New AI prediction capabilities in OFV solution

RNS Number : 7229O

Windward Ltd.

14 June 2022

 

14 June 2022

Windward Ltd.  

("Windward", "the Company" or "the Group") 

Integration of new AI capabilities into Ocean Freight Visibility solution

Windward's Maritime AI ™ Predicted ETA (estimated time of arrival) and real-time insights predicts shipments and vessels' ETAs more accurately than carriers up to 30 days out.

The groundbreaking AI technology outperforms carriers' arrival estimations for two out of three containers traded across the globe and cuts down by half the number of ETAs assessments that are off by 5+ days, providing organizations with full visibility and predictability.

Windward (LSE: WNWD), the leading Maritime AI company, announced today a new AI capability integrated into its recently launched Ocean Freight Visibility (OFV) solution. Using deep learning technology, the solution fuses data from a multitude of independent sources to deliver accurate and reliable ETA predictions and real-time visibility into container and vessel journeys, providing Windward customers with the ability to plan according to ongoing changes and disruptions to the supply chain.

While ocean freight reliability has slightly improved this year, it is still below 40% ,[1] and the average delays continue to be at an all-time high, significantly impacting the entire supply chain and causing losses of up to an estimated $10B from delayed ships during the pandemic[2]. Moreover, worsening port congestion and events like Covid-19 lockdowns in Asia are having drastic impacts, furthering delays across the globe. The supply chain ecosystem including logistic service providers, hundreds of thousands of freight forwarders, cargo owners, shippers, container ports, terminals, liners, and other market participants need to be prepared to manage more than 816 million TEUs (Twenty-foot equivalent units) of containers shipped yearly amidst this uncertainty.

With an ecosystem of over 250,000 Beneficial Cargo Owners and Freight Forwarders globally, Windward's Ocean Freight Visibility solution, launched in February 2022, has significantly expanded the Company's addressable market opportunity. Now, Windward's first-of-its-kind AI model allows users to predict the actual time of arrival of their containers with 62% more accuracy than standard carrier predictions - bringing them much needed clarity and confidence to better manage their shipments.

The Company's advanced behavioural models fuse multiple data sources including data from more than 120 carriers, over 1,400 ports and terminals, 5,500 container vessels, sailing schedules, meteorological data, location, and AIS data enabling greater resiliency in the face of supply chain uncertainties for 99% of the world's maritime shipments. Windward's models, developed by maritime and AI specialists, ensure the most accurate estimation, throughout the entire voyage, of containers' expected arrival time at their port of discharge (POD).

Ami Daniel, Co-Founder and CEO of Windward said:

"Our revolutionary new AI model is fundamental for any stakeholder involved in the supply chain, and is a culmination of 18 months of development and over 12 years of aggregated data, marine intelligence, advanced algorithms, and domain expertise."

"The result is a new standard for predicting and measuring arrivals across all carriers and continents. The solution provides our customers and partners with the most accurate prediction of containers' expected arrival time at their Port of Discharge (POD) throughout the entire voyage, a critical advantage in a new world that is constantly grappling with global supply chain disruptions."

Windward's new Maritime AI ™ Predicted ETA, available to existing and prospective customers, allow users to proactively mitigate supply chain risks by monitoring critical shipment disruptions and alerting them about any delay in real-time. The solution is available for both vessels and shipments predictions and includes daily alerts and insights via email and is available through a web application or an API integration compatible with existing transportation management systems.

For more information, please contact:  

Windward	Via Alma PR
Irit Singer, CMO
Canaccord Genuity  (Nominated Adviser & Broker)	[phone]
Simon Bridges / Andrew Potts
Alma PR	[phone]
Caroline Forde / Kieran Breheny / Hilary Buchanan

About Windward  

Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange, is a leading Maritime AI company, enabling organizations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real-time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. For more information visit: https://windward.ai/ . 

Reach

This is a Reach announcement and the information contained is not considered to be material or to have a significant impact on management's expectations of the Company's performance. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.

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[1] https://www.sea-intelligence.com/press-room/137-schedule-reliability-improves-again-in-march-2022   - according to Sea-Intelligence, g lobal schedule reliability increased to 35.9% in March 2022.

[2]   https://splash247.com/shippers-have-lost-up-to-10bn-from-delayed-ships-during-the-pandemic/   The record delays caused by vessels not arriving on time leads to having to hold inventory longer than usual. Holding inventory for a longer period is equivalent to a financial loss, and a model created by Sea-Intelligence based on the actual delays of cargo at sea shows a loss of some $5bn to $10bn.

 

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