The Marine Fuels Alliance (MFA), a network of independent bunker suppliers, announces a partnership with Windward, the Maritime AI™ company, to overcome the evolving challenges of compliance, screening and environmental risk.
As part of the partnership, Windward will provide its expertise through educational sessions and will offer a bespoke package of AI-powered solutions to MFA members, enabling them to better manage and stay ahead of risk by automating and optimizing due diligence processes for any transaction.
The bunkering industry is facing a new wave of complex oversight and sanctions. The road to decarbonisation has seen increased regulations on carbon intensity and recent sanctions against Russia have complicated compliance even further, with new regulations impacting vessels and services involved in the shipment and trading of seaborne Russian oil.
Maritime AI™ solution
Windward’s Maritime AI™ solution is powered by advanced machine learning and behavioral analytics models, allowing 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.
In a trade ecosystem fraught with uncertainty, Windward connects the dots, providing stakeholders with a clear understanding of the potential risks associated with any entity, ensuring full risk awareness and providing them with bottom-line go/no- go recommendations and the insights necessary to make better, faster decisions.
MFA's Executive Officer, Anthony Mollet, describes the importance of their agreement to join the organisation as it comes at a time when the MFA is focusing on sanctions, compliance and how best to provide expert support for its bunker supplier members.
Launching the MFA
Issues of sanctions was one of the biggest challenges facing bunker supply companies
“Upon launching the MFA in Oct 2021, we knew that the issue of sanctions was one of the biggest challenges facing bunker supply companies,” said MFA's Executive Officer, Anthony Mollet.
“We attacked the topic immediately and have already provided quality guidance on our members' portal, including the first MFA podcast launched in early November.”
“Now, with Windward on board, we can provide the industry with the much-needed tools, supplemented by expertise from legal companies and compliance managers."
Risk-based approach
Mollet added: "The MFA is encouraging suppliers to take a risk-based approach to all of their operations, and we are designing policies and processes to aid them.”
“Windward has pledged to work with the MFA to help suppliers eliminate uncertainty from their business, make smarter decisions, and provide greater assurance.”
“This is another step forward In line with the MFA’s ethos to connect the supply community with key companies in the sector, support with important resources and promote both the members and the partners in gaining more visibility to one another and at the same time help to increase standards.”