RightShip, a leading global ESG-focused digital maritime platform, today announces its partnership with LSEG (London Stock Exchange Group), a global financial markets infrastructure and data provider, to augment the risk management framework for governance risks in the maritime industry.
The partnership involves incorporating LSEG’s World-Check into RightShip’s digital maritime platform and vetting processes. This enables end-users, including charterers, financial institutions, traders, port authorities, and shipowners, to comprehensively screen and evaluate vessels and maritime companies they engage with for risks related to sanctioned or embargoed vessels. This will provide businesses with the necessary information to make informed, secure, and sustainable decisions aligned with global regulations and directives.
In recent years, numerous shipping companies have been caught evading trade sanctions related to oil, arms, and other restricted items, as well as broader international sanctions. To tackle this issue, World-Check will enhance RightShip’s vetting procedures with a well-organised database comprising over 4 million records. Moreover, its team of 400+ specialists is proficient in tracking emerging risks worlddwide in real-time, providing companies with enhanced oversight and clarity regarding their risk exposure. Specifically, the integration will encompass all maritime vessels listed on sanctions, watchlists, and enforcement lists. This includes data on vessels that are registered in, linked to, or flying the flag of a sanctioned country or entity. When applicable, it will also cover details of the registered owners and beneficial owners linked to these vessels, ensuring comprehensive coverage and transparency.
Steen Brodsgaard Lund, Chief Executive Officer, RightShip, stated: “Transparency, supported by data, is crucial for addressing the increasing challenges and scrutiny in the shipping sector’s governance. Our partnership with LSEG allows us to offer our customers a seamless workflow-based understanding via our vetting processes of shipping risks, enhancing the transparency required to overcome these obstacles.”
“By collaborating with top maritime due diligence and sanctions intelligence providers, we’re offering our customers a vetting solution that fills the gaps in their shipping risk management workflows. This comprehensive approach provides a clear picture of the risks they face. Through this partnership, we aim to help organisations navigate the maritime industry’s growing complexities, ensuring they remain compliant, minimise risks, and maintain confidence in their trading activities.”
6th March 2024
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