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Windward upgrades due diligence processes with ‘Company Risk Insights’ solution

Capability rounds out Windward’s holistic risk management solution to go beyond traditional maritime data, providing risk insights into maritime firms.

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Windward, a predictive intelligence company applying AI to transform global maritime trade, on Wednesday (7 July) said it has launched Company Risk Insights

The capability rounds out Windward's holistic risk management solution to go beyond traditional maritime data, providing risk insights into every company in the maritime domain. 

The capability utilizes a new ownership data repository, risk indicators, data sets, and behavioral models to provide Windward users with a complete risk assessment of all maritime related entities including a beneficiary list up to and including the Ultimate Beneficial Owner (UBO). Company Risk Insights enhances the efficiency of any counterparty due diligence process and mitigates risk across industries.

Maritime ownership structures are inherently complex and tend to be exploited by bad actors seeking to perpetrate financial crimes such as fraud and money laundering. 

In addition to regulations implemented in 2020 by financial crime enforcement organizations to reduce these crimes, regulations are expanding even further. 

In April 2021, FinCEN gave advance notice of the launch of regulatory processes for beneficial ownership reporting requirements under the Corporate Transparency Act, signaling an effort on behalf of governments to crack down on financial crime. 

To meet the demands of today's complex business and compliance challenges, companies must adopt more efficient and thorough methods of vetting business partners.

Windward's Company Risk Insights provides a transparent risk assessment based on numerous risk indicators. In partnership with Dun & Bradstreet, the company is providing a full beneficiary list including all beneficial parties, individuals, or corporate entities up to and including the UBO to support the risk assessment of non-maritime entities. 

Windward's new partnership with LexisNexis allows for automatic screening of all vessels and companies against 130 local and international blacklists, including major sanctions lists. Windward provides a unique risk rating for each maritime company and explanatory information regarding the relevant risk. 

This risk is customizable, dependent on the customer's risk appetite and predefined sanctions regimes they follow.

The new Company Risk Insights capability enables financial institutions, insurers, shipping companies, and oil companies alike to gain a comprehensive view of any company's risk as part of their counterparty due diligence and empowers them to make better, data-driven business decisions. 

Windward's clients in the governmental sector benefit from the ability to identify the manager, owner, or UBO behind any vessel, transaction, or fleet as part of their networking analysis.

"At Windward we pride ourselves on providing our customers with insights that go beyond the data and we empower them to make business savvy decisions with confidence that follow all the latest regulations," says Ami Daniel, CEO and Co-Founder of Windward.

"With Company Risk Insights, we are using more data, machine learning algorithms, and behavioral models to bring even more value to our partners and further establish Windward as the gold standard in maritime risk management."

 

Photo credit: Shaah Shahidh on Unsplash
Published: 13 July, 2021 

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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

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Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

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Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

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Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

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