Revolutionizing the Seas: The Role of Artificial Intelligence in the Maritime Industry
“The question of whether a computer can think is no more interesting than the question of whether a submarine can swim,” says Edsger W. Dijkstra. Artificial intelligence is the fastest developing technology impacting every industry in society. The pace is so fast that companies around the world are beginning to monitor the technology’s impact and are making progress from here. The Shipping Companies have converted their vessels into remote offices, which can, at sea; have internet access, route planners, networks for the captains to connect/communicate at the base stations, etc. These companies can now invest in AI to reduce costs and optimise business processes.
How AI helps in boosting maritime economy
Ø AI enables shippers to model fleet management, use cases, and highly accurate predictive models with speed, depth, and accuracy not possible with traditional methods. No prior knowledge of data science is required. Advanced strategies help uncover flaws and performance degradation within the terabytes of data generated by the ship’s sensors.
Ø By using advanced technologies such as AI to automate the search for relevant vessel operational information from a variety of sources, shipping company owners can focus more on safety and data-driven interests.
Ø AI can predict and reduce costs and time and help staff assess whether maintenance should be performed in the near future or if they can wait longer. It also specifies where, when how and what equipment on the ship needs to be repaired.
Ø Factors such as weather, currents, and other potential issues are taken into account, and the most efficient routes made possible by improved AI technology are recommended. AI software can predict the cheapest and most efficient route in terms of fuel consumption.
Ø Navigation is a key area for realizing the potential of AI in the shipping industry, with many systems currently in development. Some use elements of image recognition and tracking software along with IoT connectivity. Stena Line has also developed an AI captain solution for ship navigation. Upon receiving information that there is a problem with the current route, the route can be recalculated while driving. Autonomous ships will reduce the cost of consumer goods and improve passenger ferry safety.
Number of ships in the world merchant fleet as of January 1, 2022, by type
As of 1 January 2022, of the approximately 58,000 merchant ships in international operation, approximately 17,800 are Ro-Ro/general cargo vessels. Ro-Ro/general cargo ships make up almost 31% of the world’s merchant fleet.
With increasing pressure to reduce greenhouse gas emissions in industry, manufacturers are being asked to respond. Against this backdrop, newbuildings of general cargo ships need to reduce their carbon footprint by an average of 40% by 2040.
Sustainable shipping
At current growth rates, global seaborne trade is projected to grow by 3.4% annually through 2024. With this growth, it is critical that industry leaders evaluate their processes and improve their current performance. The technology we have built into our offshore allows all possible parameters to be constantly checked and analyzed by AI, removing unnecessary pressure from the crew. Not only is this beneficial for insurance, protection, and risk prevention, but it also allows crews and businesses to work together to become more sustainable.
This technology and AI can reduce emissions, optimize travel, provide real-time analytics, and create a level of transparency that creates consensus around events. This allows us to process claims better and paint a clearer picture of the future of our industry.
Recent developments
With the intention of reducing fuel costs and reducing the environmental impact of ships, Hitachi Europe Ltd. has teamed with Stena Line. Hitachi will be able to pinpoint the main causes of high fuel use through the use of cutting-edge AI technology and, more importantly, provide advice on how to improve operations. In the past, Stena Line has utilised AI to decrease the quantity of plastic on board, improve fuel efficiency, reduce staff, lower accident rates, and for power plants, among other things.
Shipping giant Orient Overseas Container Lines Limited has partnered with Microsoft Research Asia to identify, manage, and overcome operational challenges and achieve efficiencies.
Autonomous Ships Market Trends
The autonomous ships market is estimated to be USD 3.9 billion in 2022 and is projected to reach USD 8.2 billion by 2030, at a CAGR of 9.6% from 2022 to 2030.
Europe is expected to lead the autonomous ships market during the forecast period.
Norway is focusing on technological competence to dominate the autonomous ships market.
Conclusion
AI in the maritime industry shows that work is being done to fully deploy AI technologies, but there is still a long way to go for widespread application. While many projects are in the testing stage, there are already economically viable first solutions in some areas. Fully automated vessels may be decades away, but niche applications could suddenly emerge.
The introduction of AI technology is responding to the increase in networking within the industry. Data is collected and exchanged in real time at an unprecedented scale. Given the speed of global processes and the complexity of maritime supply chains, AI offers tremendous benefits as it helps make things more manageable for us humans.
Author: Bobby Singh