Ocean Network Express, MTI form JV to advance shipping industry’s digital transformation
It aims to promote the digital transformation of operations and business models using artificial intelligence
[SINGAPORE] Singapore-based shipping line Ocean Network Express (ONE) and MTI have set up a joint venture (JV), Quaveo, to promote digital transformation in the container shipping industry.
Established in Ho Chi Minh City, Quaveo aims to advance the digital transformation of operations and business models using artificial intelligence (AI).
It will also create new use cases for AI applications and combine the strengths of both ONE and MTI, said ONE on Wednesday (Jan 7).
The JV will leverage ONE’s extensive knowledge and practical experience in the container shipping industry, where the firm operates more than 260 vessels globally and provides container transport services that connect more than 120 countries.
It will also tap MTI’s know-how in AI-utilised human resource development to advance the development of AI talent that is familiar with customer operations, as well as the development and introduction of AI solutions, ONE said.
The container shipping firm noted that the establishment of the JV comes at a time when the need for digital transformation involving AI adoption is “rapidly intensifying”.
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“While the volume of business data has exploded in recent years, efficiently harnessing these vast assets to generate revenue remains a significant challenge. This gap represents a massive, untapped market for AI-driven digital transformation,” ONE said.
Kenichi Michida, senior vice-president of ONE, noted that within the container shipping industry, the need for service quality improvement and operational efficiency using AI and large language models (LLM) is on the rise.
“Through the establishment of this new company, we intend to introduce highly competitive AI (and) LLM solutions that meet these needs more rapidly and on a larger scale than ever before, and actively proceed with securing excellent AI talent,” Michida said.
In terms of future plans, ONE and MTI aim to leverage the JV to expand their services beyond the maritime industry.
They intend to do so by leveraging Quaveo’s ability to apply cutting-edge technologies such as generative AI and LLM to drive digital transformation in other sectors like distribution and manufacturing, ONE said.
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