AI-driven solution will predict and reduce risk in International Shipping to increase operational efficiencies and reduce cost
Photo from SIT
TradeFlow Capital Management (TradeFlow) and the Singapore Institute of Technology (SIT) are pleased to announce a collaboration to co-create an Artificial Intelligence (AI) driven solution to better address risk and efficiency issues in the international shipping industry.
With the Shipping and Maritime sector contributing around 7% of Singapore’s gross domestic product and more than 130,000 ships annually calling at Singapore, the digitalised solution shall benefit Singapore’s status as an international shipping hub.
The project aims to apply artificial intelligence and machine learning to monitor, measure, analyse, predict, and in turn, help manage the risk that a company will face demurrage on shipments of bulk commodities around the world.
“Our solution can go a very long way towards reducing the risks and ensuring the profitability of shipping,” says John Collis, CRO of TradeFlow. Adds Dr Tom James, CEO and CIO of TradeFlow, “This solution which also helps chart the environmental impact of goods shipped is part of our overall strategy for greater sustainability in our industry, alongside other initiatives like carbon-neutral shipping which we have implemented since December 2020.”
Says Scott Jones, Senior Lecturer and Principal Investigator, SIT, “Our project is aligned to SIT’s goal as a premier University of Applied Learning, and in creating innovative solutions that directly address the industry’s needs, and providing students with invaluable learning opportunities through real-world experiences. With over 11,000 bulk carrier vessels and over 5,200 container carrier vessels on the high seas, we see a huge potential impact for our solution in the global shipping industry in increasing operational efficiencies whilst reducing carbon footprints.”
About Singapore Institute of Technology
The Singapore Institute of Technology (SIT) is Singapore’s University of Applied Learning, offering applied degree programmes targeted at growth sectors of the economy. With a mission to nurture and develop individuals who impact society in meaningful ways, SIT aims to be a leader in innovative learning by integrating learning, industry and community.