Since 1991, RightShip has provided due diligence and risk management tools for the maritime industry. As technology and marketplace requirements have evolved, so has our capability to measure, monitor and describe safety standards.
The Safety Score benchmarks the historical operational performance of the world’s fleet. It is intended to help our risk assessment customers gain an initial perspective on the operational performance of a potential vessel as part of a comprehensive due diligence process, while simultaneously encouraging shipowners to invest in improved processes and technologies that make the entire supply chain safer.
Today the RightShip Safety Score has three main objectives which combine technology advancements, expert review and industry feedback:
- Transparent: The Safety Score has been designed to provide a clear and concise explanation of the elements that factor into the score and outcome.
- Explainable: The model has been carefully designed to make it simple to identify changes in ratings
- Useable: It provides a much clearer view of both the positive and negative performance of a vessel in the due diligence process. Ship owners are provided with actionable steps to improve safety and to benchmark against other vessels in the world fleet.
How does the Safety Score work?
The RightShip Safety Score incorporates various maritime data sets, industry standards, expert review and statistical model into one easy to understand score, which provides an indication of a vessel’s safety performance today. The Safety Score is calculated through the following process:
First, every vessel is checked against a series of industry standard safety performance rules, which, if triggered, provide a vessel with a Safety Score of N/A, zero, 1 or 2. Each rule has a specific “road to resolution”, which is reviewed RightShip’s internal governance department. Once the vessel is provided with a positive review, or if no rule is triggered, the vessel is scored by the Safety Score model.
Depending on the vessel’s historical performance, vessels can achieve a score of three, four or five. A 5 out of 5 indicates best practice attention to safety over the last five years.
Which vessels receive a Safety Score?
All cargo carrying commercial vessels (>1,000 DWT):
- Dry bulk vessels
- Tanker vessels (inc. Bunkering, FSO)
- Container Vessels
- LNG, LPG and Multigas vessels
- General cargo vessels (inc. Vehicle carriers)