Morning, everybody, from the Middle East. My name is Simon Tucker. I'm the CEO of SRT. Most of you will know that. So for those of you who've not seen a webcast, we do these unscripted webcasts every so often. I roughly try to do it every three months, unless there's something pertinent. I'm not gonna make anybody inside, and the objective of this is to give you an update of what's going on, and this is particularly crystallized because obviously, if there's a period of silence, I think from the outside, it may appear that there's not a lot going on, and people get a bit concerned and what have you.
Actually, the opposite is the case, and perhaps the market perception is not at all in line today with where the company is at and how we're performing. Let me start with an update on our transceivers division. Our transceivers division sells navigation safety transponders. These are fitted onto boats to stop them colliding with things, to enable social boating, communication between each other, and they're also fitted onto what are called aids to navigation, commonly called buoys of various types. That's all part of, you know, a new age of digital navigation, and everything talks to each other. Our job, and we've been doing this for 15 years now, is to develop the black boxes that go on all those things and enable this communication to happen.
Just as a reminder, to date, we've manufactured and shipped approaching 500,000 of these, which is about 85% to 90% of the global market share. We have 4,500 dealers that are actively selling these around the world, and we sell through our own brand, which is em-trak. We sell through third-party brands through our OEM program, where we provide product to people under their own brand, and we have our DAS initiative, which is where we sell directly to ports and waterways authorities, although that's relatively new. All of those are doing very well, and we've built that business up nicely and orders every day, and our team at SRT, and our logistics, and our manufacturing, and our sales, and our support are doing that very well.
The big new product that is coming up is Nexus, and Nexus is where we, for the first time, fuse data and voice communication into a single box and also it links to the mobile phone and wearables. So rather than going down to your boat and picking up a CB-style radio, which is rather old-fashioned, having a crackly conversation with somebody, your mobile phone or your smartwatch becomes a thing you can talk to other boats, you can talk to the Coast Guard, you can talk to the Port Authority with. You can see them on your mobile phone as well, and you can walk around the boat. You don't have to just stay where you are, and of course, when you're on the boat, most of the time people are walking around and doing things and having a nice time.
So you can now communicate from your watch, a little bit like this. It's also got some neat features, such as if some of the kids or one of the kid falls over and they have a smartwatch on, it can link back to Nexus, and immediately there, everybody gets a Man Overboard alert, and they can see where the person that's fallen overboard is, and it will give the boat directions to get back there as quickly as possible amongst all the panic. It offers a private intercom system so that people on the boat can all talk to each other. It's a really cool product. This has been in development for two and a half years. It's a big from-scratch product development, the core technology.
That product, I'm pleased to say, has been in test for a little bit of time. It is now in pre-production at our production facility in Southern Ireland, and the first pre-production units have come off, and we're now going back, going out for the second phase of final testing. As such, our dealers, we soft launched it last November to our four and a half thousand dealers at METS, and in November this year, in METS, we will start taking orders, and we'll be shipping before the end of the year. We have been very cautious with this product because it's our first foray into voice communication, which is a much bigger market globally, both commercially and leisure, than just the AIS transponders. This is really a sort of catapult event for our transceivers division.
It takes us into the app world of having real estate on people's phones, which of course, offers great opportunity then to start licensing of additional functionality, navigation apps, all linked back to this black box that we will also then have on boats, so I'm very pleased with that. We've been cautious. We've been pretty hard on ourselves, and I apologize publicly to our project team for that to get this product right, so that when it comes to the market, it flies, so we've been very busy doing that, and November in METS in Amsterdam, orders will start being taken. We already have a forward order book, which is the first time ever we've had anything like that, and then start shipping by the end of the year.
Moving on to our systems business, a lot has been going on there. So today, where we are, the systems business delivers an integrated maritime surveillance system solution to sovereigns. So what is a sovereign? It would either be a fisheries authority or a coast guard. Both have an interest in trying to automatically detect and provide surveillance of their marine domain, which may be the territorial waters or the EEZ. Lots of things they're looking for, from minor illegal behavior, safety issues, through to national security issues of a major portion, as we see, that goes on in Asia Pacific and in the region where I am today in the Middle East. So, and most countries really have very little today. We pioneered, about ten years ago, the thought that air traffic control has an integrated surveillance system.
Surely it makes sense that the marine world has that, and that, that ultimately migrates to include subsea, surface, and near surface, so drones, obviously, boats on the surface, and then what's going on under the water, but we'll start with the surface, and what you need to do is to integrate multiple sensor systems, sensor types, data types, all into a single data set, apply clever analytics to detect who the bad guys are, and then characterize what they are, so that the operators can make a decision as to what to do. They can ask their commanders for permission to take that action, and they can dispatch the action all digitally, all within a digital system, and we are the first to develop that.
It has been a long, hard road to develop that, and we had our first contract here, actually in the Middle East with Bahrain in two thousand and sixteen, which was the first country to take a national view on that as an integrated system. So it's been a long, hard road to get to where we are, but today, we have, in our pipeline, about $1.5 billion worth of projects, visible projects that we are actively in discussions with. And these are mostly countries starting on the road. There'll be follow-on contracts as they build up their systems, just the same as with air traffic control, just the same as any IT system with a, even in a company.
