The circumvention of sanctions imposed on Russia, one of the world’s top oil producers, has resulted in the environmental and safety hazard that is the “shadow fleet” of ageing tankers that continue oil transfers in secret.
RightShip’s Safety Score is a performance benchmark that provides shipowners and managers, charterers, and ports and terminals with an indication of a vessel’s safety performance.
The Safety Score replaced RightShip’s Star Rating in February 2021, which was widely used by chartering interests to provide a top-level assessment of the performance of a vessel.
The score provides an indication of a vessel’s likely performance based on past data, allowing users to compare against similar vessels in the same peer group.
When holds are not ready for their intended cargo, a number of different issues may arise.
Environmental sustainability has deeply found its way into business, and the world of finance seems to adapt, with Poseidon Principles being the most recent well-known example of how sustainability relates to profitability. Adopted in 2019, the Poseidon Principles were excitingly accepted as they set the first global framework for adding climate considerations into lending decisions, opening the way for responsible ship finance that will support the industry’s decarbonization race.
Launched in New York on 18 June 2019, the Poseidon Principles set a global benchmark for what it means to be a responsible bank in the maritime sector and provide actionable guidance on how to achieve this. For instance, considering the hot topic of shipping emissions reduction, the Poseidon Principles closely follow the policies and ambitions of IMO’s 2018 Initial Strategy, which eyes reduction of shipping’s total annual GHG emissions by at least 50% by 2050. Making access to finance conditional upon the level of compliance with environmental measures seeks to encourage ‘greener’ ships in the industry.