K Line to Start Research on Shipping Market Using AI
- Business & Finance
Japan’s shipping major K Line has agreed with Hiroshima University, the National Institute of Maritime, Port and Aviation Technology and Marubeni Corporation to jointly work on research and analysis of maritime logistics and shipping market conditions using artificial intelligence (AI).
The company added that the purpose of this research is to estimate maritime logistics by combining data and technology, and to explore the possibility of developing predictive models with high accuracy.
“The shipping market is one of the more difficult economic indicators to predict because it fluctuates greatly under the influence of various market and social conditions, and sometimes market sentiment as well. The method developed by the research is expected to enable more accurate and transparent business decisions,” K Line said.
In recent years, it has become possible to use comprehensive, chronologically ordered ship movement and static data, such as position, speed, direction, port of call and drafts, for ships with over 300 gross tonnage traveling internationally. This data is being applied in a variety of ways.
Additionally, AI is “making remarkable progress” with improving machine learning and deep learning technology, and there is much research and practical application of this technology that is being used to find patterns hidden in big data and to make predictions, K Line explained.
“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,” the company noted.