INSIGHTS

DATA INSIGHTS

TRENDS IN VESSEL EFFICIENCY

There is a common misconception in the maritime industry that engine size is the primary factor determining a vessel’s GHG Rating & overall efficiency. In reality, there are multiple factors contributing to a vessel’s GHG Rating, including hull design, fuel consumption rates, vessel design speed and engine power.

Another misconception is that newer vessels are always more sustainable, however as we can see in the interactive graph below, fleet efficiency does not always improve over time.

Fleet efficiency has increased dramatically in recent years, and is again being prioritised during the vessel design stage. This coincides with the introduction of the EEDI, as well as freight rates returning to more conservative levels.

The top graph depicts average main engine power (MCR), fuel consumption (SFC) and design speed (Vref) trends over the last 15 years. The bottom graph shows how vessel efficiency has changed over time, displayed in the average GHG Rating for vessels built each year. You can use the toggle on the top right hand side to alternate between the different vessel parameters.

To view your vessel’s parameters, please visit www.energyefficiencyrating.net and to verify the inputs contact environment@rightship.com

HOW ACCURATE IS OUR PREDICTIVE RATING?

2018 Incident Data

When vetting vessels for safety, RightShip makes a holistic assessment of the risk associated with selecting a particular vessel for charter, and provides customers with a risk rating ranging from one star (highest risk) to five stars (lowest risk).

A vessel’s risk profile is based on Qi’s algorithm that predicts the likelihood that a vessel will have an incident in the next 12 months.

The interactive graph below shows incident data related to the vetted and non-vetted fleet in 2018. This shows that overall, the vetted fleet is safer than the non-vetted fleet demonstrating that – unsurprisingly – RightShip customers have a heightened safety awareness and tend to select safer-than-average vessels. This data also demonstrates that:

  • 10.1% of all 1-star vessels have an incident compared with 2.4% of all 5-star vessels (so, over four times more likely to have an incident)
  • 9% of vetted 1-star vessels have an incident compared with 1.7% of vetted 5-star vessels (so, over five times more likely to have an incident); and
  • a greater proportion of 1, 2, 3 and 4 star vessels of the entire fleet have an incident compared with 1, 2, 3 & 4 star vessels of the vetted fleet (so, the vetted fleet is safer than the non-vetted fleet).

When we drill down to see how the incident rate on the bulk carrier fleet compares with the incident rate on the total fleet (hint: use the top right ‘Select ship type’ toggle and select ‘bulkers’ from the drop-down menu)

  • for the total fleet (vetted + unvetted) in 2018, a bulk carrier with a  1-star risk rating is more than sixteen times more likely to have an incident than a 5-star bulk carrier; and
  • for the vetted fleet, in 2018 a bulk carrier with a 1-star risk rating is more than twelve times more likely to have an incident than a 5-star bulk carrier.

In summary? RightShip’s predictive algorithm is effective in identifying higher risk vessels. Please contact our team to learn more.

MOVING WITH THE MARKET - IMPROVE YOUR VESSEL'S EFFICIENCY

The maritime industry is propelling towards a low carbon, environmentally sustainable future – don’t be left behind.

At RightShip, we aim to reward shipowners investing in energy efficiency measures to improve their vessel’s GHG Rating. In a competitive charter market, a superior GHG Rating can set you apart from your peers.

The graph below shows the vessel efficiency measures registered (or ‘verified’) with RightShip from November 2017 – November 2018. A vessel upgrade is ‘verified’ with RightShip when appropriate documentation is provided to demonstrate the improvement in efficiency.

Select a vessel type to filter the results. In the last 12 months, we have had 293 upgrades registered in our system – resulting in more than one upgrade per working day.

You will notice that propulsion improvements are the most common upgrade for newbuilds, whilst existing vessels are more likely to undertake propulsion improvements & machinery upgrades in almost even proportions. The most efficient vessels on the market have a combination of both of propulsion & machinery improvements.

Prior to undertaking any works, contact our environment team for more information on upgrade options; the estimation impact a selected upgrade will have on the vessel’s GHG Rating, and the documentation required to verify the upgrade with RightShip.

