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SIT and TradeFlow Collaborate to Enhance Shipping Industry Efficiency with AI
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December 6, 2021 News

 

TradeFlow Capital Management (TradeFlow) and the Singapore Institute of Technology (SIT) are pleased to announce a collaboration to co-create an Artificial Intelligence-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”, said John Collis, CRO at TradeFlow. Added Dr Tom James, CEO and CIO at 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”.

Said Scott Jones, Senior Lecturer and Principal Investigator at 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”.

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