xyzt.ai Introduces Wait-time and Travel-time Insights to Support the Global Maritime Supply Chain Industry in Solving Today’s Challenges
Maritime analytics software company xyzt.ai will demonstrate at SMM 2022 in Hamburg how port authorities, government agencies, and other maritime companies can significantly save time and costs by benefiting from its wait-time and travel-time analysis.
Hamburg, Germany, 6 September 2022 – xyzt.ai, a Leuven-based high-tech company offering an innovative no-code geospatial platform for visualizing and analyzing vast amounts of movement and time series data, announces today that it will showcase for the first time at the maritime event SMM 2022 its new wait-time (or dwell-time) and travel-time capabilities.
Wait-time analysis is a powerful capability that analyzes vessel activity in defined areas and provides a shortcut into insights based on trends and changes over time, as well as specific information about individual ships.
Travel-time enables analysts to understand the duration and change in duration of voyages between different ports or other locations.
Both statistics are computed and presented visually, on-the-fly from the raw vessel movement data.
SMM 2022 is taking place in Hamburg, Germany from 6 - 9 September, and is the leading international maritime trade fair expecting to attract more than 40.000 visitors from over 100 countries to celebrate its 30th edition.
Port Congestion Use Case
The global maritime supply chain is since the Covid-19 pandemic struggling with serious logistics problems. Ships making two- to three-week voyages across the oceans are forced to spend just about as much time waiting in line at anchorage zones before being allowed to dock and discharge payloads of thousands of containers.
The time it takes for goods to reach their destinations has more than doubled since January 2020, and the cost to ship containers internationally is now more than five times the pre-pandemic rate, all because delivery times have become unpredictable.
This bottleneck means companies, hiring the shipping lines, must place orders several months in advance, and must pay much higher rates. To ensure enough inventory is on hand, they now order in larger quantities, further reducing agility in the logistics chain.
How wait-time and travel-time analysis helps solve this problem?
What started pre-pandemic with few container ships that had to drop anchor before entering the port has ballooned into a maritime parking lot that currently exceeds multiple dozens of vessels often waiting multiple days or weeks.
Wait-time analysis enables port authorities to efficiently monitor and analyze anchorage zones and terminals to identify vessel congestion and rate of increase or decrease.
By visualizing and analyzing this information over time, port authorities gain deep insights into the level of congestion and how to improve for a more efficient future policy. Other practical benefits include optimizing the port’s invoicing processes by real-time monitoring of how long a ship stays at anchor.
Other maritime use cases
- Also, for fleet operators, wait-time and travel-time (changes) provide valuable information on their (or their competitors’) operational efficiency.
- Government organizations derive intelligence from analyzing dwell times and vessel activity in certain areas to determine suspicious, dangerous, or illegal behavior, such as tax evasion.
- Coastal and maritime organizations monitor and analyze fishing activity to learn from fishing patterns, intensity, hotspots, and to detect illegal, unreported, and unregulated fishing.
Bart Adams, CTO xyzt.ai: “We are very excited to demonstrate the above use cases at SMM 2022 and how this new way of analyzing the relevant data offers many opportunities across the entire maritime industry. Visitors can drop by the xyzt.ai’s booth at B2.EG.110 to have a live presentation on how wait-time analysis exactly works and how it complements the all-in-one maritime analytics platform xyzt.ai”.
On Wednesday the 7th of September, Dr. Bart Adams, CTO of xyzt.ai, will join the Maritime Start-Up Night at SMM 2022 to talk about how today any maritime company can leverage connected technologies and data to discover new business intelligence for a more efficient and greener tomorrow.