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.

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