Trans Sea Transport leverages AI to assist in Charter Party Agreement Negotiations with Complexio

MONACO, MONACO, December 18, 2024 /EINPresswire.com/ -- Trans Sea Transport has begun using AI to help process Charter Party Agreement email negotiations with Complexio.

Having joined Hafnia and Símbolo as a partner in Foundational AI company Complexio in 2023, they started ingesting their data earlier this year.

Complexio’s ultimate vision is to automate any task or process within an enterprise by building a holistic understanding of how people work.

Complexio’s Foundational AI system connects to whole company data and uses multiple AI models to interpret how individual actions and tasks relate to overall business outcomes.

Complexio first ingests structured, semi-structured and unstructured data like email, instant messaging platforms like Teams, meeting transcripts and database information to understand what actions users take to complete tasks.

This data is then currently processed by eight Large Language Models (LLM’s) and fed into a Knowledge Graph, to build a complex representation or ‘model’ of how an enterprise carries out its business activities, down to a most granular level.

From this model, Complexio learns how to recognise and replicate patterns in behaviour so it can automate tasks and processes autonomously.

“We are always looking to partner with innovative companies who can help us weather the storms of the volatile shipping markets. Being able to automate data-heavy manual processes like Cargo and Ship Matching, Charter Party Terms Check and Rates Checks can be game changer for us,” says Massimo Giovannini, Managing Partner of Trans Sea Transport. “Complexio’s initial R&D with us is focused on helping us improve our end-to-end Chartering Process.”

“Our Chartering Managers currently spend a large amount of time reading, assessing and responding to real-time changes in contract clause information,” adds Trans Sea Transport Chartering Manager Sven Delija. “The Charter Party Agreement can be 40 to 50 pages long and contain 120 or more clauses which need to be reviewed and agreed upon by both parties before a voyage can be fixed. Automatically tracking and verifying these changes frees up between 30 and 60 minutes per negotiation.”

“We have already started helping Trans Sea Transport handle the Charter Party terms negotiation process,” says Matthew. “This is a particular pain point right now and from what we map and learn about this process and their data, we can help them automate other processes across their whole organisation.”

Foundational AI learns from the habits and behaviours of development partners like Trans Sea Transport and builds a list of skills that can be automated across the company processes and tasks.

In Trans Sea Transport’s case, Complexio automates Charter Party Agreement clause changes by recognising when Agreements have begun and tracking and summarising the chain of negotiations that occurs, before finally highlighting any differences between the original document and the Working Copy agreement.

“With this one process, Complexio has learnt transferrable skills such as reading emails and attachments, understanding email communication chains, tracking changes in documents, providing summaries based on events and interpreting how individual actions and tasks relate to overall business outcomes,” Matthew says.

As Complexio ingests and maps more and more data, it aims to improve its learning and use of algorithms and Foundational AI for everyone.

Eventually, Complexio will be able to assist users without pre-defined use cases and thousands of individual tasks.

About Trans Sea Transport

With more than 40 years of experience in Dry Bulk Chartering, Trans Sea Transport is a willing partner for the ocean transportation of bulk, break bulk and special cargoes to easy or difficult places. We offer worldwide shipping on a customer-to-customer basis with a fleet of bulk carriers suited for target clients. Our offices are located on both sides of the Atlantic, have a long track record with well-established companies and are always open-minded towards new business. With in-house control of all aspects of the shipping venture: commercial, operations, technical, accounting, risk management, and claims, you will always have an experienced partner looking for value creation opportunities.

About Complexio

Complexio is a joint venture between Hafnia, in partnership with Marfin Management, C Transport Maritime, Trans Sea Transport and BW Epic Kosan and Símbolo.

Complexio is defining how principles of Foundational AI are understood and realised in real world business applications. They work with real, live data from their partners’ existing systems to continually inform R&D that’s tailored to each business. By ingesting and mapping this whole company data they enable automation and improved decision-making across the entire organisation.

Collette Swindells
Complexio
cs@complexio.com
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