NYK introduces its market analysis initiatives using AI and big data
On March 18 at a symposium cosponsored by the Japan Shipping Exchange Inc. and the Japan Society of Logistics and Shipping Economics, NYK introduced its new initiatives using AI and big data for analyses of the dry-bulk market, the company said in its release.
This symposium was held to encourage collaboration between the shipping industry and the academic sector during a time when there is a growing interest in the use of big data analyses. Focusing on the dry-bulk division, panelists from the shipping industry and academic sector discussed how they could work together to create new solutions.
Koichiro Hayashi, manager of Bulk/Energy Research Team in NYK’s Research Group, spoke about the need for timely market analyses to assist with management decisions, and how the industry could benefit from academia.
Last year, NYK announced its medium-term management plan “Staying Ahead 2022 with Digitalization and Green” and set out a plan to decisively reform its dry-bulk business and improve profitability.
Using new data sources such as the Automatic Identification System (AIS), NYK is looking to benefit by making use of AI to conduct advanced market analyses and improve earnings in an ever-changing market.