Calculating and Comparing CO2 Emissions from the Global Maritime Fleet

August 2011

VISION

To be the supplier of choice of marine vetting services to achieve with our customers a safer and cleaner maritime environment

MISSION

To enable our customers to reduce their marine risk by providing comprehensive marine assessments on vessels and marine suppliers

Background
Warming of the climate system is now considered to be unequivocal, and evident from observations of increases in global average air and ocean temperatures, widespread melting of snow and ice and rising global average sea level1. Global greenhouse gas (GHG) emissions due to human activities have grown since pre-industrial times, with an increase of 70% between 1970 and 2004, and most of the observed increase in global average temperatures since the mid-20th century is considered very likely due to the observed increase in anthropogenic GHG concentrations1. Discernible human influences also extend beyond average temperature to other aspects of climate. Carbon dioxide (CO2) is the most important anthropogenic GHG. To mitigate forecast destructive climate change consequent to further global warming, anthropogenic GHG emissions must be stabilised and reduced. This is a global challenge to be addressed by all countries with consideration of all significant emission sources. For 2007, shipping was estimated to have emitted 3.3% of global CO2 emissions, to which international shipping contributed 2.7%, or 870 million tonnes2. Although international shipping is the most carbon efficient mode of commercial transport, total emissions are comparable to those of a major national economy, necessitating emission reduction3. Moreover, according to the IMOs GHG Study2, if unabated, shippings contribution to GHG emissions could reach 18% by 2050. This emissions breakdown does not divide into all ships equally and considerations such as ship size, fuel type and engine performance as well as advances in maritime technology mean that some ships are more efficient than others. Recognising that such vessel specific sustainability information is dispersed and costly to obtain and coordinate in a systematic manner, RightShip created its GHG Emissions Rating to make it easy for our customers to consider sustainability within their selection processes.

IPPC, 2007. Climate Change 2007:Synthesis Report. Contribution of Working Groups I, II and III to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change [Core Writing Team, Pachauri, R.K. and Reisinger, A. (eds.)]. IPCC, Geneva, Switzerland, 104 pp.
2

IMO, 2009. Second IMO GHG Study 2009. International Maritime Organization (IMO) London, UK.

ICS, 2009. Shipping, World Trade and the Reduction of CO2 Emissions. International Chamber of Shipping, London, UK.

Contents

1. 2. 3.

Summary ......................................................................................................................................... 1 IMO MEPC EEDI ............................................................................................................................... 2 RightShips GHG Emissions Rating .................................................................................................. 2 3.1 EVDI ...................................................................................................................................... 3 Data Sources ................................................................................................................... 3 Assumptions .................................................................................................................... 4 Ship Types ....................................................................................................................... 5

3.1.1 3.1.2 3.1.3 3.2

GHG Emissions Rating A - G Scale ........................................................................................... 6 GHG Emissions Rating Calculation .................................................................................. 7 Comparing Existing Ships CO2 Emissions ....................................................................... 9 RightShips GHG Emissions Rating vs EEDI Reference Line ........................................... 11

3.2.1 3.2.2 3.2.3 4. 5. 6. 7.

RightShips Size & Type GHG Emissions Rating ............................................................................. 12 Presentation of Information in SVIS ........................................................................................... 14 EVDI A Practical Application .................................................................................................... 16 RightShips Environmental Rating ................................................................................................. 18 7.1 Retrofits and Upgrades ......................................................................................................... 19

8. 9.

RightShip In a Nutshell ............................................................................................................... 20 Contact Information...................................................................................................................... 20

Confidentiality
This report contains information, which is confidential to RightShip Pty Ltd (RightShip) and may not be reproduced in any form or communicated to any other person, firm or company without the prior written approval of RightShip.

