Japanese shipping company Nippon Yusen Kaisha (NYK) has introduced a range of new market analysis tools powered by artificial intelligence (AI) and big data.
Presented at a symposium on March 18, 2019, which was held to foster collaboration between businesses in the maritime sector and academic institutions, NYK’s solutions reflect a growing interest in the potential applications of big data analysis.
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Focusing on the dry-bulk market especially, panellists at the event discussed how cooperation between parties could help with building new solutions.
Koichiro Hayashi, manager of NYK’s Bulk/Energy Research Team, discussed the importance of intelligent market analysis as a way of improving decision-making and emphasized how the shipping sector could benefit by working with academic bodies.
Koichiro Hayashi speaks about market analysis initaitives at the symposium (Credit: NYK)
The announcement of new market analysis initiatives by NYK follows the introduction of its medium-term management plan “Staying Ahead 2022 with Digitalization and Green” in 2018.
According to a statement, the company has set out a plan to decisively reform its dry-bulk business and improve profitability, goals which will be pursued with the support of new solutions.
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By leveraging data sources such as the Automatic Identification System (AIS), and making use of AI to conduct advanced market analyses, NYK expects to improve its revenue despite changes in the dry-bulk sector.
A further statement from the company read: “NYK will continue to proactively deepen its cooperation with the shipping industry and academic sector.”