- Windward’s AI-based solution detects indicators of potentially suspicious maritime activity for the entirety of global shipping
- Able to track over 117,000 vessels currently at sea globally including oil tankers, dry bulk carriers and container vessels
LONDON, July 5, 2023 /PRNewswire/ — Artificial Intelligence (AI) is to play a pivotal role in tackling sanctions risks in global shipping following a partnership between LSEG (London Stock Exchange Group) and Windward AI (LSE: WNWD) 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 23 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.
- 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.
- 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.
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 AI 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.”
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’s AI-powered decision support platform and exception management offers a 360° view of the maritime ecosystem and allows 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/.
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.