RCS - Windward Ltd. - LSEG Deploys Windward AI Capabilities

WindwardAnnouncement

05/07/2023 07:00

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RNS Number : 9625E  Windward Ltd.  05 July 2023

5 July 2023

Windward Ltd.

("Windward", "the Company")

LSEG deploys Windward artificial intelligence capabilities to combat
'sanctions-busting' across global shipping in real-time

 ·           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

Artificial Intelligence (AI) is to play a pivotal role in tackling sanctions
risks in global shipping following a partnership between London Stock Exchange
Group (LSEG) and Windward 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%
(https://windward.ai/blog/russia-regime-risk-insights-february-2023/) 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 23rd 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 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."

 

ENDS

 

 

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 organizations 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/ (https://windward.ai/) .

 

About LSEG

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.

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