WILL YOUR INVESTMENT IMPROVE WITH AGE?

As you sort through the ‘ship type’ options in the charts below, you can see that all vessels do not age equally. Market conditions determine the build and scrapping cycles, which vary according to ship type.

With an ageing fleet, the decision must be made: do you scrap, or invest? Take bulkers for example – with the rapidly aging dry bulk fleet & the acceleration of scrapping, how do you stay on the front foot? Do you extend the life of your bulker or invest your money elsewhere?

When considering whether to buy, sell or scrap, timing is everything. Our data insights can help customers plan ahead & make an informed decision.

The charts below show the average age of scrapping & the number of vessels scrapped by year. You can filter by ship type & size to see the data most relevant to your fleet.

Contact our team for more information.

DOES EXPERIENCE INFLUENCE RISK?

Are we seeing the end of the family-run shipowner?

As some push to commoditise the industry, this graph highlights the considerable fragmentation of ownership and companies responsible for compliance. Using the drop-down options you can view fleet size by beneficial owner or DOC company, and sort by ship type, size & age.

Whilst performance and safety are dependent upon more than just scale of operations, it is interesting to note that many small companies (with 1, 2 or 3 vessels) and a few big players dominate the landscape.

Subscribers to RightShip Qi can access, at a vessel level, data insights relating to beneficial owners & DOC companies; and so understand how management experience may influence the safety of a vessel or the risk associated with a particular voyage.

Learn more about RightShip Qi or contact us for a free trial.

WHERE ARE THE MOST EFFICIENT VESSELS BUILT?

Make an informed decision and improve the efficiency of your new build

Along with design specifications, the efficiency of a new vessel can be influenced by engine type & place of manufacture, yard of build and more.

The interactive map below shows the GHG Rating spread of new builds in China, Japan & South Korea, who collectively hold the majority of the world’s new build trade. You can filter by ship type, click on a country or view the GHG Rating of builds by anonymised shipyard to see where the most efficient vessels are built.

For example, you will notice that whilst shipyards in South Korea are responsible for building the most tankers in the region, tankers built in Japan are more likely to be A rated – and therefore to be more efficient.

Contact us for assistance with decisions relating to yard, engine specifications and more to optimise the efficiency of new builds.

You can also visit the GHG Rating page to learn more or view a recording of our GHG Rating webinar.

HOW ACCURATE IS OUR PREDICTIVE RATING?

RightShip Qi uses predictive analytics to consider the likelihood that a vessel will have an incident in the next 12 months. The graph below shows how the predictive risk rating – as at 01 January 2017 – performed throughout the year on tankers & bulk carriers.

As you can see, a one star bulker is 19 times more likely to have an incident than a 5 star bulker. Use the drop down menu to see the results for tankers, and bulkers & tankers combined.

Please contact us or visit our RightShip Qi page to learn more.

HOW GREEN IS YOUR SHIPPING ACTIVITY?

Explore the interactive graph to view the GHG Emissions Rating for the world’s fleet. You can filter by ship type, cargo, size & age to discover the data most relevant to your own shipping activity.

If you would like to see the GHG Rating spread of your fleet, please contact our environment team.

Visit the GHG Rating page to learn more or view a recording of our GHG Rating introductory webinar.

With access to our GHG Rating data, it’s easy to be green. We’re helping charterers, shipowners, ports & financial institutions respond to the push from industry to lower CO2 emissions & enhance the sustainability of their maritime operations.

If you would like to see the GHG Rating spread of your fleet, please contact our environment team. You can also visit the GHG Rating page  to learn more or view a recording of our GHG Rating webinar.

REDUCE YOUR CARBON FOOTPRINT & FUEL SPEND

With a need to reduce emissions by at least 50% before 2050, now is the time to act.

Join the 85 leading shipping organisations who use RightShip’s GHG Rating to more efficiently ship 2.4 billion tonnes of cargo every year.

Contact us for more information or to access the GHG Rating of your fleet. You can also visit the GHG Rating page  to learn more or view a recording of our GHG Rating webinar.