This research is aiming to estimate maritime logistics by combining data and technology and to further explore the possibility of developing predictive models with high accuracy.
K Line further stated that the maritime sector is amongst the most unpredictable economic indicators as it is based on various market and social conditions, and market sentiments as well.
The method developed by the research is expected to enable more accurate and transparent business decisions.
In fact, the use of comprehensive, chronologically ordered ship movement and static data; such as position, speed, direction, port of call and drafts has recently become more feasible for ships with over 300 gross tonnage traveling worldwide. Such data can be used in variety of ways.
Moreover, as K Line explained, AI is “making remarkable progress” with improving machine and deep learning technologies. Indeed, there is sufficient amount of research and practical application of this particular technology that is being used to find hidden patterns in big data and to also make predictions.
The company noted that
We are working to further improve the quality of existing service based on safety in navigation and cargo operations to high-value-added services which can contribute to strengthening relationships with our customers that we have cultivated for many years.
Overall, artificial intelligence provides the industry with a variety of advantages, as digitalization enables all stakeholders to be connected with technology, leading to better safety measures.