Windward secures AI contract with Peninsula Petroleum
By Josh White
Date: Tuesday 08 Aug 2023
(Sharecast News) - Maritime artificial intelligence (AI) specialist Windward has secured a contract with marine energy supplier Peninsula Petroleum, it announced on Tuesday.
The AIM-traded firm said the collaboration aimed to boost and automate Peninsula's compliance processes using Windward's advanced AI-driven platform.
It said the upgrade would help Peninsula in navigating its regulatory environment with augmented confidence, facilitating a smoother business experience.
Given the continuing conflict between Russia and Ukraine, Western nations had recently been compelled to introduce new regulatory measures.
Windward noted that the European Commission's recent unveiling of its 11th package of sanctions stood out, as for the first time, ports now had the authority to refuse entry to ships that used deceptive methods to bypass sanctions.
As a result, counterparty due diligence was now imperative for every player in the maritime trade industry, to ensure no inadvertent business engagements occurred with entities that could be in violation of the sanctions.
Under the partnership, Peninsula would incorporate Windward's maritime AI insights directly into its compliance operations via an API.
That would equip Peninsula's legal and risk teams with precise risk scores and vital flagged risk indicators for every associated vessel.
Such insights would drastically reduce false positives, Windward claimed, thus optimising efficiency and ensuring secure business dealings.
"As global regulations and sanctions become increasingly complex, it is essential for stakeholders to stay ahead of the curve so they can conduct business with greater confidence," said co-founder and chief executive officer Ami Daniel.
"In line with this trend, we are seeing a growing number of companies across the industry turning to our Maritime AI to make better, faster and more informed decisions, and help them mitigate risk effectively.
"With our Maritime AI solution, Peninsula's legal and risk teams will be able to bolster their existing compliance programs with unparalleled insights into vessel activity, ownership structures, and company risks in real-time, providing them a holistic and accurate view of maritime risk, and enabling them to navigate the turbulent trade environment with ease."
At 1521 BST, shares in Windward were down 9.6% at 45.2p.
Reporting by Josh White for Sharecast.com.
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