Trust us to rate your risk
Piracy, robbery, hijacking, fire, mechanical failure, port detention: commercial vessels face a wide variety of risks on shipping routes worldwide. How high is the potential risk for your vessel? Read on to find out why you can trust us to provide you with a risk rating that is unique in its comprehensiveness.
Why our risk rating is unique
The risk rating we provide in close collaboration with the International Marine Risk Rating Agency (IMRRA) is not just a desktop survey. These risk ratings are not just derived from algorithms. All the data is interpreted in detail by expert analysts before the final risk rating is compiled. What also makes us unique is that an IMRRA risk rating covers the vessel operator and their fleet, and not just the vessel in question.
How our risk ratings are compiled
IMRRA has a commercial intelligence network covering 8,000+ vessels and six researchers who are constantly reviewing, updating and extending this database. Each data set is aggregated and assessed using IMRRA’s statistical regression analysis tool and then further analyzed by a specialist researcher.
The methodology is as comprehensive as it is competent
- Each vessel is rated by age, class and type
- Over 1,000 vessels are assessed every month
- Individual vessel risk is calculated against the fleet average
The vessel risk rating is derived from the following components
- Static risk factors associated with long-term risks that remain constant over time
- Vessel particulars
- Classification Society’s performance
- Company’s operating history
- Casualty history and incidents
- Insurance claim history
- Dynamic risk factors that change in their frequency and severity plus an assessment of an organization’s risk management processes
- Verified risk factors analyzed using IMRRA’s forecasting and prediction tool: the analysis of data collected indicates improvement or deterioration in vessel operation and management
- Human factors verified RA information and vessel operator verification audits
In other words, the risk rating you get is a combination of existing and potential negative ratings that affect a vessel’s overall operational risk and safety, as well as human factors in vessel and operator risk management. Then a regression analysis tool and a widely used forecasting and prediction technique is applied to estimate the relationships between the variables.
This uniquely comprehensive analysis is the reason why you can trust us to deliver the best risk rating for your vessel.
Custom Risk Report Inquiry
If you need a large number of Risk Rating Reports for a lot of vessels, or have a custom inquiry, just get in touch with us.