Windward Signs Three Greek Shipping Companies to Enhance Due Diligence and Vessel Screening Processes to Mitigate Sanctions Compliance Risk
Windward (LSE: WNWD), the leading Maritime AI™ company, announced today three partnerships with Greek shipping companies: Ortsa Marine, a shipbroking company, Goldenport, a ship management company, and Marine Trust, a shipowner. The new customers will use Windward’s advanced Maritime AI™ platform for due diligence, vessel screening, and to mitigate sanctions compliance risk.
Regulatory requirements in maritime trade have increased in recent years in reaction to more advanced and commonly used methods of deceptive shipping practices. Additionally, the ongoing conflict in Ukraine has brought further complications in the form of new regulations set by the US, EU, and G7, holding all maritime service providers accountable for a new level of due diligence. These regulations identify and list deceptive shipping practices which are being used by vessels to evade sanctions.
As such, it has never been more critical that all maritime stakeholders ensure that vessels associated with their business are not being used for illicit purposes. Ship owners and 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.
Marine Trust, Ortsa Marine, and Golden Port will use Windward’s platform as its primary tool for sanctions compliance, optimizing vessel screening due diligence processes. Windward’s Maritime AI™ solution is powered by advanced machine learning and behavioral analytics models, providing customers with insights into vessel behaviors, ownership structures, company risks, and predicting in real-time which companies and vessels are likely to be high risk.
“The current regulatory climate necessitates all maritime players to digitalize their screening and sanctions compliance processes,” said Ami Daniel, Co-Founder and CEO of Windward. “As Greece continues to be a global shipping leader, we’re proud to provide our new customers with a comprehensive view of what is happening with their fleet. Our solution takes business readiness one step further and ensures sanctions compliance and optimized business practices.”
Windward’s platform empowers its clients across the government, finance, shipping, energy sectors, and beyond to optimize business practices and efficiently navigate all aspects of maritime risk in real-time.