Bearing Brings AI-Powered Operational Efficiencies to the Maritime Shipping Industry

Bearing.ai, Bearing Brings AI-Powered Operational Efficiencies to the Maritime Shipping Industry, February 16, 2021.

Bearing exits stealth mode and launches its AI-driven operations optimization platform, which provides a wide range of actionable insights to shipping companies, leading to improved efficiency, safety and reduced gas greenhouse emissions. Bearing’s platform is powered by highly accurate ship performance models built on real-world data, allowing it to predict fuel consumption, speed, and other performance factors much more accurately than existing solutions on the market. (e.g., Bearing’s typical prediction accuracy for fuel consumption is over 98% per voyage, compared to a typical existing accuracy of 80%).

Technology:

Core to Bearing’s technology is a platform that ingests data from various sources, including ship sensors, satellite positioning, and weather data. Bearing combines this data with deep learning technologies to build hyper accurate models that predict vessel performance in a wide range of operating conditions, from storms to calm water. These models serve as the foundation for a range of products, including:

Smart Routing Engine: Automatically analyzes all potential routes for a given voyage and recommends the optimal route and speed profile for fuel efficiency, market opportunities and safety. Notably, the Smart Routing Engine continuously evaluates all possible route options and automatically adapts to changing weather conditions in real-time. Bearing built the Smart Routing Engine to integrate into existing workflows smoothly, so captains and operators can quickly receive and react to recommendations. The Smart Routing Engine also accurately projects the real-time profitability of a given voyage, removing much of the guesswork that exists in the industry today....

Performance Analysis Dashboard: Allows operators to see accurate trends in efficiency for their entire fleet. The dashboard proactively highlights actions that operators can take to improve fleet efficiency and allows operators to calculate the ROI for different actions, such as hull cleaning. Traditionally, measuring vessel performance against an objective baseline has been challenging to do, as vessel performance can vary significantly even on a single voyage due to factors like weather. However, Bearing’s technology allows operators to understand their fleet in a clear, quantitative way, thereby empowering them to make the right decisions.