RCS - Windward Ltd. - New AI prediction capabilities in OFV solution

WindwardAnnouncement

14/06/2022 07:00

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RNS Number : 7229O  Windward Ltd.  14 June 2022

14 June 2022

 

Windward Ltd.

("Windward", "the Company" or "the Group") 

 

Integration of new AI capabilities into Ocean Freight Visibility solution

 

Windward's Maritime AI™ Predicted ETA (estimated time of arrival) and
real-time insights predicts shipments and vessels' ETAs more accurately than
carriers up to 30 days out.

 

The groundbreaking AI technology outperforms carriers' arrival estimations for
two out of three containers traded across the globe and cuts down by half the
number of ETAs assessments that are off by 5+ days, providing organizations
with full visibility and predictability.

 

Windward (https://windward.ai) (LSE: WNWD), the leading Maritime AI company,
announced today a new AI capability integrated into its recently launched
Ocean Freight Visibility (OFV)
(https://windward.ai/solutions/ocean-freight-visibility-ofv/) solution. Using
deep learning technology, the solution fuses data from a multitude of
independent sources to deliver accurate and reliable ETA predictions and
real-time visibility into container and vessel journeys, providing Windward
customers with the ability to plan according to ongoing changes and
disruptions to the supply chain.

 

While ocean freight reliability has slightly improved this year, it is still
below 40%
(https://www.sea-intelligence.com/press-room/137-schedule-reliability-improves-again-in-march-2022)
, 1  (#_ftn1) and the average delays continue to be at an all-time high,
significantly impacting the entire supply chain and causing losses of up to an
estimated $10B
(https://splash247.com/shippers-have-lost-up-to-10bn-from-delayed-ships-during-the-pandemic/)
from delayed ships during the pandemic 2  (#_ftn2) . Moreover, worsening port
congestion and events like Covid-19 lockdowns in Asia are having drastic
impacts, furthering delays across the globe. The supply chain ecosystem
including logistic service providers, hundreds of thousands of freight
forwarders, cargo owners, shippers, container ports, terminals, liners, and
other market participants need to be prepared to manage more than 816 million
TEUs (Twenty-foot equivalent units) of containers shipped yearly amidst this
uncertainty.

 

With an ecosystem of over 250,000 Beneficial Cargo Owners and Freight
Forwarders globally, Windward's Ocean Freight Visibility solution, launched in
February 2022, has significantly expanded the Company's addressable market
opportunity. Now, Windward's first-of-its-kind AI model allows users to
predict the actual time of arrival of their containers with 62% more accuracy
than standard carrier predictions - bringing them much needed clarity and
confidence to better manage their shipments.

 

The Company's advanced behavioural models fuse multiple data sources including
data from more than 120 carriers, over 1,400 ports and terminals, 5,500
container vessels, sailing schedules, meteorological data, location, and AIS
data enabling greater resiliency in the face of supply chain uncertainties for
99% of the world's maritime shipments. Windward's models, developed by
maritime and AI specialists, ensure the most accurate estimation, throughout
the entire voyage, of containers' expected arrival time at their port of
discharge (POD).

 

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

 

"Our revolutionary new AI model is fundamental for any stakeholder involved in
the supply chain, and is a culmination of 18 months of development and over 12
years of aggregated data, marine intelligence, advanced algorithms, and domain
expertise."

 

"The result is a new standard for predicting and measuring arrivals across all
carriers and continents. The solution provides our customers and partners with
the most accurate prediction of containers' expected arrival time at their
Port of Discharge (POD) throughout the entire voyage, a critical advantage in
a new world that is constantly grappling with global supply chain
disruptions."

 

Windward's new Maritime AI™ Predicted ETA, available to existing and
prospective customers, allow users to proactively mitigate supply chain risks
by monitoring critical shipment disruptions and alerting them about any delay
in real-time. The solution is available for both vessels and shipments
predictions and includes daily alerts and insights via email and is available
through a web application or an API integration compatible with existing
transportation management systems.

 

For more information, please contact:

 

 Windward                                                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 / Hilary Buchanan        

 

About Windward

 

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

 

 

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 1  (#_ftnref1)
https://www.sea-intelligence.com/press-room/137-schedule-reliability-improves-again-in-march-2022
(https://www.sea-intelligence.com/press-room/137-schedule-reliability-improves-again-in-march-2022)
  - according to Sea-Intelligence, global schedule reliability increased to
35.9% in March 2022.

 2  (#_ftnref2)
 https://splash247.com/shippers-have-lost-up-to-10bn-from-delayed-ships-during-the-pandemic/
(https://splash247.com/shippers-have-lost-up-to-10bn-from-delayed-ships-during-the-pandemic/)
  The record delays caused by vessels not arriving on time leads to having
to hold inventory longer than usual. Holding inventory for a longer period is
equivalent to a financial loss, and a model created by Sea-Intelligence based
on the actual delays of cargo at sea shows a loss of some $5bn to $10bn.

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