Current challenges in the maritime industry: how can Windward AI strengthen your organization?

ORIANI HELLAS is the proud representative office of Windward AI in Greece and Cyprus. Following the start of our collaboration in October 2021, we are pleased to announce that in the first six months, leading Greek ship ownership and management companies have partnered with Windward AI and powered their organization, enabling them to trade with confidence, both strategically and operationally.

Windward Co-Founder and CEO, Mr. Ami Daniel, discusses below the current challenges in the maritime industry that Windward AI can help you overcome with its advanced technologies.

A growing problem in the shipping industry is minimizing the environmental impact of shipping. How can shipowners manage their fuel consumption and carbon emissions?

The shipping industry transports 90% of world trade and accounts for nearly 3% of global CO2 emissions. This number is expected to increase as the volume of maritime trade is expected to triple by 2050. Alternative fuel options have yet to achieve widespread and scalable adoption and have a long development timeline. By coming together as an industry and combining the best ship operational data with AI and fuel consumption data, it is possible to affect the carbon emissions trajectory of the industry by 5-20% per trip.

The Windward Data for Decarbonization program aims to create large datasets collected from all stakeholders in the maritime commerce industry to create AI-based models that will accurately predict the carbon emissions of any vessel voyage. , will help digitize noon reports for more accurate fuel consumption reporting and optimize the entire pre-assembly process – including vessel selection, contract terms and supply chain planning.

What is the number one risk for shipowners in the current regulatory environment?

In today’s regulatory environment, counterparty due diligence is increasingly important. Shipowners may unknowingly be involved in sanctions violations, bribery of officials or doing business with malicious actors and will receive significant fines whether the violation is intentional or not. Often, damage to a company’s reputation can cause far more financial damage than regulatory fines due to loss of customers, revenue, and ratings. Shipowners involved in international trade must have a thorough knowledge of the risks associated with all the entities with which they do business to ensure the safety of their reputation and the regulations.
Windward’s Counterparty Due Diligence capability now enables shipowners to understand and mitigate risks associated with third parties, including customers, suppliers, employees, sub-contractors and others, with an increased focus on sanctions, watchlists, adverse media and politically exposed persons. Organizations are increasingly making decisions not just for legal reasons, but also for ESG considerations or “moral penalties,” which have significant implications for a company’s reputation and customer and employee retention.

In light of the recent Russian-Ukrainian conflict, how should shipowners operate in this turbulent landscape?

The conflict had massive implications on the maritime industry, within weeks sanctions were imposed on numerous Russian entities and vessels. Many companies went beyond the required regulations and also imposed their own “moral penalties” on Russian-affiliated companies. Immediately afterwards, we analyzed the data and found an increase in dark activity and ship-to-ship meetings by Russian-affiliated vessels – clear indications that some Russian entities are trying to conceal their identities to continue their activities as d ‘habit. .
Going forward, shipowners should thoroughly investigate who they do business with, not just immediate maritime owner entities, but also non-maritime entities that are connected further down the supply chain. To do this, they need to invest in technology-enhanced resilience so they can be prepared for any eventuality, whether it’s ever-changing sanctions or a global pandemic impacting the supply chain. The power of Big Data and AI can help shipowners make informed decisions in minutes. But best-in-class technology goes far beyond maritime compliance and safety, it also enables shipowners to digitize their business for operational readiness and future decisions ahead.
Source: Oriani