Introduction to the GHG Rating
Learn about the GHG rating and how to request a verification
How to request a verification
Verifying your vessel's GHG Rating
On the RightShip platform, we display if a vessel’s GHG Rating has been verified by the shipowner. An unverified rating provides an indication of vessel performance as it is based on vessel specific IHS inputs, IMO assumptions and sister vessel data.
To help gather accurate data in the GHG Rating, RightShip provides all shipowners with the ability to submit documentation to confirm the inputs used in the calculation. Once checked through by our Sustainability team, the vessel is shown as having a verified GHG Rating on the vessel page.
Owners will benefit from verifying their vessels because the GHG Rating can be used as part of RightShip’s due diligence and risk assessment vessel vetting service. Our online vetting process notifies the owners of unverified vessels when the GHG Rating of their vessel is impacting the outcome of a vet. However, the delay associated with obtaining the relevant verification documents from the owner means that there is a commercial incentive for vessel owners to pro-actively verify their vessel’s ratings.
A fully verified vessel, which meets customer’s vetting criteria for the GHG Rating, passes through the vetting process in a seamless manner. This positions a verified vessel at competitive advantage over peer vessels that are unverified.
Incentivising new build designs
Our overarching goal is to improve sustainability standards in the maritime industry. To achieve this goal, we aim to reward owners who have prioritised efficiency with superior design, consideration of engine performance and build of their vessels.
Our GHG Rating aims to shine a light on the top tier of vessels operating in a segment, which will enable charterers, banks and shipowners to have more transparency in their decision making.
We understand that some of the biggest efficiency gains can be had at the design stage of a vessel. Therefore, we work with shipowners by providing pre-assessments of GHG Ratings prior to the final build stage, insights into efficient shipyards to build vessels, as well as benchmarking of previous vessel performance.
Continual improvement over a vessel’s life
RightShip also recognises the huge need to promote those who invest in sustainability advances in their current fleet. By investing in energy saving equipment, existing vessels can improve their efficiency and move up the GHG Rating bands.
Vessels that have been upgraded with energy saving equipment to operate more efficiently than designed are recognised through the rating. A vessel’s GHG Rating may improve and/or a plus sign (+) will appear next to the GHG Rating. The plus sign (+) increases visibility of a vessel among its peers. It also allows owners to clearly display the actions they have taken to improve their vessels environmental performance and then market them accordingly.
RightShip’s GHG Rating, EEXI and CII
How RightShip GHG’s Rating incorporates EEXI alongside EVDI and EEDI
RightShip’s GHG Rating is the industry’s first rating to incorporate EEXI, EVDI, and EEDI, and this change has necessitated a shift in how we define a vessel’s theoretical CO2 emissions.
GHG Rating 1.0 rated a vessel based on engine power, using characteristics of the ship at build, like capacity, engine power, and fuel consumption. This is a strong methodology, but it doesn’t allow for the efficiency variables introduced by engine power limitation (EPL), which is expected to be adopted on a large proportion of the world fleet to comply with EEXI.
GHG Rating 2.0 addresses this issue by moving to a speed corrected methodology. This approach evaluates all vessels within a peer group at a common speed and focuses on the emissions in the range of a vessel’s market operating speeds, applying a minimum speed logic for calculating the speed corrected intensity.
In other words: the GHG Rating 1.0 graded vessels according to their efficiency at 75% of the engine power. Rating 2.0 grades vessels according to the efficiency at a common speed.
This change ensures that the GHG Rating remains fair and transparent when considering EEXI and continues to function as an effective relative measure of efficiency between similar vessels.
The Admiralty principle and EPL
The sea trial and associated speed-power performance data is obtained within the IMO framework and guidelines to arrive at a no wind, no wave, no sea current, depth and water temperature correction. However, there is a gap, as widely known and discussed with the market, wherein sea trials are completed at ballast draft conditions, as single or few point speed trial runs, which are then extrapolated to form the whole Speed-Power curve.
Considering the above limitations, a theoretical approach based on known design principles of Naval Architecture, specifically around the ‘Admiralty Coefficient’ - sometimes referred to as propeller law - is taken to arrive at a speed corrected gCO2/tnm.
What is RightShip’s position on the Power Limitation (EPL/ShaPoli) for the EEXI Compliance, and how will this affect vessels’ GHG Rating?
RightShip’s GHG Rating now accepts multiple EPL/ShaPoLi, and below MPP Level 1. The use of the Admiralty principle in the new speed corrected approach will remove the influence of EPL/ShaPoLi on a vessel’s rating. Class certified EEDI and EEXI Technical files are accepted.
GHG Rating and CII
The RightShip GHG Rating has moved to a 5-point A-E scale primarily due to the IMO’s adoption of an A-E scale for the Carbon Intensity Indicator (CII) rating. CII and GHG are fundamentally different – CII measures how a vessel actually performed in the past, while GHG Rating measures the designed potential to perform. A vessel’s CII does not impact its GHG Rating. However, we believe it’s important to give stakeholders the chance to understand these two ratings in relation to each other.
For example: A vessel rated ‘A’ GHG gets chartered out for one year. It is returned to the vessel owner after one year, but it is CII rated ‘C’ due to the way it was traded. This CII rating, which may impact the vessel’s commercial viability, does not reflect the vessel’s potential or future performance. That’s what makes RightShip’s GHG Rating so important: it ensures that vessel’s are treated fairly, on a level playing field, and are measured according to their potential, not their past performance.
Working towards a zero-emissions future
We encourage all vessel owners to view their ratings on the GHG Rating summary page and the GHG Rating factors page, which outlines each criterion in the GHG Rating equation. With industry support, we can ensure the data is verified and the ratings are calculated as accurately as possible.
The GHG workflow in the new RightShip platform has been built with you in mind. We’ve listened to your feedback and implemented the following workflow enhancements:
Reward for positive actions
We’ve highlighted energy saving equipment, so vessel owners who invest in efficiency are easily recognised and charterers have greater insight into these measures when selecting vessels.
We understand sustainability measures require investment and we value owners who proactively make efficiency improvements. In turn, we now reward those owners with recognition for their efforts – they’re front and centre for potential charter.
Fast-tracked GHG verification workflow
In an effort to reduce emails, we’ve built direct communications tools into our platform. You can now talk to us directly, using the Request a GHG verification button. This will help you to verify a vessel’s GHG Rating and energy saving equipment quickly and easily.
Here you will complete a questionnaire that is tailored to your vessel requirements, rather than sending several emails to our team.
Improved GHG transparency
You’ll now receive greater insight into the individual factors that make up your vessel’s GHG Rating and have full access to data sources. This bolsters transparency for both the owner and charterer, in turn ensuring more accurate ratings.
Best practice GHG benchmarking
RightShip’s new platform provides comprehensive analysis of the make-up of your fleet, and a comparison of the world fleet’s efficiency, so you gain comparative context. It also provides owners with verification status of their vessels, so they’re well placed to determine where work is needed.
Get the job done in one place
You can now complete GHG verification requests, receive outcomes and communicate with our team in one location within the RightShip platform. With GHG Ratings and vetting housed within the platform, you’ll experience a seamless, holistic vetting process.