CargoSmart Limited announced its brand-new “CargoSmart Connected Reefer Solution”, a one-stop reefer cargo management solution for ocean carriers and shippers.
The AI and IoT-enabled solution features end-to-end information transparency, including enhanced reefer container Pre-Trip Inspection (PTI) support, real-time container status monitoring updates, and predictive cargo arrival status.
It allows carriers to offer best-in-class performance to shippers with lowered operating costs. It has been proven effective and efficient. COSCO SHIPPING recorded substantial savings in reefer container PTI costs after adopting the solution, while reefer sales increased during the same period.
CargoSmart Connected Reefer Solution is a leading product under CargoSmart’s AI-driven IoT product series for supply chain management, named SAIOT (Supply-Chain Artificial Intelligence Internet of Things). The solution is powered by an IoT device that was co-developed by CargoSmart and Shanghai Maritime University. The device is equipped with built-in multiple sensor capabilities including the detection of container temperature, humidity, location, environment, motion, shocks, and impact.
Leveraging AI and IoT technologies, CargoSmart Connected Reefer Solution intelligently identifies any deviation or disruption from the container and diagnoses whether it is a result caused by a normal or abnormal operation event. In the event of an abnormal exception, the solution triggers a smart alert to the carrier or corresponding cargo owner for immediate response, minimizing the risk that might impact cargo value. The feature successfully reduces 97% of false alarms, which enables users to maximize their resource allocation and reduce the time spent on investigating exceptions.
To further improve shipment visibility and lower risk, CargoSmart Connected Reefer Solution projects the latest ETAs through AI based on real-time locations, historical patterns, vessel ETAs, traffic conditions, and road regulations. The AI model improves the door arrival time prediction accuracy by over 40%, which enhances customers’ shipment delivery status visibility to ensure better time management and reliability for shipments to be delivered in optimal condition to consignees.
CargoSmart Connected Reefer Solution has been proven to be cost-effective and efficient as Mr. Li Dong, General Manager of Equipment Management Center, COSCO SHIPPING, shared that the company recorded a significant cut in pre-trip inspection costs during their pilot test with the solution. He said, “In addition to heightened visibility to reefer cargo status, COSCO SHIPPING replaced manual PTI with AI-enabled PTI, bringing significant enhancements in cost-efficiency savings as well as reefer management capabilities.”
The solution provides a complete end-to-end service for ocean carriers and their end customers to enable cost reductions, optimize supply chain operations, maintain shipment asset quality, and deliver premium services to customers. CargoSmart Connected Reefer Solution comes with an AI algorithm that analyzes container usage and maintenance history to accurately predict the reefer machinery condition and to fulfill strict PTI requirements in advance. With the AI-enabled monitoring, the quality and reliability of reefer boxes are highly enhanced and PTI costs are substantially reduced.
Lionel Louie, Chief Commercial Officer of CargoSmart, described the solution as an example of digital transformation in the shipping industry. “CargoSmart Connected Reefer Solution provides users with a one-stop, hassle-free solution that seamlessly integrates IoT-enabled containers with cloud-based monitoring software and APIs. With the cutting-edge technologies and the vast volume of data collected, CargoSmart Connected Reefer Solution brings an unprecedented level of real-time cargo status visibility, empowers more accurate and responsive planning, and significantly drives down operation costs for carriers and shippers.”
The industry has recognized CargoSmart for its innovation in reefer management. It was the winner of the Lloyd’s List 2019 “Excellence in Supply Chan Management” Asia Pacific Award and the 2019 TIBCO Trailblazer Visionary Awards.
The award-winning solution is now available to all carriers and shippers.