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Title: Vessel Movement Tracking and Predict Vessel Destinations (Vessel Supply and Demand Forecasting)
Organization: Vale - IBM
Duration: 2020 to 2022
Business Challenges
The number of vessels to transfer material is limited. There are a few big competitors, and predicting available chartering vessels is essential for big companies. Machine learning is an innovative method to predict vessel availability in different regions. As a result, many companies optimize costs and returns. On another side, it is essential to predict the demand for vessels. A few big companies need the capsize vessels to transfer the material between countries. Therefore, predicting the vessel supply and demand has been a critical challenge for companies.
Suggested Solution
Gathering data from different internal and external resources automatically and feeding the cleansed and sorted data to a Random Forest prediction model can help mining companies to estimate the vessels' availability and predict their final destination. This application is a powerful tool to reduce the cost of shipping dramatically and to make sure that the produced materials will be delivered at the right time to the customers’ ports.
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