The Safety Score is calculated through a combination of industry standard rules and statistical modelling, including expert review of vessels. It has been designed to ensure that RightShip correctly identifies the vessels that are N/A, zero, 1 and 2 using a standard set of rules and to provide a prospective resolution for those vessels, on their continuous path to improvement.
We believe results coupled with actionability helps us to better service our due diligence customers and the shipping community. We recommend charterers use the Safety Score as an initial indicator when considering which vessels to put forward for vetting, taking into account the information available about the vessel on the platform, the overall score, sub scores, inspection status and GHG rating.
For vessel owners, the platform provides details as to why a vessel has achieved a specific score as well as actionable mechanisms to improve maritime safety.
Safety Score Rules (Safety Scores of N/A, 0, 1 & 2)
The Safety Score rules focus on what is already accepted as “good” industry practice. These binary rules are resolutions-focused and support the industry’s position on good operations. We aim to support all ship operators on their path to optimal safety and performance.
The Safety Score rules represent an initial risk assessment and present the first step in our customers’ due diligence process before submitting vessels for vetting. The rules also provide a heuristic check to ensure vessels currently identified as Safety Score N/A, zero, 1 or 2 are correctly identified. Each rule also has a definitive resolution, providing clear actions to resolve each of the rules and release vessels from being scored one or two. These resolutions are described next to each Safety Score rule.
Vessels can trigger multiple rules, with the lowest Safety Score rule set as the vessel’s overall Safety Score. The lowest Safety Score rule triggered needs to be resolved before it can be moved to a higher score. For example, if a vessel has triggered a SS1 and a SS2 rule, the SS1 rule will need be resolved before the vessel can achieve an overall score of 2, which in turn must be addressed before the vessel can achieve a score of 3 to 5.
The Safety Score model (Safety Scores of 3, 4 & 5)
If all Safety Score rules have been resolved, or no rules have been triggered, the vessel’s Safety Score is calculated by the Safety Score model. The model is made up of six sub-scores and more than 20 safety considerations, providing indications of historical safety performance. Each has been chosen to encourage all participants in the supply chain to work towards the highest standard in maritime safety practices.
It is calculated from a vessel’s five-year historical performance, with various risk factors considered at the vessel, DOC, Class and Flag level. The output is a score between three and five, where a vessel which has achieved a five out of five indicates best practice attention to safety over the last five years.
After listening to the industry, we have removed size, type and builder. Age is also not included in the Safety Score model, however only dry bulk vessels over 14 years old with a valid RightShip inspection are included. with the result is a model which is centred on safety performance indicators that operators can affect. Shipowners can see which sub scores they need to improve and benchmark their safety procedures against the industry’s best performers.
What does a vessel’s Safety Score mean?
Through extensive industry consultation, RightShip’s safety products have evolved from a passive indicator to being the initial step in risk assessment. The Safety Score provides distinct and clear lines as to the operational performance of a vessel for our due diligence customers, however any vessel with a Safety Score between one and five could be recommended by RightShip after completing the whole vetting process satisfactorily:
SS N/A: Vessels which are out of scope for the Safety Score. In some cases, these vessels may receive an “acceptable” recommendation once the vetting process has been completed.
SS 0: Vessels which have been flagged as sanctioned. These vessels cannot receive a positive vetting outcome therefore the “request a vet” button is disabled for these vessels.
SS1 & 2: Vessels which need improvement to achieve the industry agreed standards of “good” operations. These vessels may be recommended by RightShip’s vetting superintendents but will require investigation and more information from the vessel’s manager.
SS3 – 5: Vessels which are working towards best practise in safe operations. In order to complete the full RightShip due diligence process, customers must complete a vet for these vessels. The outcome includes a timestamped recommendation based on the vessel’s specification, particular cargo and determined voyage.
Ship owners can easily see the areas required for improvement for each rule triggered or sub-score below five out of five and the action they need to take to improve their overall score.
Benchmarking the Safety Score
The RightShip platform provides a full break down of every vessel’s Safety Score and benchmarks a vessel’s score across the industry. This provides a transparent view of the score’s distribution and helps you understand where that vessel is placed in its peer group. This will help members create comparisons of similar performance and rank best practices.
Moreover, the distribution shows that very few vessels can achieve the highest Safety Score, and there is often room for improvement. We support the entire industry in their continued path towards outstanding operational standards.
For our due diligence customers, this means that vessels at the lower end of the distribution may be suitable for your risk requirements. However, we recommend that you vet each vessel to receive a recommendation based on your safety and sustainability profile.