The global energy trading company will utilize Windward's
Maritime AI™ solutions to streamline and bolster their
screening processes to conduct more business amidst an increasingly
complex regulatory environment
LONDON, Aug. 16,
2023 /PRNewswire/ -- Windward (LSE: WNWD), the
leading Maritime AI™ company, announced today that, Element
Alpha, a leading provider of energy, logistics, financing, and risk
management services, has selected Windward to enhance compliance
screening and due diligence processes for all of the company's
maritime activity, empowering them to conduct business with
confidence in the current precarious commodity trading
ecosystem.
The ongoing Russia-Ukrainian war has seen the introduction of
new regulations by Western coalition members, including a price cap
on Russian oil and Russian oil products. Most recently the EU
Commission announced its 11th package of sanctions
which, for the first time, requires ports to deny entry of vessels
utilizing deceptive shipping tactics to circumvent sanctions. As
such, counterparty due diligence has become a necessity for
any stakeholder in the maritime trade industry to ensure they
aren't conducting business with bad actors, particularly those
involved in trading sanctioned oil and commodities.
Element Alpha will use Windward's AI-based platform to screen
all vessels associated with the company in any capacity. Using
Windward's platform, the company will employ a more robust
screening process, evaluating the behavior of vessels in real time
by automatically flagging all risks including dark activity and
other deceptive shipping practices. Windward's solution will allow
Element Alpha to minimize false positives, streamline operations,
stay ahead of evolving risk, and conduct more business.
"Given the current sanctions and the increased complexity of the
commodity trading ecosystem, legacy list-based screening processes
are no longer viable. Screening for deceptive shipping practices
including ship-to-ship transfers and GNSS manipulation is now more
critical than ever, and today, more and more companies are turning
to AI to run more efficient and effective screening," said
Ami Daniel, Co-Founder and CEO of
Windward. "Our patented technology for identifying deceptive
shipping practices is best-in-class, and critical for anyone
involved in commodity trading. Element Alpha is leading by example
for all stakeholders in the ecosystem, enhancing their compliance
processes to ensure the highest level of regulatory compliance and
risk mitigation."
Windward's Maritime AI platform is powered by advanced machine
learning and behavioral analytics models, providing customers with
insights into vessel behaviors, ownership structures, and company
risks, and predicting in real-time which companies and vessels are
likely to be high risk. Windward's solutions enable companies
across the maritime trade industry to streamline business
operations.
"In an effort to improve efficiency, efficacy, and accuracy and
ensure compliance with evolving risk and regulation, we turned to
Windward, whose advanced technology goes beyond core compliance,"
said an Element Alpha spokesperson. "Windward's Maritime AI allows
us to go deeper and investigate illicit activities and deceptive
shipping practices empowering us to make smarter, faster decisions
and conduct business responsibly."
About Element Alpha
Element Alpha is an independent, privately owned energy
commodity trading group, established in 2015 by seasoned trading
professionals and sector specialists. We began operations in the
niche markets of the Black Sea and Mediterranean. Expanding into
the US, Canadian, northwest European and Asian markets, capitalized
by American, Swiss, German and British capital. Today, we actively
trade across the barrel: crude, light-ends, middle-distillates,
fuel oil.
Headquartered in Geneva
Switzerland we have offices around the globe. We continue
developing our presence in renewable energies including power and
biofuel. Diversifying via an asset-backed strategy, with the launch
of an environmental platform. Using an advanced, real-time, Energy
Trading Risk Management system, a strong risk / compliance
management and full business transparency.
About Windward
Windward (LSE: WNWD), is the leading Maritime AI™ company,
providing an all-in-one platform for risk management and maritime
domain awareness needs to accelerate global trade. Windward
leverages proprietary, patented technology as the foundation for
its AI-powered decision support and exception management platform
offering a 360° view of the maritime ecosystem. Windward's
solutions allow stakeholders including ocean freight forwarders,
shipping companies, insurers, energy companies, banks, and
governments to make real time, predictive intelligence-driven
decisions to achieve business and operational readiness.
For more information visit: https://windward.ai/.
Media Contact
David
Hoffman
Headline Media
david@headline.media
+972-52-842-1955
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SOURCE Windward