Shantel
Key Takeaways:
- London Stock Exchange Group (LSEG) partners with Windward AI to utilize their AI technology in combating illicit activities in global shipping.
- The AI-powered solution will track around 117,200 vessels globally, identifying potentially suspicious activities that could indicate sanctions evasion.
- This partnership comes amid increasing sanctions risks, particularly in relation to the ongoing Russian-Ukrainian War.
About LSEG and Windward AI
The London Stock Exchange Group (LSEG) is a leading global financial markets infrastructure and data provider with significant operations in 70 countries. Windward AI, listed on the LSE, is a premier Maritime AI™ company providing a comprehensive platform for risk management and maritime domain awareness.
LSEG and Windward AI Partnership
The partnership announced on July 5, 2023, aims to address sanctions risks in global shipping, with Windward AI’s maritime AI technology set to augment LSEG’s existing shipping analytics capabilities. The AI solution will track approximately 117,200 vessels currently at sea globally, including oil tankers, dry bulk carriers, and container vessels. The technology will screen for indicators of potentially illicit activity, like turning off or altering AIS tracking devices, visiting the port of a sanctioned country, or loitering in a sanctioned area.
This partnership is particularly critical in the context of the ongoing Russian-Ukrainian War, which has elevated the importance of sanctions compliance. Data shows that 42% of all high-risk tankers are Russian-affiliated, with an increase in deceptive shipping practices making compliance complex.
Combatting Sanctions Evasion
The EU recently announced an 11th package of sanctions against Russia on June 23, 2023, aimed at addressing these evasive tactics, which include prohibitions on accessing EU ports for vessels engaging in suspicious ship-to-ship transfers or manipulating their navigation tracking systems when transporting Russian oil.
Fabrice Maille, Head of Shipping & Agriculture at LSEG, emphasized the importance of this partnership, stating, “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 AI’s CEO, Ami Daniel, commented on the partnership, noting that, “By combining our maritime AI technology with LSEG’s comprehensive market data and reach, we are strategically poised to revolutionize 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.”
For more information, visit https://windward.ai/.