1. Summary
In July 2011, the International Maritime Organizations (IMO) Marine Environment Protection Committee (MEPC) adopted mandatory measures to reduce Greenhouse Gas (GHG) emissions from international shipping through amendments to MARPOL Annex VI Regulations. These amendments include application of the Energy Efficiency Design Index (EEDI) for new ships which will require new ships to meet a minimum level of energy efficiency. The IMO MEPC formulated the EEDI, and an Energy Efficiency Operational Indicator (EEOI), as measures of a ships CO2 emissions. The EEDI is calculated using characteristics of the ship at build, incorporating parameters that include ship capacity, engine power and fuel consumption. RightShip has developed an Existing Vessel Design Index (EVDI) and a Greenhouse Gas (GHG) Emissions Rating. Similar to the IMO MEPCs EEDI, RightShips EVDI measures a ships CO2 emissions, however, unlike the EEDI, the EVDI can be applied to existing ships. The GHG Emissions Rating is a practical measure derived from the EVDI that allows relative comparison of a ships CO2 emissions to vessels of a similar size and type. Ship types are largely consistent with those used by IMO MEPC. The EVDI and GHG Emissions Rating calculations and examples of their real-world application are detailed in this report.

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2. IMO MEPC EEDI

The Energy Efficiency Design Index (EEDI) was developed to measure the CO2 emission performance of new ships and is calculated from ship design and engine performance data. The intended application of this index was to stimulate innovation and technical development of all elements influencing the energy efficiency of a ship from its design phase. The EEDI is calculated by the following formula4:

in which: ME and AE, represent Main Engine(s) and Auxiliary Engine(s); P, the power of the engines (kW); CF, a conversion factor between fuel consumption and CO2 based on fuel carbon content; SFC, the certified specific fuel consumption of the engines (g/kWh); Capacity, the deadweight or gross tonnage (tonnes); Vref, the ship speed (nm/h); and fj, a correction factor to account for ship specific design elements (e.g. ice-class) The calculated EEDI is a theoretical measure of the mass of CO2 emitted per unit of transport work (grams CO2 per tonne nautical mile) for a particular ship design.

3. RightShips GHG Emissions Rating

RightShip believes the maritime industry needs a systematic and transparent means of comparing the relative efficiency and sustainability of existing vessels. The GHG Emissions Rating is an innovative measure that allows comparison of a ships CO2 emissions relative to peer vessels of a similar size and type using a simple A - G scale. Ship types are largely consistent with those used by IMO MEPC.

IMO, 2009. Interim Guidelines on the Method of Calculation of the Energy Efficiency Design Index for New Ships. Circular MEPC.1/Circ.681. International Maritime Organization, London, UK.

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3.1 EVDI
RightShips Existing Vessel Design Index (EVDI) is the core measure used to calculate the RightShip GHG Emissions Rating and is comparable across all vessels in RightShips Ship Vetting Information System (SVIS) database. Similar to the IMO MEPCs EEDI, RightShips EVDI measures a ships CO2 emissions, however unlike the EEDI that is applied only to new ships the EVDI is designed for application to existing vessels. RightShip has developed the EVDI to address the 60,000+ vessels currently in service, which annually contribute over 1 billion tonnes of CO2 to the atmosphere.

RightShip's EVDI
Over 60,000 Existing Ships

IMO MEPCs EEDI

New Ships

The DNV paper that initially proposed the EEDI to IMOs MEPC suggested that from a technical perspective it is possible to retrospectively apply the EEDI to existing ships, and IMO has now documented EEDI benchmarks and reference lines based on the existing fleet and historical data. 3.1.1 Data Sources

EVDI values are calculated from vessel performance information and associated data. The primary sources of this data are: RightShips Ship Vetting Information System (SVIS), IHS Fairplay (IHS) database, Classification societies, Owners data, and Ship-sourced data.

RightShip understands that the reliability of our calculations directly correlates to the accuracy of source data used. With this in mind RightShip will continue to verify its base data and source additional accurate data when the need presents. RightShip welcome feedback pertaining to any missing/additional/inconsistent information, contact can be made by way of the SVIS portal or via environment@rightship.com

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3.1.2

Assumptions

Where ship specific data are not available, for example: specific fuel consumption, the values used in the EVDI calculation are based on the same assumptions used in the IMO GHG Study2 and/or detailed in IMO Circulars on calculation of the energy efficiency measure4. RightShips approach also utilises the same data set recognised by IMO MEPC in their establishment of an EEDI reference line for new ships. Assumptions are shown below: Specific Fuel Consumption (Main Engine), SFCME: Engine Age MCRME (kW) > 15,000 Pre-1983 5,000 to 15,000 < 5,000 > 15,000 1984-2000 5,000 to 15,000 < 5,000 > 15,000 2001-2007 5,000 to 15,000 < 5,000 Specific Fuel Consumption (Auxiliary Engine), SFCAE: Engine Age MCRAE > 800 kW Any 220 g/kWh Power (Main Engine), PME: = 0.75 MCRME Power (Auxiliary Engine), PAE: MCRME > 10,000 kW PAE =(0.025*MCRME)+250

