RightShip, a leading global ESG-focused digital maritime platform, today announces its collaboration with LSEG (London Stock Exchange Group), a global financial markets infrastructure and data provider, to augment the risk management framework for governance risks in the maritime industry.
The partnership will integrate LSEG’s World-Check into RightShip’s digital maritime platform and vetting workflows. This will allow end-users, including charterers, financial institutions, traders, port authorities and ship owners, to comprehensively screen and assess vessels and the maritime companies they do business with for risks associated with sanctioned or embargoed vessels. This will provide businesses with the necessary information to make informed, secure and sustainable business decisions in line with global regulations and directives.
Mike Meadon, Director of Risk Intelligence, LSEG, speaking at the RightShip and LSEG partnership event.
In recent years, many shipping companies have been caught evading trade sanctions related to oil, arms, and other restricted items, as well as broader international sanctions. To address this, World-Check will enhance RightShip's vetting processes with a well-organized database containing more than 4 million records. Additionally, its team of 400+ specialists is equipped to track emerging risks globally in real-time, offering companies improved oversight and clarity on their risk exposure. Specifically, the integration will encompass all maritime vessels listed on sanctions, watchlists, and enforcement lists. This includes information on vessels registered in, linked to, or flying the flag of a sanctioned country or entity. When applicable, it will also cover details of the registered owners and beneficial owners connected to these vessels, ensuring comprehensive coverage and transparency.
Steen Brodsgaard Lund, Chief Executive Officer, RightShip, speaking at the London Stock Exchange Group office in Singapore
Steen Brodsgaard Lund, Chief Executive Officer, RightShip, said: “Transparency, supported by data, is crucial for addressing the increasing challenges and scrutiny in the shipping sector's governance. Our partnership with LSEG allows us to offer our customers a seamless workflow-based understanding via our vetting processes of shipping risks, enhancing the transparency required to overcome these obstaclesBy collaborating with top maritime due diligence and sanctions intelligence providers, we're offering our customers a vetting solution that fills the gaps in their shipping risk management workflows. This comprehensive approach provides a clear picture of the risks they face. Through this partnership, we aim to help organisations navigate the maritime industry's growing complexities, ensuring they remain compliant, minimise risks, and maintain confidence in their trading activities.”