Melbourne: RightShip, the third party vetting specialists, struck off a total of 1,158 vessels from its customers’ supply chains last year as low freight rates continued to lead to worsening conditions for the world’s merchant fleet. Bear in mind that increasingly RightShip’s customers include many of the world’s most important shippers such as the likes of Rio Tinto and Unipec and this number, 1,158, suddenly seems very serious.
Warwick Norman (pictured left, with the Australian prime minister), ceo of RightShip, tells Maritime CEO: “The overcapacity which is resulting in low shipping rates and its impact on safety over time across the fleet over time is a concern for RightShip. As owners margins continue to be squeezed, they neglect to invest in maintenance or cut corners to save money and it’s our role to remain vigilant and ensure safety standards don’t drop.”
In the year since Maritime CEO last met up with Norman plenty has happened to this fast evolving company.
The firm has engaged IBM to redevelop its Ship Vetting Information System to include big data which will enable greater analysis and more accurate risk forecasts.
RightShip’s marine risk modeller has been using the analytics to trial a predictive model with an insurance company to identify high-risk vessels and implement targeted loss control measures. RightShip has also completed a pilot study to enable greater loading throughput with existing infrastructure through the use of predictive modelling and more informed selection.
In November, RightShip was awarded the prime minister of Australia’s Exporter of the Year award at the 2013 Australian Export Awards (see picture). The awards are the highest accolade for an Australian business trading internationally and the prime minister said that RightShip is a terrific example of the ingenuity, innovation and international success for which Australian companies are renowned.
Interest in RightShip’s Greenhouse Gas Emissions Rating continues to grow, Norman says. Sixteen charterers factor it into their vessel selection process, several terminals provide discounted harbour due rates and shipowners are publicly endorsing their fleet rating on their websites and in sustainability reports. [21/01/14]