SFCME (g/kWh) 205 215 225 185 195 205 175 185 195

MCRAE < 800 kW 230 g/kWh

< 10,000 kW 0.05*MCRME

Ship Speed, Vref: = Design Speed Capacity: o 100% deadweight, for bulk carriers, tankers, gas tankers, ro-ro cargo and general cargo ships o 70% deadweight, for containerships o 100% gross tonnage for passenger and ro-ro passenger ships CO2 Conversion Factors, CF: CF Fuel Type Carbon Content (t-CO2/t-Fuel) Diesel/Gas Oil (DGO) 0.875 3.206 Light Fuel Oil (LFO) 0.86 3.15104 Heavy Fuel Oil (HFO) 0.85 3.1144 Liquified Petroleum Gas (LPG) Propane 0.819 3.000 Butane 0.827 3.030 Liquified Natural Gas (LNG) 0.75 2.750

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3.1.3

Ship Types

The categories of ship used for the derivation of comparative GHG Emissions Ratings largely follow those in the IMO document MEPC 61/WP.105 as follows:

01 02 03 04 05 06 07 08 09 10 11 12

Bulker Chemical Tanker Container Crude & Products Tanker (inc OBO) Cruise General Cargo LNG Tanker LPG Tanker Refrigerated Cargo Ship Vehicle Ferry Pax Only Ro Ro Cargo Ship : weight carrier

LNG and Passenger Vessels: The EEDI, as presently constructed, is not designed or intended for application to LNG and passenger vessels which have diesel-electric, turbine, and other nonconventional means of propulsion. It is anticipated that the IMO will develop refined parameters, formulas, and reference baselines for these ships in the near future. Accordingly, any attempted evaluation of this type of ship using the EVDI should be understood to be outside of the effective purpose of the index. Ice Class Vessels: Ice-class vessels have design and structural features that increase their estimated EVDI relative to similarly-sized conventional vessels. Until suitable correction factors can be developed and applied, the EVDI for ice-class vessels is likely to overstate the actual CO2 output. The separation of gas and chemical tankers: The EEDI currently combines the performance of Gas Tankers into a single reference line. Based on the bimodal distribution of the underlying data, RightShip believes a better statistical comparison can be achieved by analysing LNG and LPG Tankers separately. Chemical tankers are similarly considered separately from other tankers (Crude & Products) to acknowledge different design characteristics.

IMO, 2010. Report of the Working Group on Energy Efficiency Measures for Ships. Annex 2. Guidelines for calculation of reference lines for use with the Energy Efficiency Design Index. Paper MEPC 61/WP.10 Annex 2. International Maritime Organization, London, UK.

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3.2 GHG Emissions Rating A - G Scale

A vessels GHG Emissions Rating is presented using the standard European A G scale. The efficiency is rated from A through G, the most efficient being A, the least efficient being G.

Figure 1: GHG Emissions Rating A - G Scale

The vessels position on the scale reflects their EVDI value relative to vessels of similar size and type and based on their EVDI Size Score as follows:

Figure 2: EVDI Size Score Group

The GHG Emissions Rating Size Group: A - G, are based on the EVDI Size Score, which indicates the number of standard deviations a vessel varies from the average for similar sized vessels of the same ship type. If the distribution of log transformed EVDI Size Scores exactly fitted a normal distribution, the score ranges would match fixed percentiles of the data set, for example: <-2 = 0 to 2.5%, <-1 = 2.5 to 16%, <-0.5 = 16 to 32%, <0.5 = 32 to 68%, <1.0 = 68 to 84%, <2.0 = 84 to 97.5% and >2.0 = 97.5 to 100% However each vessel size group is a subset of the entire ship type group and consequently percentages within a subset size group will have some variability from these percentages. The size groups are discussed in detail at 3.2.2

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3.2.1

GHG Emissions Rating Calculation

To produce an A - G Rating, EVDI values are converted using a logarithmic calculation - due to a strongly skewed distribution of raw data, to permit correct and normalised statistical comparison. The transformed value allows calculation of a z score which is the metric that determines the GHG Emissions Rating.
Z Score (Size & Type) EVDI Size Score GHG Emissions Rating

EVDI

Log EVDI

The reasoning is best described by example: The frequency of occurrence of EVDI values for bulk carriers is presented in Figure 3. The distribution of values for all ships does not fit a normal bellshaped curve, with the average of all values not central to the distribution. Direct comparison of individual ship values to the average value would therefore have a bias against above average ships. This is the case for both the overall ship type and the ship size group within the ship type.

