Seaspan Corporation partners with KVH Industries to enhance fleet connectivity with OneWeb's low earth orbit satellite services.
Quiver AI Summary
KVH Industries, Inc. has announced that Seaspan Corporation will equip its fleet with KVH's OneWeb low earth orbit (LEO) satellite services, enhancing its digital transformation strategy and improving internet connectivity for its vessels. This partnership aims to provide shore-like internet access at sea, utilizing advanced LEO technology to enable high-data applications previously unsuitable for maritime use. Seaspan is positioned as the first major operator to adopt this solution from KVH, which supports the company's goals of enhancing communication efficiency, safety, and seafarer welfare. The collaboration strengthens Seaspan's connectivity infrastructure and minimizes geographical blackout zones, demonstrating a commitment to providing a state-of-the-art communication experience across its fleet.
Potential Positives
- KVH Industries has secured a significant agreement with Seaspan Corporation to equip its fleet with OneWeb's advanced LEO satellite services, highlighting KVH's technological leadership and enhancing its market position.
- This partnership marks Seaspan as the first major container ship operator to implement KVH's OneWeb solution, potentially setting a benchmark for the shipping industry and demonstrating KVH's innovative capabilities.
- The agreement supports Seaspan's digital transformation strategy, indicating an alignment with industry trends toward enhanced maritime connectivity and operational efficiency.
- By integrating next-generation LEO technology, KVH strengthens its product offerings, showcasing its commitment to providing cutting-edge solutions in high-data applications for the maritime market.
Potential Negatives
- The press release contains a disclaimer about forward-looking statements and mentions risks and uncertainties, which may raise concerns about the reliability and effectiveness of the company's strategic initiatives.
- The language around the partnership implies that the OneWeb solution is still in the implementation phase, suggesting that the technology may not yet be fully operational or tested in maritime environments.
- No specific details were provided regarding the timeline for the rollout or the tangible benefits that Seaspan is expected to realize from this partnership, which could lead to skepticism among stakeholders about the partnership's immediate value.
FAQ
What is the new partnership between KVH and Seaspan about?
The partnership focuses on equipping Seaspan's fleet with KVH's OneWeb advanced low earth orbit satellite technology for improved connectivity.
How will the OneWeb service benefit Seaspan's fleet?
The OneWeb service will enhance data connectivity, enabling high-bandwidth applications and supporting Seaspan's digital transformation strategy.
What features does KVH ONE® provide?
KVH ONE® offers a multi-orbit, multi-channel network solution delivering high data speeds, low latency, and excellent performance for maritime communication.
Why is Seaspan an early adopter of LEO technology?
Seaspan aims to achieve shore-like Internet connectivity at sea, enhancing efficiency, safety, and crew welfare through advanced LEO satellite systems.
What is the significance of this collaboration for the maritime industry?
This collaboration sets a benchmark for vessel communications, offering reliable, high-bandwidth solutions beyond traditional marine satellite technologies.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$KVHI Insider Trading Activity
$KVHI insiders have traded $KVHI stock on the open market 13 times in the past 6 months. Of those trades, 8 have been purchases and 5 have been sales.
Here’s a breakdown of recent trading of $KVHI stock by insiders over the last 6 months:
- BRADLEY LOUIS RADOFF has traded it 7 times. They made 7 purchases, buying 462,832 shares and 0 sales.
- BRENT C BRUUN (CEO) has traded it 3 times. They made 0 purchases and 3 sales, selling 5,590 shares.
- STEPHEN H DECKOFF purchased 50,200 shares.
- FELISE FEINGOLD (SVP General Counsel) has traded it 2 times. They made 0 purchases and 2 sales, selling 3,289 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$KVHI Hedge Fund Activity
We have seen 20 institutional investors add shares of $KVHI stock to their portfolio, and 64 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- KENNEDY CAPITAL MANAGEMENT LLC removed 206,734 shares (-100.0%) from their portfolio in Q3 2024
- AMH EQUITY LTD removed 144,100 shares (-100.0%) from their portfolio in Q3 2024
- TWIN FOCUS CAPITAL PARTNERS, LLC removed 111,446 shares (-100.0%) from their portfolio in Q2 2024
- NORTHERN TRUST CORP removed 102,982 shares (-61.8%) from their portfolio in Q3 2024
- NEEDHAM INVESTMENT MANAGEMENT LLC removed 100,000 shares (-7.2%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC removed 99,507 shares (-73.6%) from their portfolio in Q3 2024
- MORGAN STANLEY removed 79,114 shares (-58.6%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MIDDLETOWN, R.I., Dec. 10, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI), today announced that Seaspan Corporation (Seaspan), a world leading independent containership lessor, has signed an agreement to equip its fleet with the OneWeb advanced low earth orbit (LEO) satellite offering from KVH. This marks the next step in Seaspan’s drive to deliver shore-like Internet connectivity at sea, supporting its digital transformation strategy and augmenting its fleet’s existing LEO services.
