Vessel compliance platform launched to manage sanctions 

Sea’s Vessel Compliance Management service aims to help customers to complete vessel screening as part of recaps conducted on Sea’s platform. This consolidated platform offering ensures governance, compliance and mitigates risks in chartering processes.

The company recently conducted a study with customers using its platform. The answers from 298 respondents found that for customers who are impacted in their day-to-day work by sanctions, 49% have a negative workflow impact and less than half (37%) feel fully confident in navigating sanctions. With sanctions currently in place across several regions and entities, breaches pose serious financial and reputational risks to businesses. 

Vessel Compliance Management is designed to integrate a company’s chosen sanction and compliance service into Sea’s Recap Manager system and enable more efficient communication and workflows in one platform.

New features offered include real-time compliance monitoring, enhanced due diligence with an audit trail to provide evidence via document management and integrated workflows. Automated screening will allow various customisable parameters including vessel ownership, management, dark patterns, port state control and suspicious behaviour. This automation reduces manual efforts and provides time and efficiency savings.

Sea chief executive Peter Schroder believes the platform will make chartering workflows more efficient and drive better decisionmaking for customers.

“The regulatory landscape is constantly changing, and freight players need support to ensure they can navigate these regulations in the prefixture stage with minimal disruption. By integrating our customers’ chosen compliance providers onto the Sea platform, our Vessel Compliance Management solution ensures customers now have access to that support whenever they conduct recaps,” he said. 

Sea was born as a technology spin-off from Clarksons Group but now operates as an independent company providing commercial software for the maritime trade.

Other maritime platforms have focused on enhancing transparency. Last week, RightShip announced it is collaborating with London Stock Exchange Group to screen and assess vessels and the maritime companies they do business with for risks associated with sanctioned or embargoed vessels.