Japanese shipping company “K” Line has announced it will adopt Silicone Valley-based Bearing’s Performance Analysis Dashboard on more than 300 of its vessels.
The company, which collaborated closely with Bearing as a pioneer on the development and testing of the technology, said a performance analysis of the technology had confirmed a ‘much higher level’ of data accuracy compared with the existing performance analysis tool.
‘High accuracy of ship’s performance analysis is essential for all safety and energy-saving measures in ship operation,’ said General Manager of “K” LINE’s Advanced Technology Group, Shingo Kameyama. ‘Bearing’s technology contributes to our safe, economical operation and greenhouse gas reduction, which is one of the most significant maritime industry[y] challenges.’
The Performance Analysis Dashboard is one of three solutions developed by Bearing. The company’s technology ingests data from various sources, including ship sensors, satellite positioning, and weather data which is combined with deep learning technologies to build hyper accurate models for each vessel to predict performance in a wide range of operating conditions, from storms to calm water.
As previously reported, earlier this month, Mitsui O.S.K. Lines (MOL) announced it was expanding its partnership with Bearing which has yielded a newly announced AI-powered Smart Routing Engine solution.
Another product, Ship Profile API, enables shipping companies and other service providers to tap into Bearing’s deep learning models via an application programming interface (API) to power their own tools. The company has partnered with Maersk Tankers spin-off ZeroNorth to launch the product.
With the support of the company’s investors, AI Fund and Mitsui & Co., Ltd, Bearing says it has to date raised $3 million.
‘The AI Fund is proud to back Bearing. The maritime shipping industry is well positioned for AI to drive significant optimisation,’ said General Partner of AI Fund, Andrew NG. ‘This will be good for shippers, manufacturers, consumers, and also the environment.’
Representative Director, Senior Executive Managing Officer and Chief Digital Information Officer of Mitsui & Co., Ltd., Yoshio Kometani, added: ‘We believe that there is a wide range of opportunities to use deep learning algorithms in the maritime and shipping industry, which can lead to various applications including greenhouse gas reduction.’