Last checked at 5 Jul 2023 07:00
5 July 2023
Windward Ltd.
("Windward", "the Company")
LSEG deploys Windward artificial intelligence capabilities to combat 'sanctions-busting' across global shipping in real-time
· | Windward's AI-based solution detects indicators of potentially suspicious maritime activity for the entirety of global shipping
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· | Able to track over 117,000 vessels currently at sea globally including oil tankers, dry bulk carriers and container vessels
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Artificial Intelligence (AI) is to play a pivotal role in tackling sanctions risks in global shipping following a partnership between London Stock Exchange Group (LSEG) and Windward announced today.
Windward's Maritime AI-powered technology will augment existing shipping analytic capabilities available on the LSEG Workspace platform in real-time. It will track approximately 117,200 vessels currently at sea globally including oil tankers, dry bulk carriers and container vessels. Then, using AI and advanced behavioural risk assessments models, the technology screens against criteria which could be an indicator of illicit activity to determine a risk profile. This could include 'going dark' - turning off or altering an AIS tracking device, visiting the port of a sanctioned country, and/or loitering in a sanctioned area.
The ongoing Russian-Ukrainian War has shone a spotlight on sanctions risk and the importance of compliance, with data showing 42% of all high-risk tankers being Russian-affiliated. There has also been a significant increase in deceptive shipping practices by these vessels including dark activity and ship-to-ship transfers, making compliance especially complex.
The risk of businesses unintentionally breaching sanctions is ever increasing and on 23rd June 2023, the European Union took steps to bolster their response to these evasive tactics, announcing an 11th package of sanctions against Russia including:
· | Prohibition on accessing EU ports for vessels that engage in ship-to-ship transfers suspected to be in breach of the Russian oil import ban or G7 Coalition price cap.
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· | Prohibition on accessing EU ports for vessels if a vessel does not notify the competent authority at least 48 hours in advance about a ship-to-ship transfer occurring within the Exclusive Economic Zone of a Member State or within 12 nautical miles from the baseline of that Member State's coast.
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· | Prohibition on accessing EU ports for vessels which manipulate or turn off their navigation tracking system when transporting Russian oil subject to the oil import ban or G7 price cap.
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Fabrice Maille, Head of Shipping & Agriculture at LSEG, comments:
"By blending Windward's vessel risk profiling with LSEG shipping analytics capabilities, we can now equip our trading and chartering users with the best solution to assess and mitigate the sanctions compliance risks in the maritime space as part of their daily workflow."
Windward Co-founder and CEO, Ami Daniel, comments:
"We are thrilled to join forces with LSEG to provide crucial insights into maritime risk, a must for anyone involved in maritime trade.
"In this turbulent environment, it is more important than ever for stakeholders to be aware of all evolving risks. By combining our Maritime AI technology with LSEG's comprehensive market data and reach, we are strategically poised to revolutionise risk management in the maritime domain. Our joint efforts will empower stakeholders with actionable insights, enabling them to navigate the complexities of global trade risk with confidence."
ENDS
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 organizations 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/.
About LSEG
LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world's financial system. With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in 70 countries across EMEA, North America, Latin America and Asia Pacific. We employ 23,000 people globally, more than half located in Asia Pacific. LSEG's ticker symbol is LSEG.