RightShip replaces Risk Rating to provide fairer ship safety assessments

Rating going up. Credit: Villanova University

Maritime risk management and assessment organisation, RightShip, has announced it will replace its current Risk Rating, which uses algorithms to predict the likelihood of an incident for a vessel in a 12-month period, with a Safety Score rating.

The Safety Score was developed following criticism by shipowners, and other stakeholders, who said that the Risk Rating penalised vessels by type, as well as the over complicated algorithm used to rate the vessels was shrouded in secrecy.

Rather than using a prediction model to establish a rating for charterers to choose a vessel, the Safety Score platform creates an overall rating from 1-5 based on six factors to provide an up-to-date view of a vessels’ operational performance. RightShip said this is a fairer and more transparent process of assessment, “The six subscores and timeline provides a simple and easy to read overview of the various factors which the end user can review for their specific application. This, clear and consistent score, will assist all stakeholders with focusing on the areas of greatest opportunity to drive safety improvements for the entire industry,” said Martin Crawford-Brunt, CEO RightShip.

The six factors, by level of importance, are; vessel incident performance; performance of Document of Compliance; vessel port state control (PSC) performance; vessel detention performance; performance of vessel’s flag; performance of vessel while under purview of class. The Safety Score also provides a separate greenhouse gas emission score.

The data used is from various sources, government institutions, PSC regimes, other maritime analytics associations, and ship owners and managers. Vessel types that are included in the Safety Score are; cargo carrying commercial vessels (>1000 dwt), dry bulk, tankers, container ships, LNG/LPG carriers, and general cargo vessels.

The rating uses the previous five years of vessel performance and incident data, the stakeholder can delve deeper into the overall rating, unlike the previous model where vessels would be given a poor rating due to their size or builder. “The Safety Score always provides a measure of the current safety profile of a vessel, showcasing the merits of that vessel, without making predictions or measuring factors that cannot be changed,” said Crawford-Brunt to SAS.

The Safety Score also classifies the incidents by severity and regularity, impacting the score. Furthermore, when scoring a vessel’s PSC performance the Safety Score takes into consideration certain regimes that may be harsher than others, and the vessel’s score is established by comparing against the average number of deficiencies awarded by certain ports.

While the Safety Score is predominantly aimed at shipowners and charterers, to showcase vessel safety performance and perform due diligence respectively, the tool can also be useful for other stakeholders, “The Safety Score will also be used by other important stakeholders including; ports and terminals, regulators, banks, financiers and insurers to get a transparent view and good benchmark of a vessel’s operating and safety performance,” said Crawford-Brunt

The Safety Score platform will go live at the end of September 2020, members will have access to the platform to familiarise themselves with the new interface, and a beta testing widow will begin on 30 June 2020.