What’s inside?
Windward is excited to participate in next week’s Singapore Maritime Week (SMW) 2024. We’ll be part of the new trade exhibition, Expo@SMW, from April 16-18, which will bring together leading experts to unveil the latest in maritime research and development.
This year’s theme, “Actions Meet Ambition,” reflects an emphasis on the maritime sector’s desire to adopt proactive measures and more strategic decision-making to tackle evolving risk and industry-wide challenges, while setting ambitious goals for innovation and sustainability.
Come talk to Windward at our booth to discover the elements that will help your organization embody this year’s theme (More on that below…).
Singing Singapore’s Praises
In many ways, maritime trade has forged Singapore into what it has become today – a cultural melting pot, plus a maritime and economic hub. The strategic location of its port made it an ideal conduit to facilitate trade between Europe and Asia.
Today’s Singapore is strategically positioned at the crossroads of major shipping lanes, making it an integral node in the global maritime ecosystem. Its role extends beyond logistics and trade – Singapore is a hub for innovation as well as a testing ground, with many leading maritime organizations maintaining a presence there.
Hot Topics for Singapore Maritime Week 2024
Here are just a few of the hot topics we expect to be raised at the industry event:
Changing Stance on Russian Oil
Sanctions risk related to Russian trade continues to evolve, with the EU’s 11th and12th packages and OFAC’s Quint-Seal compliance note and two-year anniversary sanctions package substantially impacting maritime trade dynamics.
Key areas of focus include the notable decline in direct Russian oil exports, shifts in ship-to-ship transfer hubs, changes in global trade routes post-sanctions, and intriguing strategies employed to navigate the complex sanctions landscape.
One example of the effect of shifting regulations is the number of direct oil export voyages to India that continued to decrease during Q1 2024, with an unprecedented monthly average drop of 22%! This comes after regulators from various countries heavily targeted Indian entities and stakeholders for their ongoing enablement of Russia oil trade outside of the price cap frame.
Check out our free Windward Trade Patterns & Risk Insights Report for Q1 AI insights on a variety of risk topics.
More Red Sea Disruptions
There’s no chance that the Red Sea disruptions won’t be a hot topic of conversation at Singapore Maritime Week 2024. Following a period of relative quiet for eight days up until the beginning of April, there was an increase in attacks on shipping in the Red Sea and fears of the conflict spilling over into the Arabian Sea, too.
The trend of vessels avoiding the Red Sea and taking the long detour to The Cape of Good Hope continues. Windward’s Maritime AI™ platform shows 134% and 70% increases in the monthly average of voyages through The Cape of Good Hope by container and tanker vessels, respectively, (compared to Q4 2023).
Generative AI and its Potential for the Maritime Industry
As discussed in our recent Customer Advisory Board (CAB) blog post, Gen AI has the potential to also have a great impact on the maritime industry. Gen AI could be used to:
- Improve trade efficiency/reduce trade friction
- Ensure compliance with global sanctions, security, and Know Your Customer (KYC) regulations
- Provide AI-driven supply chain visibility for cargo, containers, and commodities transported by sea
- Monitor and reduce carbon emissions from vessel journeys
Come to our booth at SMW to hear how generative AI can scale up automation and customer service in real-time, which would spike operational efficiency and cost savings.
Ambition Requires Action!
“Action Meets Ambition” is a great theme, but it’s important to remember that ambition requires action. And action requires actionable insights, risk recommendations, and strategic decision-making, which can only be fully achieved with Maritime AI™.
The maritime ecosystem and global supply chain seem to be increasingly volatile. Actionable visibility is critical, so users can better understand how trade flows are changing, detect deceptive shipping practices, and stay ahead of competitors with proprietary, AI-driven insights. Also, evolving risk brings opportunity – such as new bunkering hubs and new budgets for technologies that can be leveraged to push your business forward.
Reach Out Before the Event
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