Data Analysis in the Shipping Industry: eShip Case Study – Problem Statement

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Author(s): Marcel Kyas (Reykjavik University, Iceland), Joshua D. Springer (Reykjavik University, Iceland), Jan Tore Pedersen (Marlo as., Norway)and Valentina Chkoniya (University of Aveiro, Portugal)
Copyright: 2021
Pages: 20
Source title: Handbook of Research on Applied Data Science and Artificial Intelligence in Business and Industry
Source Author(s)/Editor(s): Valentina Chkoniya (University of Aveiro, Portugal)
DOI: 10.4018/978-1-7998-6985-6.ch018

Keywords: Artificial Intelligence / Data Management / Information Science Reference / Knowledge Management and Library Science

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Abstract

This chapter identifies the critical issues that must be addressed to accelerate the digital transition in the chartering market. The maritime industry is one of the pillars of global trade, where change is a constant. Again, shipping is at the cusp of a new era—one driven by data. The authors review the state-of-the-art technology that is useful to automate chartering processes. · The Fourth Industrial Revolution (or Industry 4.0) starts to change the bulk shipping markets leveraging the data flow between industrial processes in the physical and virtual world. · The internet of things accelerates data flow from things in the real world to the virtual world and enables us to control processes in real-time. Machine-to-machine communication, together with artificial intelligence, creates autonomous systems in many areas of production and logistics. Based on the gathered elements, eShip's case study was analyzed, and future steps have been defined for the data analysis in the shipping industry.

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Data Analysis in the Shipping Industry: eShip Case Study – Problem Statement

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