The Role of Applied Intelligence and Startups in the Maritime Industry
Steering Efficiency and Change Through Innovative and Digital Technologies
The maritime industry with its timeless connection to the seas, has always been a hub of innovation, adapting to changing times and technologies. From the transition from wooden ships to steel behemoths, and from sails to engines, this traditional industry has proven its ability to evolve. Today, it stands on the cusp of a new transformative journey, with Applied Intelligence as the wind in its sails, propelling it toward an era of technological innovation and operational efficiency.
At its core, Applied Intelligence (AI) is a powerful combination of artificial intelligence, automation, data analytics, and human expertise. It processes vast data streams, ranging from ship sensors and weather forecasts to historical data, all with the aim of providing actionable insights. These insights act as the guiding stars for maritime companies, steering them toward informed decisions and operational excellence.
The maritime industry faces numerous challenges, from fluctuating fuel prices to stringent environmental regulations, that demand innovative solutions. Applied Intelligence emerges as the industry’s North Star, optimizing routes and operations, minimizing fuel consumption, and predicting maintenance needs. This results in reduced costs and safer voyages, akin to a course correction that leads to greater efficiency, reduced risk and enhanced safety measures.
Navigating The Benefits of Integrated Applied Intelligence
Over the last decade, many industries and sectors have increasingly utilized data collection and artificial intelligence to help streamline many aspects of their business. The maritime industry is no different.
The integration of Applied Intelligence in the maritime industry offers numerous benefits, including informed decision-making, improved operational efficiency, cost reduction and risk mitigation. More specifically, some of the advantages of Applied Intelligence in the maritime domain are:
- Informed Decision-Making: Real-time insights empower decision-makers, ensuring safety, efficiency, and profitability.
- Improved Operational Efficiency: From cargo loading to route planning and fuel optimization, it drives operational excellence and cost savings.
- Cost Reduction and Risk Mitigation: Predictive maintenance minimizes downtime and costly repairs, contributing to significant cost reductions.
- Increased Safety and Security Measures: Enhanced monitoring and early threat detection prioritize crew safety and thwart security threats, fostering a secure environment for all.
AI adoption is continuously increasing in most industries, and the maritime industry is no exception. AI has a variety of capabilities that can be used to improve the quality and speed of operations. AI can be used to automate routine tasks, freeing up human workers to focus on more strategic tasks. A study by McKinsey showed that the adopters of AI in the transportation and logistics sector had more than 5% increase in profit margins.
A revolutionary solution that provides a very good example of Applied Intelligence’s possibilities for shipping companies is the Digital Twin. This solution creates an advanced digital vessel replica that can be accurately used for real-time monitoring and analysis of the twinned asset. This technology provides the ability to monitor equipment condition, produce real time risk insights, reduce downtime and optimize maintenance operations and voyage planning.
Unlocking New Possibilities with Generative AI
Generative AI is a rapidly developing technology that has the potential to revolutionize many industries, and maritime is one of them. It can be used to improve safety, efficiency, and sustainability in various ways.
By automating a big part of communications, it can be used to automate routine inquiries and generate detailed and standardized reporting for various sensors, ship systems, operations and department-level performance. Generative AI applications can produce and interact with necessary shipping documentation, certificates and reports, in a fast and efficient way, thus streamlining administrative tasks and reducing human error.
Coupled with Digital Twins and Physics-based AI models, generative AI can significantly augment preventive operations when a particular component of a ship might fail or require maintenance, and it could even generate the next best corrective action for it.
There are a lot of ways that Generative AI can transform shipping. As AI technology evolves, we can only expect to see even more groundbreaking applications in the years ahead.
Challenges in the Industry Beckon Opportunities for Innovation
Maritime transport is the backbone of international trade and the global economy, responsible for ferrying over 80% of the volume of international trade in goods. However, despite its critical role, the maritime industry faces several pressing challenges, including cybersecurity threats, sustainability mandates and calls for greater operational efficiencies. Research and publications echo the industry’s clarion call for transformation.
These challenges also present opportunities for startups to address unmet needs in the industry. For example, the maritime industry is under increasing pressure to reduce its environmental impact. Startups can disrupt the industry by developing new technologies to promote sustainability, such as energy-efficient vessels, and waste reduction measures. The use of new technologies could also address the need for operational efficiency. Startups can develop new solutions to optimize operations, increase productivity and reduce costs in the maritime industry. For example, the use of AI and big data can help improve the efficiency of cargo loading, predict maintenance needs and optimize shipping routes. Such solutions would lead to the improvement of efficiency and to increased profitability.
Startups worldwide are pioneering innovations that promise to reshape the industry in various ways. For example, Windward focuses on maritime risk management by ship movements and predicting risks associated with particular vessels or routes. Orca AI offers a system that integrates with existing onboard sensors to provide crews with real-time insights, especially in complex or congested environments.
In Greece, a hub where the maritime industry has deep roots, startup companies like Synthetica are leveraging Physics Informed Deep Learning models coupled with Generative AI, to proactively optimise components and systems maintenance as well as emission indicators performance. MarineTraffic is also a well-known example of a successful Greek startup, that provides real-time AIS ship tracking and maritime intelligence.
Startups are the lifeblood of change. Empowered by Applied Intelligence, they are poised to tackle all the challenges head-on, ushering in a new era of maritime excellence. Let’s draw this route together – join the Innovation Hub by Qualco, submit your concept and develop it with the innovation ecosystem’s power.