Artificial Intelligence to Improve the Shipping Industry’s Efficiency
Efforts are progressing to harness emerging technologies to improve the efficiency of shipping operations. Japan’s Mitsui O.S.K. Lines announced that it is expanding its efforts with artificial intelligence to achieve greater efficiency with routing which will also contribute to lower emissions from their ships.
Building on a partnership that began in 2019, MOL is working with Bearing, a Silicon Valley-based AI technology startup, to improve efficiencies within the maritime industry. Together the two companies are developing a range of products that combine MOL's maritime expertise and Bearing's AI technology infrastructure.
Bearing, according to MOL, is building technologies using highly-accurate ship performance models built off of a diverse set of real-world data points. These AI-powered models with some historical voyage data for certain vessels such as vessel speed, trim, main engine operation, weather, and sea condition allow Bearing to predict metrics like fuel consumption with state-of-the-art accuracy even without vessels' design parameters.
Through various trials and intensive discussions concerning ship modeling, MOL announced that it has developed an AI-powered Smart Routing Engine. This application automatically analyzes multiple potential routes for a given voyage and recommends prudent, efficient routing through the use of optimal main engine output and propeller RPM profiles.
MOL says that it continuously monitors the condition of its fleet to ensure optimum operational efficiency which is being further aided by combining the technologies of Bearing as well as other existing and new solutions. Through the addition of AI technology to the existing voyage routing systems, MOL expects that it will be able to further enhance the operations of its fleet which currently numbers approximately 800 ships in operation.
MOL says that it understands the transformative potential of AI and looks forward to leveraging Bearing’s AI expertise and background in building scalable AI technology products to further advance operating efficiencies.