Figure 3: Frequency distribution of EVDI values for all bulk carriers in the SVIS database and two dwt banding examples.

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Applying a logarithmic transformation to the calculated EVDI values normalises the frequency distribution for both the overall ship type and ship size groups within the ship type (Figure 4). This enables individual ship values to be compared accurately to the average for ship type or ship size group within the ship type.

Figure 4: Frequency distribution of logarithmic (ln) transformed EVDI values for all bulk carriers in the SVIS database and two dwt banding examples.

The method for comparing an individual ships EVDI value to the ship type or size group within the ship type, and to derive the EVDI Size Score reported in the RightShip GHG Emissions Rating, is based on calculating a statistical z-score. A z-score is a standard measure of the variation of an individual value from the average, and is calculated by dividing the difference between the ship value and the overall average for the type or size within the type by the standard deviation for the type or size within the type. z score =

Where: yi is the ship ln EVDI value, is the average of ln EVDI values for the type or size group within the type s is the standard deviation of the ln EVDI value distribution for the type or size group within the type 8|Page

Because the z score is a standardized value that represents the value of the variable from a normal distribution with a mean of zero and a standard deviation of one. Z scores can therefore be compared across data sets with different value scores and ranges. For the purpose of the RightShip GHG Emissions Rating, the negative z score is used; i.e. the sign, positive or negative, of the calculated z score is reversed. This is done because the z score calculation will give positive numbers for values above the average (high EVDI) and negative numbers for values below the average (low EVDI). Because low EVDI values represent better energy efficiency, assigning a positive value to the score is considered to better represent good performance. The GHG Emissions Rating will almost always use a different dataset for each vessels relative calculation and as older vessels are scrapped and new vessels are commissioned, relative performance naturally adjusts and vessels continue to do better and worse than the average. 3.2.2 Comparing Existing Ships CO2 Emissions

As mentioned throughout section 3 the RightShip GHG Emissions Rating methodology differentiates between vessel type and size. The major ship types that the rating applies to are shown below: Ship Type Bulker Chemical Tanker Container Crude & Products Tanker (inc OBO) Cruise General Cargo LNG Tanker LPG Tanker Refrigerated Cargo Ship Vehicle Basis of Size Range DWT DWT TEU DWT GT DWT CBM CBM DWT DWT Size Rating Range (Vessels) 200 50 200 200 50 100 50 50 50 50 Approximate Number of Ships 11,300 700 5,300 10,300 600 11,700 400 1,200 1000 800

The Size Rating Range (Vessels) column shows the number of vessels by Ship Type included in the EVDI Size Score calculation. The number of ships chosen for comparison is based on the quantity of ships of the type in the SVIS database and their size distribution. For the typical GHG Emissions Rating calculation, the size comparison is to the 50, 100 or 200 ships within the type that are closest in capacity (dwt, gt, teu or cbm) to the individual ship, for example: For vessel types in the 100 Size Rating Range, the 50 ships with capacity closest to, but less than the ship, and the 50 ships with capacity closest to but greater than the ship. Where there are insufficient quantity of vessels to allow for an even split of vessels (near to the upper and lower ends of the group) the Size Rating Range (Vessels) is adjusted to best approximate a like-for-like comparison, for example: The second largest bulk carrier would be compared to the 199 bulk carriers immediately smaller and the 1 larger bulk carrier to determine its GHG Emissions Rating. 9|Page

Scattergrams of the calculated EVDI Size Scores for each of these ship types against capacity (dwt, gt, cbm or teu) show the EVDI Size Score/capacity relationship to be best represented by a power regression line, as recognised by IMO MEPC in their establishment of an EEDI reference line for new ships. Detailed analysis of the EVDI Size Scores across RightShips SVIS database has shown the method used to develop a comparative rating of EVDI Size Scores as a component of the RightShip GHG Emissions Rating, is applicable across the different ship types. The method therefore provides a statistically valid means of comparing the energy efficiency of existing ships. Notwithstanding a vessels individual size, speed and year of build it is possible to demonstrate that certain vessels simply perform better and it is important that such sustainability is factored in to the selection process. By using appropriate mathematical techniques, a meaningful comparison between vessels can be achieved and as shown by Figures 5 and 6 below, newer vessels do not always perform as well as their existing peers. Again both positive and negative ratings are evident across the full range of data under consideration.

