Maritime predictive Intelligence company Windward has announced a new partnership with SOCAR Trading, the international marketing and development arm of SOCAR, the State Oil Company of Azerbaijan Republic, to use Windward’s AI-powered platform to improve its due diligence and screening processes when chartering tankers, monitoring its own fleet, and receiving cargo from third-party vessels.
As part of the national oil company of Azerbaijan, SOCAR Trading owns and charters crude and product tankers and receives cargo from third-party vessels. To manage compliance with international sanctions and other regulatory requirements the company will use the technology for screening and tracking vessels, fleets, and companies in the maritime domain to ensure that these entities are safe to conduct business with.
“We’re always on the lookout for innovative solutions that we can build into our compliance programme that protect our interests and give us an edge over non-compliant actors in the market,” said Richard Baron, Head of Compliance at SOCAR Trading.
“Windward’s AI-powered platform generates meaningful alerts with a low rate of false positives allowing the compliance team to dedicate more time on assessing and analysing key risks.”
The platform analyses numerous factors including vessel behaviours, ownership structures, company risks, and others, predicting in real-time which companies and vessels are likely to be high risk and which are safe to conduct business with.