At the inaugural International Bulk Shipping Conference, Rightship head of operations EMEA, Taner Umac explained the function of the due diligence organisation and its role in the chartering process
Mr Umac discussed the role of Rightship, a due diligence organisation in the maritime industry, and elaborated on how it assesses and manages maritime risks, including using marine insurance and vetting processes for ship selection.
He explained the organisation was founded in response to marine incidents on the Australian coasts in the 1980s, and is now the largest due diligence organisation in the maritime industry.
Mr Umac presented how risk perception is relevant to stakeholders including shipowners, cargo owners, insurers, financiers or terminal operators.
Rightship, he said, emphasises the importance of informed decision-making using comprehensive data, beyond just the last port state inspection or the validity of the ship certificates.
“One size doesn’t fit all,” he said, “In one fixture you [the charterer] might have bigger risks, in next one you might have a smaller risk.”
Two examples were given illustrating the difference in vessel condition despite similar statistics, illustrating the need for more data for a well-rounded evaluation.
In the questions and answer sessions that followed, enquiries were made about the process for selecting and training inspectors.
Other issues addressed by Mr Umac included streamlining reporting timelines, enhancing data collection, and if it was possible to adjust Rightship ratings after inspection completion.
Overall, he emphasised the organisation’s role in raising risk awareness, enhancing informed decision-making and optimal risk management by providing effective data, with the aim of moving towards higher safety standards.
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