From Covid-induced lockdowns, port congestion, container imbalances and chassis shortages; to the Suez Canal blockage, the Panama Canal drought and Houthi attacks on commercial ships, the challenges negatively affecting business operations know no limits. Countries and companies need to advance decision support systems to handle these disruptions effectively. Global shipping is a self-organizing system within which most actors, although intrinsically interdependent, largely take major decisions independently. Consequently, shipping is fundamentally a sub-optimal industry. Shippers might address the same problem in different ways. Some shipping lines, for example, might resume services via the Suez Canal; others could decide to continue transits via the Cape of Good Hope. The global supply system is a maze and without a comprehensive, system-wide view, independent interventions can have unforeseen and undesirable consequences. The industry’s ability to act cohesively and the probability of positive outcomes can be enhanced with a high-fidelity digital model of the shipping industry, as part of the global supply system, continually recalibrated using dynamic, real-time flows of automatic identification system data (AIS data comes from automatic tracking systems on ships) and other data. Source: World Economic Forum
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