Page 47: of Maritime Logistics Professional Magazine (Q1 2011)

Maritime Risk

Read this page in Pdf, Flash or Html5 edition of Q1 2011 Maritime Logistics Professional Magazine

Ahead of the Curve

Green Ratings

Like every other aspect of the RightShip system, the groundbreaking environmental risk rating incorporates a raft of variables. The shipowner and the vessel itself can be rewarded for perform- ance where it has gone beyond what is required by the regulations. For example, Section 5 of the rating system awards ten points of credit for a vessel certified to ISO 14001. Similar incentives await those affiliated with Green Marine in the Great Lakes, certification to class environmental standards, the presence of a ship’s energy management plan and other similar protocols.

Standalone at the moment, the module allows RightShip – for those who want it – to provide a tool that can benchmark environmental performance including but not limited to identifying hazardous materials on board before recycling. For shipowners, it is a good news/bad news proposition. For those ships involved with a Marpol deficiency / oily-water separation violation prosecution, the

Green rating won’t look so good. While encouraging poor performers to improve, the RightShip approach goes even further. Norman says, “We’ve developed a rating system where charterers and owners are going to start having to look at and reduce their emissions along the lines of cor- porate requirements. For example, a charterer might charter one “dirty” vessel but then have to make up for it on the next three so that the overall average is within compliance. So, while you might be looking at individual vessels, the target for a charter or owner might be an overall ten percent reduction in emissions over time.” around age – the old adage of an older vessel can’t be a good ship.” Not neces- sarily, insists the RightShip CEO. “A vessel, operated properly and main- tained to a high standard over its life- time can be characterized as a good risk. The owner can’t change the fact that the ship was involved in casualties or detained in the past, or has had three name, flag & class changes, etc. What he can demonstrate is current perform- ance.” Finally, the software can be con- figured to produce flags that say, “Vessel Needs Senior Management

Approval.” Another charterer might say “we don’t period vessels from a compa- ny which has a deficiency rate greater than 3 or something similar.” “These sorts of caveats are very common,” says



Increasingly, it is not just charterers who are interested in vetting evalua- tions. For RightShip, a number of ter- minal and “receiver” clients have come into the fold. Because some customers have specific mooring requirements, suitability to terminal considerations for incoming tonnage is an important factor. And, just because the terminal isn’t chartering the vessel doesn’t mean that they don’t share in at least some if not all of the risk associated with that vessel’s port call. A vetting service designed for terminal operators is long overdue and RightShip has stepped into the breach to provide a customized plat- form for just that purpose.

RightShip vets dry bulk, petroleum, gas and liner ships worldwide for a myriad of clients. That’s not to say there isn’t competition. Warwick Norman knows it. “We think we have a pretty good system. The oil majors have some good systems, too. I do think we have the best third party system. Our early goal of creating the best possible vet- ting system continues today unrelenting with substantial capital rollover into the equipment.” As risk changes, so too does the RightShip system.

Norman continues, “Vetting was for- merly focused on detentions and now we’re looking at individual deficiencies.

We see what we call community risk or industry expectations shifting signifi- cantly over time. Therefore, your vet- ting system must be able to reflect that change.”

For all its technology, algorithms and ease of use, the RightShip vetting sys- tem can be boiled down to a simple common denominator: Warwick

Norman insists, “We want the client to have a good commercial result from the vessel it does charter.” In other words, it all comes down to finding the Right


SHIP VETTING Maritime Professional 47

Maritime Logistics Professional

Maritime Logistics Professional magazine is published six times annually.