Screening: a new due diligence service for cargo traders and financiers

Our new Screening solution is specifically designed to help cargo traders, financiers and insurers make swift, accurate decisions about vessel clearance, based on their own risk policies.

We find out more from Christopher Saunders, Chief Product Officer and Xiwei Zhao, Product Manager about Screening – including why the solution is different to our existing offerings and who we hope will soon find it essential in day-to-day life.

Xiwei, can you give us some background on why the new solution was developed?

Screening is a ‘light touch’ due diligence offering developed in collaboration with a select group of customers. Their feedback showed us they were looking for a solution to meet their ‘flash title’ cargo trading, financing and insurance needs.

Christopher, who is Screening suitable for?

Screening is specifically designed to help cargo traders, financiers and insurers make swift, accurate decisions about vessel clearance, based on their own risk policies.

It’s suitable for those:

• with low marine risk exposure,
• who require a short turnaround time, and
• who have limited current due diligence solutions in place and are looking to take the next steps in implementing marine risk management practices.
• However, I would stress that Screening is not a substitute for an in-depth vet of a specific vessel, which remains the RightShip gold standard due diligence product.

Xiwei, how does Screening work and how does it help customers?

Screening is quick, easy to use and can be requested in three simple steps. Alternatively, it can be embedded in customer workflows via an Application Programming Interface (API).

Screening results are received immediately at the press of a button, allowing customers to focus on completing their transactions where time matters. In cases where additional scrutiny is needed, customers can also engage our team of marine experts by requesting a full vet for a more comprehensive due diligence outcome.

Vessels are measured against a combination of over 50 rules, selected and controlled by each customer. We expect this list of rules to grow in time, as further improvements are made in data availability and as we respond to customer requests.

A fully automated service, available 24 hours a day, 7 days a week, Screening gives an immediate pass or fail result on whether a vessel meets a customer’s needs, whilst providing reassurance that vessels have been evaluated against global safety, sustainability, and social responsibility best practice standards.

Christopher, what are the benefits of Screening?

I would stress that Screening is specifically designed for commodity traders, financiers and other deals with low marine risk exposure, allowing instant clearance of a vessel so customers can remain focused on their transactions.

Automation means the service is available around the clock 24/7, so vessel clearance can be performed at any time. This means these customers should no longer lose deals due to delayed vessel clearance, and customer margins can be maximized.

Additionally, selected decision-makers within an organisation can grant an exception and pass a vessel where a Screening outcome fails due to the pre-programmed soft rules. In case of escalation, all necessary information is provided in one place for swift choices.

Finally, and critically, customers always have the option to contact RightShip’s team of marine experts, by requesting a follow-up vet for high-risk screening outcomes.

Xiwei, how can interested cargo traders, financiers and insurers find out more?

Customers can find all about Screening here, or by contacting us. We’d also be delighted to discuss how Screening can benefit new organisations.