Leading ESG-focused digital maritime platform RightShip is pressing ahead with its zero-harm vision for the maritime industry by evolving its GHG Rating to incorporate new regulations being introduced by the International Maritime Organization (IMO) in 2023.
In Q1 of 2023, the GHG Rating methodology will be updated to incorporate Energy Efficiency Existing Ship Index (EEXI) values. RightShip’s proprietary GHG Rating algorithm already uses data and outputs from either the Existing Vessel Design Index (EVDI), or the Energy Efficiency Design Index (EEDI) to generate a simple A – G rating of the theoretical CO₂ emissions of a peer group of vessels across similar size and type.
The changes being introduced will make RightShip’s GHG Rating the industry’s first rating to incorporate all three indices, providing the maritime sector with one simple and easy to use rating to assess a vessel’s emissions.
RightShip’s Chief Product Officer, Christopher Saunders, said: “Providing the maritime sector with an easy to understand GHG Rating is critical for our customers as they navigate what is fast becoming a complex and highly regulated part of our industry. We want to continue providing environmental solutions that support our customers to take action today, as they aim for a zero-harm maritime industry, helping them to stay ahead of fast-approaching regulatory deadlines.
“It has not been a simple task to combine all three indices. As such, we have moved towards a speed-corrected approach to compare vessels within peer groups, whilst retaining our original intent of providing a level playing field.
“This means we have adjusted the formulae that account for power limitation measures in the rating. Together, these changes will ensure the GHG Rating remains fair and transparent when considering EEXI and continues to function as an effective relative measure of efficiency between similar vessels.”
RightShip’s GHG Rating methodology focuses on the inherent potential performance of a vessel based in its design, providing a firm basis for charterers and owners to make decisions. The EEXI assesses theoretical CO₂ emissions based upon vessel design, naturally complementing RightShip’s established GHG Rating, which compares the theoretical CO₂ emissions of a peer group of vessels across similar size and type, based on either the Existing Vessel Design Index (EVDI), or the Energy Efficiency Design Index (EEDI).
At present, 46,810 vessels on the RightShip Platform have a GHG Rating, with around 180 chartering customers leveraging the valuable environmental rating in their due diligence processes in the last year alone. As regulations become ever more complicated, RightShip hopes to support more customers with their sustainability requirements.
Kris Fumberger, RightShip’s Head of Sustainability and Environment, said: “For more than a decade, the RightShip GHG Rating has provided invaluable guidance for those in the maritime community looking to improve their ESG performance and rely on only the most efficient vessels available. This update means that RightShip’s GHG Rating will continue to play that role.”
A detailed overview of precisely how the GHG Rating methodology will be updated in line with the EEXI can be found on the RightShip website.
Fumberger continued: “Specifically, the EEXI’s consideration of Engine Power Limitations (EPLs) and Shaft Power Limitations (ShaPoLis) could have led to artificial distortions, which incentivised some inefficient vessels, as well as discriminating against others. due to policy-level restrictions for charterers. We have adjusted our methodology to correct for this, so that the maritime community can continue to rely on our ratings to understand relative emissions efficiency between vessels.”
Vessel owners and operators will be able to submit their EEXI data directly to RightShip and receive a verified rating. RightShip will also hold a webinar for those interested in understanding more about how EEXI will be incorporated into the revised GHG Rating, the date to be announced soon.