Figure 5: Scattergram of EVDI Size Scores for Bulk Carriers between 50,000 and 55,000 dwt.

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Figure 6: Scattergram of EVDI Size Scores for Bulk Carriers between 175,000 and 200,000 dwt.

3.2.3

RightShips GHG Emissions Rating vs EEDI Reference Line

The IMOs MEPC has calculated EEDI reference lines which denote the maximum allowable EEDI values that new ships constructed can have in order to be issued an International Energy Efficiency Certificate. RightShips GHG Emissions Rating empowers SVIS users to find vessels that exceed the benefits of the reference line and consequently maximise sustainability, efficiency and economic benefits. The diagram below shows EVDI values associated to A G Ratings for Bulk Carriers > 2,000 dwt and the EEDI reference line (Y = 961.79x-0.477) as specified in MEPC 62/6/4

Figure 7: EVDI related to A G Ratings and IMOs MEPC Reference Line for Bulk Carriers > 2,000 dwt.

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4. RightShips Size & Type GHG Emissions Rating

RightShip realised that in addition to the GHG Emissions Rating for vessels, a more holistic measure needed to exist, to provide insight into the vessels efficiency compared to all ships within the ship type. The Size & Type GHG Emissions Rating was developed to address this need and offers users the capability to compare and understand a vessels efficiency across the entire ship type. The Size & Type GHG Emissions Rating for an individual ship is calculated by the addition of two scores: the z score determined relative to the ship type and size group, added to the z score determined relative to the overall ship type. Size & Type GHG Emissions Rating = -z score Size & Type + -z score Type The incorporation of the two components is considered important because it considers both the efficiency of the ship relative to other ships of the same type and similar size, and the efficiency within the ship type overall. By design, the EVDI generally returns lower numbers, indicating better efficiency, for larger capacity ships, because the amount of CO2 emitted per unit of transport drops as ship size increases. This is because the engine power/fuel consumption and cargo capacity do not increase as a 1:1 ratio. Although in most situations comparisons will be between ships of similar size, it is important to also reflect the varying efficiency between different sizes residing within a ship type.

EVDI

Log EVDI

z Score (Size & Type) + z Score (Type)

Size & Type GHG Emissions Rating

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Using the EVDI calculations for bulk carriers as an example, Figure 8 shows a scattergram of EVDI Size Scores against dwt, Figure 9 shows EVDI Type values against dwt, and Figure 10 shows GHG Emissions Ratings against dwt.

Figure 8: Scattergram of the EVDI Size Scores against a ships dwt for all bulk carriers in SVIS

Figure 9: Scattergram of the EVDI Type value against a ships dwt for all bulk carriers in SVIS

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Figure 10: Scattergram of the Size & Type GHG Emissions Rating, against a ships dwt for all bulk carriers in SVIS

What the 3 charts above show: For the GHG Emissions Ratings (Figure 8), there is a relatively even spread of scores above and below zero across all sizes, whereas For the overall ship type values (Figure 9), most small ships (< 50,000 dwt) have negative ratings and all large ships (> 100,000 dwt) have a positive rating, and Combining the two into Size & Type GHG Emissions Ratings (Figure 10) results in a more even distribution. There are still more small ships with a negative rating and more large ships with a positive rating, but with positive and negative ratings evident across almost the full size range.

5. Presentation of Information in SVIS

Within SVIS, the Size & Type GHG Emissions Rating is presented in a summary table showing the value of the rating and an accompanying graphic (Figure 11). A detailed table is also provided which displays data used in calculating, the EVDI Size Score and accompanying GHG Emissions Rating graphic, and hyperlinks (in blue) to the top five rated peer vessels based on EVDI Size Score (Figure 12). The top rated peers enables the user to identify the relative performance differential between any given vessel and the most efficient in its peer group.