But all that $1.5 billion, and there are some new ones that have recently joined. We've had some recent inquiries from different places that have added to that, but are, as yet, unquantified. As we sit today, there are four specific contracts with a total value of $420 million that we're focused on, that are very near term. And I just want to talk to you about those. Some of those you'll know about and be perhaps a little bit exasperated about. The first one is in Indonesia with the Coast Guard, our partners there, Bakamla, which we signed last year. We signed the project contract last year in May, May the seventeenth, 2023.
And there was an agreement, or is an agreement, between the U.K. government, UKEF, U.K. Export Finance, and the Indonesian Ministry of Finance for a specific loan to fund that project. And they agreed the terms of all of that in outline prior to the project agreement being signed. Obviously, you can't sign a project agreement unless, in principle, that's all been agreed. Since then, and it has been much longer than we expected, they have been negotiating those loan terms between two sovereign states. They've gone through government changes and what have you, and it has taken longer than we expected. The good news is, all of that is now agreed, and they're now in the final signing process, which suggests that, in the very not too distant future, that will be signed and the project starts.
So this is very good news, and from the outside, obviously, it appears that not much has been happening. We have used that time to do a lot of planning. It's a big project. It's a complicated project, involves a lot of training, a lot of concept of operations planning, procurement planning, whole raft of different stuff, getting people up to speed in country, our project manager is in country, so that is ready to go. And the first milestones start within weeks of that loan agreement actually being executed, which, as I said, is... I'm not gonna put a timeline on it, but it's very close. So then we move back to this region here, in the Middle East. I'm not gonna talk about specific countries. So there are two follow-on contracts with follow-on customers, that are now in their, final signing process.
There is a lot of paperwork and process, and checks and balances that go on. It's something that we're a passenger to, and we've kind of got used to. It is frustrating, but on the other hand, we have long-term relationships with these customers, with long-term strategies to build up their maritime surveillance systems over the next five, ten, fifteen, twenty years with a succession of projects. And each project they build up, build on to the previous one. There is always the toing and froing as to exactly what the next project will entail. Particularly in one which is shortly to be signed, they weren't sure whether they wanted a thousand transponders or two thousand transponders, if they wanted six coast stations or four coast stations in this next phase two.
And that takes time for them to work through, which is gonna be in phase three and phase four, et cetera. So once that's settled, then you move on to the actual finalizing of the documentation, which is submitted to their ministries for checking and then approval to sign. So we're really not far away from that, which is one of the reasons why I'm in the region. There is a second one, which is also a follow-on contract with another customer that has now had again gone through that similar process to what's included and how they're gonna do things. And actually, I'm there tomorrow with them. And again, I think that we are about to start that very soon. And again, that time has given us time to do our planning.
But I also think it's reflective of the seriousness that these countries are taking about their maritime surveillance and security. I often remind our team in the U.K., where we're buried in the core technology, how critical these systems are for these countries, that they rely on it for all their maritime security, maritime safety, maritime fisheries, and things like that. And therefore, these aren't whimsical decisions. These aren't things they just, "Oh, yes, we'll just buy a radar and put a GeoVS console in." It does take time for them to work that through, and it took us a little bit of time to realize that as a small company...
Seeking to join the big time, that is the nature of these big system contracts and these long-term relationships, and we have to stay the course to be able to get to that. We've been able to do that because of the support of shareholders, and we have very strong support from that, which has enabled us to develop the technology, which does take years to develop a real project, a real system, rather than just an app for that, and at the same time, to develop the relationships, the deep relationships you have to have with the customer, and that mutual trust, so that you have that interactive discussion as to how they're gonna develop their maritime systems.
The third one here is something that I've mentioned last year is a new project with a new customer that we've been quite taken aback at the pace that it's gone. The value of that contract is just over $200 million, and this seems to be progressing extremely quickly after some changes in their administration, and it looks like we are a matter of months away of embarking on that project with this particular customer. This is a big national integrated surveillance system, very complex, which uses the full feature set of GeoVS, where we're really talking about all the analytics on very high-end radars and camera systems, et cetera. It includes some pretty innovative stuff, and I'm gonna stop there with that explanation.
But that has really accelerated and is a focus of a lot of time and attention for us. So those four projects that it's very easy from the outside to be blind to, because you don't see a. You know, we are very conservative in our RNSs where we only wait until it's actually started. It's very easy to think that perhaps nothing's going on, which is absolutely not the case. So in our systems business, we're very focused on those four and getting everything in place as these start, all of them start well before the end of the calendar year. So I think that's a good brief update on where we're going and where we are, and what's going on.
I don't really wanna take up too much of everybody's time, but I'm gonna have a quick look at the... And I don't wanna waffle on too much questions that have been asked, so if you just bear with me for one second, maybe nobody's asked any questions. "I don't know why we're not on the exhibitor list for METS, but we are booked in our usual stand." So, I don't think there's anything to concern there, and the industry knows where we are and that we will be there. So that was the only question I've had. So in the absence of any more questions, I'm just refreshing my little screen here. I think everybody's up to date.
Watch this space in the very near future, and if you've got any further questions, feel free to email me directly or any of our other directors, Richard, Neil, or our NEDs, Kevin, Simon, and Simon, to ask any questions. We are looking forward to also letting you know the date of our AGM and our Investors Open Day, which we hope as many of you as possible will be able to attend. We'll be able to talk a lot more about the projects once we've actually started delivering on those in the next few weeks. Thank you very much, and health, wealth, and happiness to all.