Iridium Communications IRDM recently announced that Cosco Shipping has initiated the installation of Iridium Global Maritime Distress and Safety System (GMDSS) terminals on its vessels for enhanced protection and security.
Cosco Shipping (“CSSC”) is one of the largest shipping companies in the world and operates in various segments of the shipping and logistics industry. It boasts one of the world's biggest fleets of commercial vessels with 1,417 ships.
CSSC has deployed Lars Thrane LT-3100S terminal on the Cosco Tengfei, which is an advanced Pure Car and Truck Carrier vessel. It can transport up to 5,000 vehicles, thereby enabling the transportation of vehicles from Chinese manufacturers to destinations across the globe.
Agile distress and safety communications are a must for shipping companies, irrespective of the location of the vessels. With the installation of Iridium GMDSS, which boasts a worldwide coverage and features like advanced safety voice, maritime safety information and distress alert, Cosco Tengfei is set to receive extensive support to carry out its operations smoothly.
Additionally, features like Long-Range Identification Tracking (LRIT) and Ship Security Alert System, which are incorporated into LT-3100S, will extend coverage to polar waters for CSSC. The company stated that it is looking to install more Iridium GMDSS systems on “Arctic-route vessels” during 2024.
Furthermore, as CSSC operates on a vast geographic scale, the alliance is likely to give a boost to Iridium’s GMDSS service reputation. This is likely to boost the adoption of Iridium GMDSS with shipping vessels, including merchant ships, military/government, super-yachts, and even small leisure craft.
Headquartered in McLean, VA, Iridium is a satellite communications company that offers dedicated commercial global voice and data communication services to both businesses and governments in the United States and abroad.
The stock fell 54.1% in the past year compared with the sub-industry’s decline of 45.2%.
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Zacks Rank & Other Stocks to Consider
Iridium currently sports a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks from the industry have been discussed below.
NVIDIA Corporation NVDA, currently sporting a Zacks Rank #1, delivered a trailing four-quarter average earnings surprise of 20.18%. In the last reported quarter, it delivered an earnings surprise of 13.41%. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit. Over the years, the company’s focus evolved from PC graphics to AI-based solutions that support high-performance computing, gaming and virtual reality platforms.
InterDigital, Inc. IDCC, carrying a Zacks Rank #2 (Buy) at present, delivered a trailing four-quarter average earnings surprise of 170.50%. In the last reported quarter, it delivered an earnings surprise of 16.53%.
IDCC is a pioneer in advanced mobile technologies that enable wireless communications and capabilities. The company engages in designing and developing a wide range of advanced technology solutions, which are used in digital cellular as well as wireless 3G, 4G and IEEE 802-related products and networks.
Workday Inc. WDAY, carrying a Zacks Rank #2 at present, delivered an earnings surprise of 9.03% in the last reported quarter.
Workday is a provider of enterprise-level software solutions for financial management and human resource domains. The company’s cloud-based platform combines finance and HR in a single system that makes it easier for organizations to provide analytical insights and decision support.
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