The leading marine energy supplier will integrate Windward’s Maritime AI™, providing legal and risk functions with automated updates to further enhance their due diligence and compliance processes.
London, UK, 10/08/2023– Windward (LSE: WNWD), the leading Maritime AI™ company, announced today that Peninsula, the global leading independent supplier of marine energy, has selected Windward to enhance their existing compliance processes by improving screening and due diligence procedures with AI-driven insights, empowering them to conduct more business, with confidence in an increasingly complex regulatory landscape.
The ongoing Russia-Ukraine war has precipitated the introduction of new regulations by the Western world. Most recently the EU Commission announced its 11th package of sanctions which, for the first time, allows ports to deny entry to vessels utilizing deceptive shipping tactics to circumvent sanctions. As such, counterparty due diligence has become a necessity for any stakeholder in the maritime trade industry to ensure they aren’t conducting business with bad actors. Embracing technology is one of Peninsula’s core pillars and in the world of bunker trading and supply, when decisions need to be made within minutes, Windward provides dynamic compliance feedback, which has a significant impact on decision making processes .
Windward’s Maritime AI insights will be integrated directly into Peninsula’s compliance processes via API, providing legal and risk functions with a bottom line risk score and flagged risk indicators for all vessels they are associated with. These valuable insights enable users to make go/no-go decisions with fewer false positives, allowing them to maximize efficiency and conduct more business.
“As global regulations and sanctions become increasingly complex, it is essential for stakeholders to stay ahead of the curve so they can conduct more business with greater confidence. In line with this trend, we are seeing a growing number of companies across the industry turning to our Maritime AI to make better, faster, and more informed decisions, and help them mitigate risk effectively,” said Ami Daniel, Co-Founder and CEO of Windward. “With our Maritime AI solution, Peninsula’s legal and risk teams will be able to bolster their existing compliance programs with unparalleled insights into vessel activity, ownership structures, and company risks in real-time, providing them a holistic and accurate view of maritime risk, and enabling them to navigate the turbulent trade environment with ease. This will enhance their day to day operations.”
Windward’s Maritime AI platform is powered by advanced machine learning and behavioral analytics models, providing customers with insights into vessel behaviors, ownership structures, and company risks, and predicting in real-time which companies and vessels are likely to be high risk. The company’s behavioral models and risk indicators are constantly updated in line with new regulations and behavioral patterns, ensuring that customers are always one step ahead. Windward’s solutions enable companies across the maritime trade industry to streamline business operations.
“Peninsula has always taken sanctions compliance very seriously, although bunkering is currently “out of scope” of the 11th EU sanctions package, our conservative approach to sanctions risk as well as its own self-sanctioning led us on an extensive search for the most effective technology enhancement to our existing procedures. Windward stood out as the clear best in class solution to provide us with a thorough and accurate view of maritime risk,” said Alex Jamet, General Counsel of Peninsula. “Their advanced technology, comprehensive data coverage, and robust analytics capabilities empower our risk functions to make prudent, accurate decisions to rapidly support our global commercial teams.”
Peninsula is a global leader in the supply of marine fuels, with an international nexus and operations in all major world ports, They deliver marine energy solutions from an integrated supply chain via a comprehensive global trading network.
Peninsula performs more than 25,000 deliveries per annum and is a trusted partner to over 2,000 customers in every corner of the globe. Their reputation for transparency, combined with a low risk tolerance, has garnered support from a wide range of stakeholders who collectively acknowledge Peninsula as a marine energy market leader.
Windward (LSE:WNWD), is the leading Maritime AI™ company, providing an all-in-one platform for risk management and maritime domain awareness needs to accelerate global trade. Windward’s AI-powered decision support platform and exception management offers a 360° view of the maritime ecosystem and allows stakeholders including ocean freight forwarders, shipping companies, insurers, energy companies, banks, and governments to make real time, predictive intelligence-driven decisions to achieve business and operational readiness.
For more information visit: https://windward.ai/.