Oldendorff Carriers contracts with Harbor Lab to provide global transparency in port transactions and revolutionise disbursement accounting


Executive summary:

• Harbor Lab’s software platform is deployed across Oldendorff Carriers fleet.

• Oldendorff Carriers is an industry leader in using technology to streamline processes to save money through accurate invoicing and bring transparency to disbursement costs.

• Appointment of Harbor Lab was made after proof of concept demonstrated that efficiencies and cost savings could be achieved in Port Disbursement Accounts (PDAs) submitted by agents to the Harbor Lab platform.

Athens, Greece – April 9th, 2024 — Harbor Lab, a global leader in maritime technology for centralising and simplifying port disbursement costs is today announcing a new contract with one of the world’s largest dry bulk shipping companies – Oldendorff Carriers.

Harbor Lab’s software-as-a-service (SaaS) platform provides real-time, accurate information on disbursements that brings clarity and efficiency to port transactions for all parties. By deploying this software platform, Oldendorff will be embracing a technology-first approach to solving three core challenges that impact every company in the maritime shipping industry:

1) Streamlining processes for all involved: The Harbor Lab platform streamlines disbursement accounting processes and ensures timely payments, to the benefit of shipping companies, port agents and vendors. It also enhances the handling capacity of disbursement accounts. Harbor Lab’s technology calculates and evaluates port expenses – down to the individual terminal and berth – against the real-time port tariffs published by port authorities.

2) Saving money through accurate invoicing: Harbor Lab automatically identifies discrepancies and incorrect invoices, instantly saving money for Oldendorff. The technology of the platform highlights discrepancies and makes it easier to identify differences between estimated disbursement costs and actual invoices.

3) Bringing transparency to shipping: The platform establishes a single source of truth for disbursement costs. This removes the lack of transparency that is time-consuming and facilitates quicker decision- aking giving easy access to information on costs that can be shared with internal stakeholders.

Oldendorff’s decision to contract with Harbor Lab underscores Harbor Lab’s scalability, adaptability, and flexibility. Oldendorff’s drybulk business includes 21 offices around the world and a workforce of over 4,500 employees. Harbor Lab’s SaaS solution can easily accommodate evolving needs and scale alongside client growth.

“We are beyond thrilled to embark on this journey with a titan in the maritime industry, Oldendorff Carriers,” remarked Antonis Malaxianakis, founder & CEO of Harbor Lab. “To have one of the largest bulk shipping companies in the world decide to contract with us is a testament to the strength, and global nature of our platform. We extend our heartfelt gratitude to Oldendorff Carriers for choosing Harbor Lab as their technology partner. Together, we look forward to charting new territories and improving our SaaS solution together.

Sven Möller, Managing Director Operations, Oldendorff Carriers, comments:“Whilst a lot of Shipping Companies are watching and waiting, Oldendorff has always been embracing change and efficiency at all levels. Digitalization and platforms such as Harbor Lab who are offering automated solutions/processes will continue to change how our industry will operate in future.

It will reduce operational cost, improve efficiency, data quality and give our employees more time to concentrate on Oldendorff’s core business.

Known as “disbursements accounts”, DAs are the costs that arise to a cargo ship during its time in port and it’s the second largest annual expense for a ship management company. By pre-planning the costs that will be incurred during a port visit, DAs allow the charterer or operator to ensure that the vessel is not incurring any unnecessary charges. These DAs are highly irregular, varying from port to port depending on local factors as well as global economic trends. These payments are largely still handled through manual processes which lack transparency. Harbor Lab’s SaaS platform reduces the administrative burden for shipping companies and improves the transparency and cost evaluation for settling DAs.

Harbor Lab centralises and simplifies the management of port fees and related costs, providing realtime, accurate information on disbursements that brings clarity and efficiency to port transactions for all parties.

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