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.
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/.