Inmarsat rivalled by U.S. and Chinese competition in maritime safety

The International Maritime Organisation has given permission to Iridium and China’s BeiDou Navigation Satellite System to develop competing systems in maritime safety communications, breaking Inmarsat’s monopoly. Inmarsat’s shares fell as much as 14 percent after Iridium announced that its network had been recognized as a provider of Global Maritime Distress & Safety System (GMDSS). This news caused Inmarsat’s stock to drop 9 percent, while Iridium’s stock increased by 4.7 percent. This change will bring more competition to the market and potentially alter the landscape of maritime safety communications.

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