Last checked at 31 Oct 2022 07:00
31 October 2022
Windward Ltd.
("Windward", "the Company")
Launch of Vessel Fuel Consumption API
Windward launches AI-Powered API that will cut fuel costs and reduce the carbon footprint of maritime trade
Windward (LSE: WNWD), the leading Maritime AI™ company, announced today the launch of the Windward Vessel Fuel Consumption API, a differentiated AI solution providing fuel consumption assessments with up to 95% accuracy on average per voyage, as well as actionable insights.
The solution, the latest AI model in Windward's decarbonisation initiative, is a standalone API available to stakeholders in maritime trade. This API enables stakeholders to optimise chartering decisions and manage their carbon footprint, while increasing economic efficiency.
The maritime shipping industry transports 90% of world trade and accounts for nearly 3% of the world's carbon emissions and this number is expected to increase, as maritime trade is predicted to triple by 2050. To cut down on carbon emissions, various regulatory bodies require vessels to monitor and report their fuel consumption and emissions.2 Currently, fuel consumption data is reported through noon reports, with the crew usually measuring and reporting data manually, making the report susceptible to human error and potential falsification. Furthermore, fuel accounts for up to 70% of a vessel's expenses and inaccurate reporting can cause unintended and avoidable spending.3
Windward's Vessel Fuel Consumption API provides an objective way to track and calculate fuel consumption of any tanker across the globe in a more reliable and consistent manner, without the use of additional devices. This provides stakeholders, including charterers, shipowners, energy companies, and financial institutions, with total fuel consumption visibility for the main engines, auxiliary engines and boilers of all tankers. Organisations can optimise their chartering decisions, negotiate better time charter equivalent (TCE) rates, monitor vessels for technical malfunctions and benchmark different fleets, ultimately leading to average savings of 10% of fuel costs, as well as a derived reduction in carbon emissions. The Company believes that despite the economic downturn, c. 90% of trade will continue to go through the sea and these maritime stakeholders will want to save on fuel consumption.
The decarbonisation agenda runs throughout the maritime supply chain from ship owners and charterers who want to improve efficiency and differentiate their offering through to energy companies that must meet targets, as well as consumers that are demanding change and are willing to amend their buying habits to reward supply chains with leading environmental, social and governance ("ESG") credentials.
This API launch represents the further execution of the Company's growth strategy, as initially announced at its IPO in December 2021, by enriching its platform capabilities and adding more solutions and insights.
Ami Daniel, CEO and Co-Founder of Windward commented:
"The first step towards decarbonising the maritime industry is improving the visibility of vessels' fuel consumption. Environmental concerns and ESG are primary goals for both companies and consumers. We are approaching the point of no return and providing accurate assessments of consumption is key in making business decisions that are both economical and more importantly environmentally conscious."
"We are proud to use our maritime expertise and AI to lead the industry's efforts in creating a sustainable future and protecting the environment for future generations."
1 OECD, " Ocean shipping and shipbuilding "
2 European Commission " Reducing emissions from the shipping sector "
3 Chen, Yanhui, Jinrong Lu, and Mengmeng Ma. 2022. "How Does Oil Future Price Imply Bunker Price-Cointegration and Prediction Analysis" Energies 15, no. 10: 3630.
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/.