Nasdaq-listed Iridium Communications has broken UK rival Inmarsat Maritime's monopoly in the global maritime distress and safety system (GMDSS) market.
The company said the IMO's maritime safety committee (MSC) had agreed to recognise that the Iridium network meets "all the criteria" needed to provide mobile satellite services to shipping.
It added: "This is a significant achievement that ends a decades-long satellite industry monopoly in which only one company was authorised to provide satellite GMDSS service and for the first time will bring competition and truly global coverage, to mariners sailing any of the world’s oceans."
