KUALA LUMPUR (Jan 29): SMTrack Bhd is partnering with VFTech Sdn Bhd to implement the vessel fuel intelligent tracking system (Vessel-FIT).

Vessel-FIT is a vessel fuel intelligent tracker with real time vessel  tracking system worldwide.

In a filing with Bursa Malaysia, SMTrack said it has entered into an agreement with VFTech to set up a 51:49 joint venture within 30 days.

SMTrack said it would place two directors with a collective 66.66% stake while VFTech would have one director with 33.33% interest in the JV company that would act as Vessel-FIT’s global marketing and operations arm.

In a separate statement, SMTrack executive director Azmi Osman said VFTech will provide technological know-how in the maritime business while SMTrack would share its marketing and networking skills, and experience.

VFTech — specialising in robotics, software, hardware development and big data solution — developed Vessel-FIT, a web-based software that is designed to monitor and track fuel usage in the maritime business, and is applicable to all vessels.

“Vessel-FIT is an affordable solution that replaces the work of a fuel auditor and fuel analyst with micro precision by data comparison with extensive database of vessel specification by model, engine type, generator type, BHP (brake horse power), GRT (gross register tonnage), NRT (net register tonnage) and engine load.

“The automated software can generate daily reports that are accessible 24 hours, seven days a week via cloud computing,” said SMTrack.

The group said VFTech would develop the automated identification system (AIS)/global positioning system (GPS) tracking device, namely the Vessel-FITX to be patented.

“This tracking system would be able to pinpoint location, swell, speed, weather and wind direction. VFTech is also discussing with worldwide AIS /GPS providers for potential collaboration,” it added.

VFTech would conduct live testing with AIS provider and oil and gas operators to determine the accuracy of the software prior to its official launch.

SMTrack said the agreement is expected to contribute positively to its earnings and net assets per share for the financial year ending July 31, 2018,” it said.

SMTrack’s share price closed flat at 24 sen today for a market capitalisation of RM32.59 million.