Mitsui O.S.K. Lines, Ltd. (MOL) has announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University to conduct a joint study on the analysis and use of Big Data related to ocean shipping.
The joint-study is aimed at developing the capability to analyse data related to economics and maritime affairs and forecast the ocean shipping market and bunker prices with greater accuracy.
This aims to be achieved by using artificial intelligence in cooperation with Professor Tomoharu Nagao of the university's Graduate School of Environment and Information Sciences.
The partners will also proceed with new studies to develop management support tools.
The MOL Group continually takes a proactive stance in promoting the practical use and application of IT and combines each division's intelligence, with the goal of creating a shipping group that is always customers' first choice when it comes to transport and logistics.
This news follows that global ports and terminals are recognising the trend for using Big Data to collaborate with shipping lines, except little is known on how to do this effectively.
This followed news that Kalmar had released its ‘Kalmar Insight’ tool which has been designed to help terminals turn Big Data into actionable insight.