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16 Sep 2022 07:00
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16 September 2022
Windward Ltd.
("Windward", "the Company")
Attendance at GTR Commodities Conference following contract wins with Swiss traders
Attendance at Geneva Commodity Financing event follows contract wins with three Swiss commodity trading companies in recent months and seismic shifts impacting global commodity trade
Windward (LON: WNWD), the leading Maritime AI company, is pleased to announce it will be attending and presenting at the 2022 GTR (Global Trade Review) Commodities conference in Geneva on Tuesday, 20 September.
GTR is the premier gathering for the global commodity financing sector, attracting more than 300 delegates from over 200 companies. This event provides a platform for networking between leading industry experts, and this year's meeting will feature in-depth assessment of the seismic shifts impacting global commodity trade and financing amidst the fall out of the Ukraine invasion and lingering pandemic-driven supply chain disruption.
CEO and co-founder Ami Daniel will be participating in the keynote panel "The commodity market macro-perspective finance and policy solutions in a volatile climate" at 09.10 CEST, in a discussion which takes a macro-perspective on current trends, seeking to identify risks and solutions to the complex web of commodity challenges.
Windward's attendance at this event in Switzerland follows the signing of three Swiss commodity trading companies in recent months as new clients of Windward. The companies are involved in the trading of oil and gas, petrochemicals, bulk products, fertilisers, and soft commodities. The companies are using Windward's platform to enhance their due diligence and screening processes to mitigate all maritime related risks including sanctions risk, compliance risk, and risk associated with third parties including customers, vendors, employees, contractors, and others.
Windward's platform analyses numerous factors including vessel behaviours, ownership structures, company risks, and others, identifying in real-time which companies and vessels are likely to be high risk, and which are safe to conduct business with.
The ongoing conflict in Ukraine has brought turbulence to the commodity trading industry with sanctions against Russia evolving on a regular basis. New regulations set by the US, EU, and G7 will create even further complications with price caps set on Russian Federation origin crude oil starting in December 2022 and oil products for refined oil in February 2023. These regulations identify and list deceptive shipping practices which are being increasingly used by vessels to evade sanctions, and require industry players to be able to identify such practices and act accordingly.
Since the beginning of the conflict, there has been a drastic increase in Russian vessels engaging in dark activity and using ship-to-ship transfers to transport goods including allegedly stolen Ukrainian grain, making it even more difficult for businesses to ascertain legitimate and 'clean-conscious' deals. In light of the new sanctions, all service providers involved in maritime trade ranging from traders to insurers now need a comprehensive awareness of risk related to all entities they do business with.
Ami Daniel, CEO and Co-Founder of Windward said:
"No matter where in the world a company trades, it's increasingly becoming more complex, and the risks involved are becoming greater. The upcoming cap on Russian oil prices complicates the process even further, adding more risk factors that traders must look out for including new companies in high-risk regimes and abnormal patterns.
As sanctions continuously evolve and geopolitical tensions turn into real-life trade issues, companies need the help of advanced technology and AI to efficiently monitor, screen, and vet their business partners to successfully mitigate risk."
For more information, please contact:
Windward Ltd. | Via Alma PR |
Irit Singer, CMO | |
Canaccord Genuity (Nominated Adviser & Broker) | +44(0)20 7523 8000 |
Simon Bridges / Andrew Potts | |
Alma PR | +44(0)20 3405 0205 |
Caroline Forde / Kieran Breheny / Pippa Crabtree |
About Windward
Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange, is a leading Maritime AI company, enabling organisations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real-time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. For more information visit: https://windward.ai/.
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