The shipping industry is changing rapidly. Increasingly, we are seeing new technology that can be used to reduce emissions. Battery-powered ships and alternative fuels are impacting the way we do business and reducing emissions in the process. Those resisting the evolution risk an impact to their bottom line.
When you employ sustainability measures recommended by RightShip, you strengthen your market position. The GHG Emissions Rating is a systematic and transparent means of comparing the relative efficiency of the world’s shipping fleet. It is disrupting the market, putting those who use it out in front of their competition through increased transparency. In rating ships according to their efficiency, the RightShip GHG Rating has changed the way vessel operators benchmark their vessels and demonstrate the benefits of investing in efficiency.
GHG Rating
The GHG Rating compares a ship’s theoretical CO2 emissions relative to peer vessels of a similar size and type using an easy to interpret A – G scale. An energy efficient vessel has lower fuel costs and better chartering potential, which may lead to a higher initial asset value and a longer period of economic depreciation. Those who do the right thing are rewarded, with their results clearly displayed in our platform data, increasingly the likelihood that their vessel will be an attractive charter option.
Features of GHG Rating for Shipowners
Standardised approach to efficiency
Assists the maritime industry to transition to a low carbon economy. The clearly explained methodology provides easy to understand ratings used by all players in the industry and provides a market-based need for ship owners to invest in essential energy saving equipment.
Transparency
Increased transparency into the efficiency measures undertaken during the design, build and operation of their respective fleet. Work with RightShip’s sustainability team to see how you can improve your vessel’s GHG Rating over the course of its operational lifespan.
Market your vessel
Improve the GHG Rating of your vessel by verifying your vessel with RightShip. The RightShip platform provides recognition for investing in efficiency measures by clearly displaying upgrades to your vessel (+) for all our due diligence customers to see.
GHG Rating advantages
Benchmarking
Provides the ability to benchmark a vessel’s GHG Rating at a DOC and world fleet level, which can aid the development of a clear emissions strategy. Clearly see your fleet's efficiency ratings in comparison to your peers as well as your progress towards goals.
Simplify your purchasing decisions
Transparency around efficiency is essential and increasingly useful in informing vessel new build and second hand purchasing practices. An energy efficient vessel has lower fuel costs and better chartering potential, which may lead to a higher initial asset value and a longer period of economic depreciation.
A competitive advantage
The GHG Rating provides our clients the opportunity to be rewarded through visibility and recognition for their positive efficiency initiatives. Recognition for these actions has never been more important for competitive advantage, in an industry with strong environmental regulatory and commercial signals behind it.
We’ve used RightShip to ensure the vessels we use are safe and environmentally sound, so it was a logical step to ask the team to help us measure our scope 3 emissions. Working with them is very straightforward and we are confident in the accuracy and reliability of the results. There are very few scope 3 data sources and, as far as we are aware, there is no other agency able to deliver this level of accuracy for ocean transport.
RightShip, the ship approval system used to verify vessel efficiency, has confirmed the fuel savings Odfjell has achieved using MAN Diesel & Turbo’s Kappel Propeller upgrade package. After the upgrade, the vessels are amongst the most energy efficient chemical tankers in the world, and achieve the highest score on the RightShip’s energy rating, A+.
Until 2016, our scope 3 emissions were estimated but that’s no longer good enough. We need to understand our emissions so we can benchmark them against other shippers and control them effectively. RightShip allows us to do that.
We’re proud to be accelerating the shipping industry’s movement toward greater efficiency and sustainability using RightShip’s GHG Emissions Rating. Since launching our Green Wave vessel incentive program in 2014, RightShip has been an exemplary qualifying measurement that has allowed vessel charterers and owners to take advantage of significant discounts to harbour dues at the Port of Prince Rupert. The support we have received through our partnership with RightShip has been integral to the success of our program. Our recognition of environmental performance is encouraging the adoption of similar practices across the global shipping industry.
By using more-efficient ships, we are gaining cost efficiencies and furthering our efforts to reduce Mosaic’s carbon footprint. Given the success of GHG Emissions Rating vetting, we are reviewing options to also exclude F-rated vessels. Emissions from shipping currently represent less than 5 percent of Mosaic’s carbon footprint.
