Navarik Issued Second Patent for Handling Loss Reconciliation Data in Shipping Industry

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VANCOUVER, Feb. 27, 2020 /PRNewswire/ - Navarik, a software platform provider, today announced that the United States Patent and Trademark Office has issued US Patent No. 10,410,162 covering mechanisms for grouping parcels, enabling calculation of losses during shipping. While some loss of cargo during shipping is expected in the oil industry, even small amounts of loss product can drive significant loss of revenue. Traditional mechanisms rely on human inspection to track these losses and are prone to error. Navarik's patented technology can help replace unreliable human inspection with automated, validated software tracking. The patent describes how a company can feed shipping logs into Navarik's software, and how that software can validate and process the logs. The patent further describes how software can group parcels for different points of a voyage together, to verify that they reflect the same cargo at different times during a voyage. The software can then calculate a loss between those different points based on the parcel data, removing the need for human intervention and increasing accuracy of the calculation.

The '162 Patent is the second issued to Navarik based on their initial 2009 patent application. The first, US Patent No. 8,301,517, also relates to mechanisms for grouping parcels. Together, the '162 and '517 Patents give Navarik exclusive rights to the patented technology.

ABOUT NAVARIK
Navarik's mission is to be the leading provider of technology products for the commodity shipping and inspection industries by leveraging its on-demand software platform and industry expertise. Many of the world's largest oil companies rely on Navarik's flagship product, Navarik Inspection™, for business process automation and data intelligence to help them optimize trade with their counterparties and achieve better performance from their inspection firms, terminals and vessels. www.navarik.com

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SOURCE Navarik Corp.