Chad Impey, Senior Vice President for Global Sales at KVH, commented, “We are proud to support Seaspan with the planned deployment of OneWeb service and hardware as part of our fully integrated KVH ONE ® multi-orbit, multi-channel network solution. It is the most recent example of our long-time, beneficial partnership in support of Seaspan’s innovative leadership, which has included the delivery of crew welfare content, advanced VSAT technology, and now a versatile hybrid solution using groundbreaking LEO technology that delivers affordable high data speeds, low latency, and outstanding performance.”
As an early adopter of LEO technologies, Seaspan is the first major owner/operator of container ships to partner with KVH for its OneWeb solution. Seaspan’s OneWeb rollout will further strengthen the fleet’s data connectivity infrastructure, enabling Seaspan to leverage advanced technologies and high bandwidth-demanding applications, including solutions such as cloud-based software as a service (SaaS) technology, which were previously unsuitable for maritime use.
“Our partnership with KVH for OneWeb services aligns with our strategy of providing a best-in-class communication experience across our fleet,” said Garret Wong, Vice President of Information Technology. “This initiative brings us closer to realizing shore-like connectivity at sea while enhancing efficiency, safety and seafarer welfare.”
Adrian Alb, head of IT Operations at Seaspan added, “LEO satellite technologies have set a new benchmark for vessel communications, offering high-bandwidth, low latency, and reliability far beyond traditional marine satellite solutions. This collaboration with KVH aligns with our goal of enhancing provider diversity and minimizing geographical blackout zones, further bolstering the robustness of our satellite communications infrastructure.”
Note to Editors: For more information about KVH, please visit https://www.kvh.com/one. High-resolution images of KVH products are available at the KVH Press Room Image Library, https://www.kvh.com/imagelibrary.
About KVH Industries, Inc.
KVH Industries, Inc. is a global leader in maritime and mobile connectivity delivered via the KVH ONE network. The company, founded in 1982, is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and more than a dozen offices around the globe. KVH provides connectivity solutions for commercial maritime, leisure marine, military/government, and land mobile applications on vessels and vehicles, including the TracNet ™ , TracPhone ® , and TracVision ® product lines, the KVH ONE OpenNet Program for non-KVH antennas, AgilePlans ® Connectivity as a Service (CaaS), and the KVH Link crew wellbeing content service.
About Seaspan
Seaspan is the world’s leading maritime asset-owner and operator focused on long-term, fixed-rate leases to the world’s most prominent shipping lines. As of June 30, 2024, Seaspan’s operating fleet consisted of 217 vessels, pro forma for 41 undelivered newbuilds including PCTCs, with a total fleet capacity of approximately 2.3 million TEU on a fully delivered basis. For more information, visit seaspancorp.com.
This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding the success of our strategic evolution towards an integrated solution provider, competitive positioning and profitability, expected data speeds over the OneWeb network, the expected coverage availability via OneWeb, and the services to be provided under agreement with Seaspan. These and other factors are discussed in more detail in KVH’s Annual Report on Form 10-K filed with the SEC on March 15, 2024, and Quarterly Report on Form 10-Q filed with the SEC on November 5, 2024. Copies are available through its Investor Relations department and website, https://investors.kvh.com. KVH does not assume any obligation to update its forward-looking statements to reflect new information and developments.
KVH Industries, Inc., has used, registered, or applied to register its trademarks in the USA and other countries around the world, including but not limited to the following marks: KVH, KVH ONE, TracVision, TracPhone, TracNet, and AgilePlans. Other trademarks are the property of their respective companies.
For further information, please contact:
Chris Watson
Vice President, Marketing & Communications
KVH Industries, Inc.
Tel: +1 401 845 2441
[email protected]