shipping software has some aspects in common with online shopping – you compare different products and their pricings, you check out the reviews, you trust the seller on what they're promising, and you take a final decision what to buy.
That being said, while it’s obvious when you’ve been scammed online, coming to the same conclusion about shipping software takes much more time – that one is non-refundable. Furthermore, choosing wrong can take your company through some chop.
Red Flags to Watch for in Maritime Software Promises
- Overstated Capabilities
- Vague Performance Metrics
- Limited Transparency on Data Accuracy
- One-Size-Fits-All Solutions
- Over-Reliance on Buzzwords
- Questionable Reviews and Testimonials
- Unrealistic Pricing or Hidden Costs
1. Overstated Capabilities
- Red Flag: Claims of "all-in-one solutions" without clear examples.
- What to Do: Ask for a live demo or a trial period to test the features.
2. Vague Performance Metrics
- Red Flag: Promises of "better efficiency" without measurable KPIs.
- What to Do: Request specific case studies or user testimonials with quantifiable outcomes.
3. Limited Transparency on Data Accuracy
- Red Flag: Claims of "real-time data" without clarifying data sources.
- What to Do: Verify how often data is updated and whether it is verified by credible sources.
4. One-Size-Fits-All Solutions
- Red Flag: Software that supposedly suits "any maritime business."
- What to Do: Look for customizable options or industry-specific case studies.
5. Over-Reliance on Buzzwords
- Red Flag: Frequent use of terms like "AI-powered" or "cutting-edge" without context.
- What to Do: Ask for a breakdown of how these technologies improve maritime operations.
6. Questionable Reviews and Testimonials
- Red Flag: Only glowing, 5-star reviews with no constructive feedback.
- What to Do: Search for independent reviews or ask for references to speak with real users.
7. Unrealistic Pricing or Hidden Costs
- Red Flag: Extremely low prices or vague pricing structures.
- What to Do: Get a detailed breakdown of costs, including implementation and support fees.
Ultimately, trustworthy maritime software providers are transparent, offer measurable data, and encourage user feedback. Taking the time to verify claims and asking pointed questions can help avoid falling for false online promises.
Dive Deeper Into: How to automate your freight calculations
Trust the Proven Solution - AXSMarine
The latest smoke and mirrors involve software providers making bold claims about what they are delivering. However, we know for a fact some of them are unattainable due to tech-stack limitations and/or data lacking accuracy and depth to support the claims.
If you see an automated email content extraction tool, promoted as an alternative to AXSReader and a Market Monitoring tool at the same time, you should be very wary.
As the name implies, an email parsing software automates the process of transforming email messages into actionable vessel supply/demand data. It’s not a new concept, as we have been providing such a service for over 12 years to hundreds of companies.
As they can vouch, it can save an average of 60 minutes per person per day, taking care of 300 million emails per year, and their privacy of data is guaranteed. Yet, this remains far from having the complexity required for a much tougher job.
Trade Flows Offers Much More
A true Market Monitoring solution like Trade Flows adds much more to the mix than an email parser. The data inside has been pooled in depth for years of actual ship and commodity movements.
This allows Trade Flows to even make predictions of vessel and cargo destinations. It is a much more complicated process than just scrolling through at a fraction of market emails to drive surface conclusions.
Any scuba diver with experience will tell you how different reality at depth is compared to the blurry view of the surface.
With Trade Flows, you can see for example that in 2021 shipments of Urea, Sulphur, Petcoke, Potash and Cement combined accounted for 3.73% of all Dry Bulk shipped by vessel around the world. Through its granular data, this reality becomes easy to uncover.
The number of voyages carrying the aforementioned commodities represented only 8.17% of all laden legs during the same period. Would you trust those numbers to provide you with a proper read of the market?
On the other hand, Iron Ore is the "lion's share" of seaborne Dry Bulk, accounting for 26.7% of all Dry Bulk cargoes transported in 2021. By our calculations, if one attempts to use the outcome of an automated email reading tool to monitor the market, about a 6% market coverage is expected.
The big players such as Vale, FMG, BHP, Rio Tinto, and other miners will rarely expose their private cargoes via commercial emails. According to several well-known and experienced Capesize shipbrokers, cargoes quoted via emails for Capes only represent about 15% of what is really moving.
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Looks Can Be Deceiving
Another trick recently used is limited data displayed on a percentage basis. This is a trick used to hide a lack of quality data coverage. So, if you see a variation percentage chart instead of one using proper measured quantities, that should raise some flags for you.
Whether you are a direct shipping professional, a commodity trader, an analyst, a quantitative or hedge fund, we're sure you care about the best possible intelligence. Thus, you should act with caution and diligence to make the best-informed decisions.
If you’re promised a lot, with not much asked in return, from a service or product, this will likely expose you and your data to serving interests that may not be yours. As they say, if you're not paying for the product, you are the product.
Trade Flows: The Ultimate Solution to Make Faster, Informed Decisions
Do you want to avoid overpaying for underwhelming products that don't deliver what you were promised?
We have pioneered digitalization in shipping coming through the Dotcom Boom. In the process, we've seen companies promise the impossible, consume investors’ cash and ultimately be washed away by reality.
In our 22 years of experience and self-powered business model, we're proud to have created the ultimate set of tools and data for shipbrokers, charterers, shipowners, analysts, and other industry players.
Try out our Trade Flows solution to monitor the market in its entirety, and gain a competitive edge with a strategic industry understanding.
