AI Can Help the Bunker Industry Meet its Growing Compliance Needs: Windward

AI can help the bunker industry meet its growing need to fulfil compliance requirements. File Image / Pixabay

Artificial Intelligence (AI) technology can help the bunker industry meet its growing need to fulfil compliance requirements, according to Ellis Tiffin, Commercial Director at Windward Marine Risk (UK) Ltd.

"With new announcements and regulations surrounding sanctioned ships and companies on the rise, the need for clear guidance and strategic measures to ensure compliance has never been more critical," Tiffin told Ship & Bunker ahead of the upcoming Marine Fuels Alliance (MFA) Bunker Workshop and Dinner.

"The maritime bunkering industry has a set of its own unique challenges, where the high volume of deals and limited time for accurate screening can make staying compliant while growing business a daunting task.

"The task can only be accomplished using AI technology that provides the essential support needed, enabling companies to efficiently manage risk and compliance, even in the absence of specialized expertise."

John Phillips, Director/Consultant at Awyr Las Ltd, meanwhile, has stressed the consequeses for failing to meet compliance obligations can be catastrophic.

"Today more than ever Credit and Compliance go hand in hand. Whether it is new customers and new fuels or existing customers and fuels, everyone is watching the performance with ever more critical eyes," Phillips told Ship & Bunker.

"A slip, be it in compliance or its natural bedfellow, credit, can cause significant, if not irreparable damage to corporate finances and moreover reputation."

Industry stakeholders are set to further discuss the compliance and credit landscape as part of the upcoming MFA Bunker Workshop and Dinner being held in collaboration with Ship & Bunker in London on Thursday October 3, 2024.

The event is open to all in the industry.

Both Tiffin and Phillips will be in attendance as Discussion Leads.

"Awyr Las is looking to reinforce its views, and share best practices and experiences over the last few years," Phillips added.

Tiffin will be joining the event as part of the Risk and Digitalization groups to discuss synergies between the two areas.

"We will be looking to prepare strategic training initiatives that ensure fast access to crucial guidance for the industry throughout the year," he added.

Among those joining the discussion is Stuart Thieffry, Compliance Officer at ELEMENT Alpha, who recently told Ship & Bunker that there was no 'one size fits all' solution to vessel sanction screening.

"However, any major asymmetries in the bunker fuel supply chain could be disastrous for all involved," he added.

"The MFA has therefore become a vital centre for the development and harmonization of common practices in the bunkering industry and attending this event further fosters these developments."

To learn more about the event and join the discussion by booking your attendance, please visit: https://marinefuelsalliance.com/events/bunker-workshop-dinner/