A Silicon Valley start up believes it has something to offer the shipping industry that it will find hard to turn down, says an article published in ship & bunker.
Wider Shipping Industry
If ‘Silicon Valley’ partly gives the game away, then the reader is right to think that whatever it is involves data. Or, more precisely, as put by Bearing Al’s chief executive and co-founder, Dylan Keil, using data to get ships to run better.
The marine technology company, based in Calinfornia’s Silicon Valley and not yet two years’ old, feels now is the right time to introduce the wider shipping industry to its product when to date, it has worked with Japanese shipping firms MOL and K-Line.
For those unfamiliar with the term, machine learning refers to the collection of lots of data to determine a specific outcome. Until machine learning became possible, the amount of bunker fuel a ship used was judged by two factors, speed and consumption.
Bearing Al offers a multi-dimensional approach to running a ship, said Keill. And given that the cost of fuel is a major part of a ship’s operation, any savings on that front will be attractive to owners and operators.
A ship’s trim and wave direction, for example are pertinent to vessel operation. If this type of data is included as part of standard operations, a ship’s master will be in a position to optimise his vessel’s performance.
Being able to shave 10% off fuel costs is an attractive offer in itself. But Keill went further as he said that machine learning allows Bearing Al to claim a 98% accuracy rate compared to a non-machine learning rate of 85%.
“It’s compelling,” said Keill, adding that such a high level of accuracy brings in more data which, in turn, strengthens accuracy.
“Data really is king,” he said.
Al Heralds From Outside
Bearing Al heralds from outside the shipping space which, he believes, stands the company in good stead when issues of data safety and privacy are raised. And while perfornance data sets of particular ships must necessarily remain private, that data can contribute to developing performance profiles based on ship types.
This generic information is also available to ship operators wishing to up their game.
Keill said that information on fuel type is included in its models when it is available while the cost of the service is a fraction of the potential savings on fuel. Bearing Al offers the same machine learning-led approach determining a ship’s route and it is confident that it has something of real benefit to offer shipping.
“We are open for business,” said Keill.
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Source: Ship & Bunker