Improve your due diligence with RightShip’s expanded Vetting Criteria
In this article, Sau Weng Tang RightShip’s Head of, APAC, explains how to get the most out of our expanded Vetting Criteria and meet your business objectives.
With evolving regulatory expectations and increasing Environmental, Social, and Governance pressure coming from shareholders and customers, it’s never been more important to apply best practice due diligence to your chartering decisions.
However, it can be a challenge to implement best practice without expert support, due to ever changing regulations, geographical constraints, terminal requirements, sanctions and the data required to get key insights.
Remove the complexity of data analysis
Data cleansing is a complex process with vessel ownership, incidents, inspections and close outs from vessel operators difficult to keep track of. RightShip’s dedicated team manages some of the most comprehensive data sets in the industry and delivers them in our expanded Vetting Criteria, which has grown from 20 to 50 comprehensive assessment items.
In addition, we integrate sustainability and crew welfare data into our processes to give you a complete view of your risk, due diligence and carbon emissions profile.
Outsourcing this work is critical for those seeking to achieve best practice outcomes and protect your reputation.
Improve your operational efficiency
Previously, RightShip’s vetting customers were frequently adding bespoke rules to their vetting processes, but using the expanded Vetting Criteria, many have done away with these requirements because they are now part of our standard. This in turn has delivered increased clarity across the industry and speeds up the process, so that you can find a suitable vessel quickly.
Key additions to the expanded Vetting Criteria include:
- New sections for flag and class, ship structures, mechanics, and human rights.
- More detailed incidents, PSC and operator performance reporting
- Clear binary failings: if a vet fails a binary hurdle, the vessel cannot be recommended.
- Improved clarity regarding the specific criterions that covers safety, the environment, human rights and operational excellence
- Bespoke options for your specific risk requirements.