Addvalue Technologies said on Tuesday that its wholly owned subsidiary Addvalue Innovation has obtained approval for its iFleetONE vessel monitoring system (VMS) from the U.S. National Marine Fisheries Service (NMFS) Office of Law Enforcement (OLE) to use in the NMFS Southeast Region fisheries.
The Southeast region includes the Gulf of Mexico and the Florida coast, it said. That follows earlier approvals for the Alaska, West Coast and Pacific Island regions, Addvalue said in a filing to SGX on Tuesday.
Commercial fishing vessels permitted to fish in certain U.S. Fisheries Management regions are required to carry NMFS/OLE approved VMS terminals that report their GPS positions via satellite links, the filing said.
“We expect to cover the entire fishery regions under the purview of NMFS in the near future, thereby giving us the unrivaled competitive edge in the U.S. fishery VMS market,” Colin Chan, chairman and CEO of Addvalue, said in the statement.
“We expect the Addvalue iFleetONE-VMS to generate sizable revenue in the next 12 months and beyond,” he added, saying the company would customize the product for the Southeast Asian and South Indian Ocean markets.
In addition, chartered sport fishing vessels are now required to install VMS as well, and may be eligible for NMFS subsidies to purchase and install a terminal, Addvalue said, adding planned to take advantage of this new market, which it estimated at around 5,000 vessels.
The iFleetONE VMS is bundled with Inmarsat 4 satellite communications and GPD positioning service, it said, adding it’s the only broadband VMS approved for those regions. Addvalue said the other approved VMS terminals used older narrow-band communication technology.