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, Aug. 8, 2023
/PRNewswire/ -- 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."
About Peninsula
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.
https://www.peninsula360.com/
About Windward
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/
Media Contact
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Headline Media
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SOURCE Windward