Marine bunker supplier Peninsula has agreed a deal to add Windward’s AI-driven insights to its compliance processes, to improve screening and due diligence procedures.
The ongoing Russia-Ukraine war has precipitated the introduction of new regulations in multiple jurisdictions, with the EU Commission recently announced its 11th package of sanctions which, for the first time, allows ports to deny entry to vessels utilising deceptive shipping tactics to circumvent sanctions.
To help combat issues in this area, Windward’s Maritime AI insights will be integrated directly into Peninsula’s compliance processes via API, to provide legal and risk functions with a bottom-line risk score and flagged risk indicators for all vessels they are associated with.
“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,” said Alex Jamet, General Counsel of Peninsula.
“Windward stood out as the clear best in class solution to provide us with a thorough and accurate view of maritime risk. 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.”
Windward’s Maritime AI platform is powered by machine learning and behavioural analytics models, providing insights into vessel behaviours and ownership structures. The system predicts in real-time which companies and vessels are likely to be high risk.
“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,” said Ami Daniel, Co-Founder and CEO of Windward.
“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.
“With our Maritime AI solution, Peninsula’s legal and risk teams will be able to bolster their existing compliance programmes 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.”