Windward (LSE: WNWD), the Predictive Intelligence company applying AI to transform global maritime trade, announced that it has partnered with Navig8, the world’s largest independent pool, and commercial management company. Navig8 will use Windward’s platform to perform data-driven vessel screening for compliance, bunkering, and legal procedures, allowing them to conduct fast and seamless due diligence, streamline their trading processes and enhance business development procedures.
Regulatory requirements in maritime trade have increased in recent years in reaction to more advanced and commonly used methods of deceptive shipping practices. This is particularly true in the energy industry due to sanctions placed on oil-rich countries. As such, all maritime stakeholders need to ensure that vessels associated with their business aren’t being used for illicit purposes. Ship management companies are particularly at risk as they manage a large pool of vessels being chartered to numerous third parties, and thus need to optimize due diligence processes to guarantee the vessels they associate with are being used solely for legitimate trading purposes.
“The current regulatory climate necessitates all maritime players to digitalize their sanctions compliance and bunkering processes,” said Ami Daniel, Co-Founder & CEO of Windward. “We are proud to provide Navig8, one of the top tonnage providers to oil majors and leading commodities traders in the world, with a comprehensive view of what is happening with their fleet. Our solution takes it one step further and ensures sanctions compliance and optimized business practices, leveraging our technology to find more bunker trading opportunities, freeing up Navig8 to look to the future and focus on other business needs and goals.”
Navig8 will use Windward’s platform as its primary tool for sanctions compliance, optimizing screening for any vessel entering their pools as well as any third-party vessels conducting ship-to-ship transfers with their fleet. Integr8, Navig8’s bunkering company, will use the platform to screen all vessels they bunker. Windward’s Maritime AI solution is powered by advanced machine learning and behavioral analytics models, providing Navig8 with insights into vessel behaviors, ownership structures, company risks, and predicting in real-time which companies and vessels are likely to be high risk.
“Our partnership with Windward is an essential tool to help us make clear and timely trading decisions across a number of our business lines and offerings,” said Paul Stevens, Chief Financial Officer of Navig8. “Windward’s research and alerting capabilities offer swift and efficient support for our business team, which uses the platform to create business intelligence insights and facilitate new business opportunities.”
