RCS - Windward Ltd. - Launch of Vessel Fuel Consumption API

WindwardAnnouncement

31/10/2022 07:00

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RNS Number : 5775E  Windward Ltd.  31 October 2022

31 October 2022

 

Windward Ltd.

("Windward", "the Company")

 

Launch of Vessel Fuel Consumption API

 

Windward launches AI-Powered API that will cut fuel costs and reduce the
carbon footprint of maritime trade

Windward (https://windward.ai/) (LSE: WNWD), the leading Maritime AI(™)
company, announced today the launch of the Windward Vessel Fuel Consumption
API, a differentiated AI solution providing fuel consumption assessments with
up to 95% accuracy on average per voyage, as well as actionable insights.

The solution, the latest AI model in Windward's decarbonisation initiative, is
a standalone API available to stakeholders in maritime trade. This API enables
stakeholders to optimise chartering decisions and manage their carbon
footprint, while increasing economic efficiency.

The maritime shipping industry transports 90% of world trade and accounts for
(https://www.oecd.org/ocean/topics/ocean-shipping/) nearly 3% of the world's
carbon emissions and this number is expected to increase, as maritime trade is
predicted to (https://www.oecd.org/ocean/topics/ocean-shipping/) triple by
2050. To cut down on carbon emissions, various regulatory bodies
(https://climate.ec.europa.eu/eu-action/transport-emissions/reducing-emissions-shipping-sector_en)
require vessels to monitor and report their fuel consumption and emissions.(2)
Currently, fuel consumption data is reported through noon reports, with the
crew usually measuring and reporting data manually, making the report
susceptible to human error and potential falsification. Furthermore, fuel
accounts for up to 70% of a vessel's expenses and inaccurate reporting can
cause unintended and avoidable spending.(3)

Windward's Vessel Fuel Consumption API provides an objective way to track and
calculate fuel consumption of any tanker across the globe in a more reliable
and consistent manner, without the use of additional devices. This provides
stakeholders, including charterers, shipowners, energy companies, and
financial institutions, with total fuel consumption visibility for the main
engines, auxiliary engines and boilers of all tankers. Organisations can
optimise their chartering decisions, negotiate better time charter equivalent
(TCE) rates, monitor vessels for technical malfunctions and benchmark
different fleets, ultimately leading to average savings of 10% of fuel costs,
as well as a derived reduction in carbon emissions. The Company believes that
despite the economic downturn, c. 90% of trade will continue to go through the
sea and these maritime stakeholders will want to save on fuel consumption.

The decarbonisation agenda runs throughout the maritime supply chain from ship
owners and charterers who want to improve efficiency and differentiate their
offering through to energy companies that must meet targets, as well as
consumers that are demanding change and are willing to amend their buying
habits to reward supply chains with leading environmental, social and
governance ("ESG") credentials.

This API launch represents the further execution of the Company's growth
strategy, as initially announced at its IPO in December 2021, by enriching its
platform capabilities and adding more solutions and insights.

Ami Daniel, CEO and Co-Founder of Windward commented:

"The first step towards decarbonising the maritime industry is improving the
visibility of vessels' fuel consumption. Environmental concerns and ESG are
primary goals for both companies and consumers. We are approaching the point
of no return and providing accurate assessments of consumption is key in
making business decisions that are both economical and more importantly
environmentally conscious."

"We are proud to use our maritime expertise and AI to lead the industry's
efforts in creating a sustainable future and protecting the environment for
future generations."

(1) OECD, " Ocean shipping and shipbuilding
(https://www.oecd.org/ocean/topics/ocean-shipping/)  "
(https://www.oecd.org/ocean/topics/ocean-shipping/)

(2
(https://climate.ec.europa.eu/eu-action/transport-emissions/reducing-emissions-shipping-sector_en)
)
(https://climate.ec.europa.eu/eu-action/transport-emissions/reducing-emissions-shipping-sector_en)
European Commission " Reducing emissions from the shipping sector "
(https://climate.ec.europa.eu/eu-action/transport-emissions/reducing-emissions-shipping-sector_en)

(3) Chen, Yanhui, Jinrong Lu, and Mengmeng Ma. 2022. "How Does Oil Future
Price Imply Bunker Price-Cointegration and Prediction Analysis" Energies 15,
no. 10: 3630. (https://www.mdpi.com/1996-1073/15/10/3630#cite)

For more information, please contact:

 Windward Ltd.                                       Via Alma PR
 Irit Singer, CMO

 Canaccord Genuity (Nominated Adviser & Broker)      +44(0)20 7523 8000
 Simon Bridges / Andrew Potts

 Alma PR                                             +44(0)20 3405 0205
 Caroline Forde / Kieran Breheny / Pippa Crabtree

 

About Windward

Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange,
is a leading Maritime AI company, enabling organisations to achieve business
and operational readiness. Windward's AI-powered solution allows stakeholders
including banks, commodity traders, insurers, and major energy and shipping
companies to make real-time, predictive intelligence-driven decisions,
providing a 360° view of the maritime ecosystem and its broader impact on
safety, security, finance, and business. For more information visit:
https://windward.ai/.

 

 

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