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Commentary: Applying AI To Decision-Making In Shipping And Commodities Markets

#artificialintelligence

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates. In this installment of the AI in Supply Chain series (#AIinSupplyChain), we explore the topic of decision-making in the shipping and commodities markets. Before we proceed, it is important to note four characteristics of the freight shipping industry that were highlighted by Roar Adland, a professor of shipping economics at the Norwegian School of Economics. In an August 2017 blog post on LinkedIn: 4 things shipping had long before Uber, he noted the following: First, shipping inherently utilizes dynamic pricing because of the volatile nature of rates, and this has been the case for a few centuries. Second, the industry already matches demand and supply in a highly efficient manner.