Blockshipping joins forces with 2021.AI — Support by the Danish Maritime Fund
Dear Community,
Some time has passed since our last general update, and we are excited to share the latest news with you.
We are getting financial support from The Danish Maritime Fund!
We are pleased to announce that we have received financial support from The Danish Maritime Fund which was announced and officially signed earlier this week. The support has been specifically targeted to Blockshipping’s newest product called Import Dwell Time Prediction (IDP).
In the startup business, it is always positive to receive highly needed cash injections, but even more positive to receive a “stamp of approval” from highly respected stakeholders. A warm thank you to The Danish Maritime Fund for the faith and support that has been granted to our business.
Now follows a detailed description of our new product: the Import Dwell Time Prediction
Import Dwell Time Prediction (IDP)
The Import Dwell Time Prediction is an AI-based prediction service that will be able to forecast how long containers will remain in the container terminal before being delivered to the importer.
Why?
In all container terminals, random stacking is used to place import containers in the yard.
Terminal operators have little certainty as to how long a specific import container will stay in the yard and when it will be picked up for transport. Because of this, all container terminals use random stacking to place import containers in the yard. It is, therefore, normal practice that terminals must accept a relatively high number of container yard shiftings in order to dig out import containers for delivery to importers.
Container carriers face a similar problem. Because of the poor forecasting ability carriers always have problems with estimating when import containers will be returned from the importer. In order to avoid the risk of insufficient supply of empty containers, the carriers tend to play it very safe and keep way to much buffer. The results are unnecessarily high stocks and buffers of empty containers in each country.
How?
The Import Dwell Time Prediction utilizes large amounts of historical data extracts from carriers and container terminals.
We will then analyze — in collaboration with the terminal and our internal domain experts — the data and marks and will then weigh the parameters that are estimated to have a significant impact on the dwell time.
These are the parameters that will be used for training the AI-model.
Based on the data analysis, we will then define an appropriate model for the dwell time prediction service for the terminal operator in question. It will be typically very complicated — it at all possible — to make this mathematical model analytically.
Applying artificial intelligence, the Import Dwell Time Prediction uses computing power to build the model automatically. This is exactly how neural networks work. Through training, the neural network will gradually create a better and better mathematical model. In IDP, the trained neural network can be queried about dwell time predictions via a web browser and in a later version via direct integration to the Carrier’s container management system and the terminal’s TOS system.
IDP will also use traditional statistical methods. The model will be continuously updated with new data and progressively learn from the deviations that might be between the model’s predictions and actual dwell times. As a result, the Import Dwell Time Prediction will continually improve and make more precise predictions.
Benefits
- Reduces empty container buffers
- Reduced container yard shifting’s
- Provides higher certainty about when import containers will be returned as empty containers and made available for exports
- Significant cost savings for both container carriers and container terminal operators
- The IDP also benefits street-turn triangulation operation through higher matching rates
- Enables closer collaboration between container carriers and container terminals
- Reduced energy consumption and CO2 emissions
For container terminals with an annual volume of over 800.000 TEU the potential savings per terminal are approaching USD 1M per year through reduced yard shiftings in import stacks.
Blockshipping joins forces with leading enterprise AI company 2021.AI
We are very pleased to announce that our company Blockshipping and the leading global enterprise AI company 2021.AI enter into a technological partnership to develop the AI model for predicting import dwell times.
The AI-based Import Dwell Time model is the first in a series of AI models that aims to provide the industry stakeholders with AI-based end-to-end supply chain visibility, focusing specifically on improving containers ETA’s.
Combining Blockshipping’s deep industry experience with 2021.AI’s AI platform Grace and data science expertise for developing advanced models, the IDP product will result in significant savings for container carriers by reducing empty container buffer in each country.
“The technological partnership we have entered into with 2021.AI enables us to provide a very strong value proposition to stakeholders in the shipping industry and BCOs in the global supply chain”
Peter Ludvigsen, CEO & Founder of Blockshipping
“The partnership has been very successful because of Blockshipping’s clear commitment to the business problems at hand. We found a great match in combining the business perspective with our experience in taking AI into production on our AI Platform, Grace. This means that we are not only developing a single model but building an interface for future scaling of AI models for terminal operators. Our partnership with Blockshipping is a great example of how AI can bring value by solving real business challenges”
Rasmus Hauch, Head of Product Management at 2021.AI
About 2021.AI
2021.AI serves the growing need for applied AI across industries. Their data science expertise combined with their Grace AI Platform offers a true AI differentiator for clients around the world.
With Grace, data scientists can collaborate swiftly to solve complex problems or implement packaged models for churn prediction, chat-bots, classification, and more. 2021.AI is a fast-growing company headquartered in Copenhagen with + 80 employees distributed globally.
Global Shared Container Platform (GSCP) Ecosystem
Some of you might ask why we are developing the IDP product and how it fits into the GSCP ecosystem. Well, the reason why we prioritize the IDP is that we believe that with this product, we will be able to gain faster traction on the market.
Once we have entered the market and established good partnerships, we will have much better possibilities to implement core GSCP products like the Blockchain Container Register or the Container Sharing.
This is also because the IDP is perfectly integrated into the GSCP ecosystem. The IDP connects different stakeholders like container carriers and terminal operators and promotes industry-wide collaboration. It improves the utilization of assets, reduces unnecessary movement of containers and makes an important contribution to the preservation of our environment.
All these things make it consistent with the initial vision of the Global Shared Container Platform — to transform the global shipping industry.
We hope we could give you a little insight into the recent developments around the GSCP. If you have questions around the IDP or other products, feel free to contact us!
All the best,
