MOL Aims to Use Artificial Intelligence to Forecast Bunker Prices

by Ship & Bunker News Team
Friday September 2, 2016

Mitsui O.S.K. Lines, Ltd. (MOL) this week has unveiled an ambitious new plan to use artificial intelligence (AI) to forecast bunker prices, along with other shipping market movements.

MOL President & CEO Junichiro Ikeda Tuesday said its subsidiary MOL Information Systems, Ltd. signed a contract with Yokohama National University to conduct a joint study on the analysis and use of "big data" related to ocean shipping.

"The joint study is aimed at developing the capability to analyze data related to economics and maritime affairs and forecast the ocean shipping market and bunker prices with greater accuracy by using artificial intelligence (AI) in cooperation with Professor Tomoharu Nagao of the university's Graduate School of Environment and Information Sciences," said MOL.

"The partners will also proceed with new studies to develop management support tools. 

"The MOL Group continually takes a proactive stance in promoting the practical use and application of IT and combines each division's intelligence, with the goal of creating a shipping group that is always customers' first choice when it comes to transport and logistics."

MOL is not the first shipping company to turn to big data in an effort to manage bunker costs.

Earlier this year fellow Japanese carrier Kawasaki Kisen Kaisha, Ltd. (K Line) said it was also working on a big data system to help lower its bunker bills.

Ship & Bunker News Team
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