The global fleet is ‘upsizing’. Now more than ever owners need to understand how this will impact specific segments of market, and therefore the efficiency ratings of their vessels.
You will see in the interactive graphs below that newbuild trends show a movement towards building bigger vessels (newcastlemax) rather than typical capsize vessels. As the GHG Rating compares vessels to their peers of a similar size, with these new builds will come changes to the peer group and the GHG Ratings of individual vessels.
The world merchant fleet surpassed 2bn DWT for the first time in May 2019, and in the next two years there will be more than double the number of newcastlemax vessels built compared to typical capes. This represents an increase of over 30% in that segment.
The best time to get on the front foot and consider efficiency is during the build phase. Contact us for a pre-assessment of your vessel’s GHG Rating prior to delivery, or to find out which countries and yards are building the most efficient vessels.
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, a vessel’s GHG Rating can be influenced by hull design, fuel consumption rates, vessel design speed and engine power.
It is also a common belief that newer vessels are always more sustainable. However, as we can see in the interactive graph below, fleet efficiency rates do not always improve over time.
The top graph depicts trends in average main engine power (MCR), fuel consumption (SFC) and design speed (Vref) over the last 15 years. The bottom graph shows how vessel efficiency has changed, 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.
You will notice that overall fleet efficiency has increased dramatically in recent years, and is increasingly 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.
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:
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)
In summary? RightShip’s predictive algorithm is effective in identifying higher risk vessels. Please contact our team to learn more.
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.
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.
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.
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.
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.
If you would like to see the GHG Rating spread of your fleet, please contact our environment team.
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.
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.