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Figure 11: Example of the Size & Type GHG Emissions Rating snapshot for an individual ship in SVIS.

Figure 12: Example of the GHG Emissions Rating data table for an individual ship in SVIS.

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6. EVDI A Practical Application

EVDI is an estimated measure of the CO2 emitted per tonne nautical mile travelled. Therefore a vessels theoretical footprint is the EVDI multiplied by both the distance travelled and tonnes carried: CO2 footprint = EVDI x nautical miles travelled x tonnes carried

11,023 nautical miles

Figure 13: Possible voyage plan from Vitoria, Brazil to Qingdao, China.

The following page shows 3 tables, common among each are the vessels selected and their 170,000 to 175,000 dwt range and the 11,023 nautical mile voyage as illustrated above in (Figure 13). Although complications regarding ballast leg measurement and confusion around who should be responsible for vessel emissions exist, these simple examples highlight the potential environmental, sustainability and efficiency benefits, and economic savings accessible through informed selection. Actual emissions for a voyage will vary from this theoretical calculation due to the fuel consumption and consequent emissions varying with voyage characteristics such as actual speed, cargo load and weather conditions.

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CO2 emitted for the 11,023 nautical mile journey: GHG Emissions Rating A B C D E F G Variation from Variation from Mean Mean % -1,272 -734 -504 -181 218 662 1,811 -22% -13% -9% -3% 4% 12% 32%

DWT 170,164 172,964 172,964 171,516 171,681 170,000 174,285

EVDI 2.39 2.63 2.75 2.94 3.15 3.42 3.93

CO2 Tonne 4,475 5,013 5,243 5,567 5,966 6,410 7,559

The cost of CO2 using USD23.00, the approx price of carbon proposed by the Australian Government: GHG Emissions Rating A B C D E F G DWT 170,164 172,964 172,964 171,516 171,681 170,000 174,285 EVDI 2.39 2.63 2.75 2.94 3.15 3.42 3.93 USD Cost of CO2 USD Variation % USD Variation from Mean from Mean $102,928 $115,309 $120,598 $128,036 $137,228 $147,431 $173,855 -$29,270 -$16,889 -$11,600 -$4,162 $5,031 $15,233 $41,657 -22% -13% -9% -3% 4% 12% 32%

The August 2011 price of fuel / tonne USD650 listed at www.bunkerindex.com (Singapore IFO 380): GHG Emissions Rating A B C D E F G DWT 170,164 172,964 172,964 171,516 171,681 170,000 174,285 Power (Kw) 12,400 16,044 15,404 16,861 18,736 18,661 19,670 USD Price of fuel for voyage $1,134,120 $1,387,498 $1,332,150 $1,412,400 $1,517,494 $1,630,174 $1,924,516 USD Variation % USD Variation from Mean from Mean -$342,787 -$89,410 -$144,757 -$64,508 $40,587 $153,267 $447,608 -23% -6% -10% -4% 3% 10% 30%

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7. RightShips Environmental Rating

The RightShip Environmental Rating provides a comprehensive assessment of a vessels environmental and sustainability credentials. It is independent to RightShips Risk Rating, the GHG Emissions Rating and the EVDI. The Environmental Rating was developed to complement these RightShip measures and to give users the capability of making a more holistic vessel selection. Figure 14: Environmental Rating. The environmental rating is accessed through SVIS and has a similar look and feel to the RightShip Risk Rating. The data that contributes to the Environmental Rating computation is displayed on the same screen as the rating itself. A selection of this data is shown below:

Figure 15: Some of the data that contributes to the Environmental Rating.

The environmental rating is based on analysis of data including pollution incidents, ISO14001, MARPOL deficiencies and affiliations with RightShip partners including AUSMEPA, Green Award and class societies environmental certification/programs.

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7.1 Retrofits and Upgrades

Vessels that acquire eco-efficiency technologies and or measures such as: Hull surface coating, fixed sails and exhaust gas cleaning systems (scrubbers), are eligible for recognition from RightShip. The efficiency retrofits and or upgrades are documented as part of the SVIS Environmental Rating page, as shown:

Figure 16: Display of a vessels efficiency retrofits and or upgrades.

Approved enhancement measures will have a plus + sign adjoined to their GHG Emissions Rating. Shown for the D rated vessel below:

Figure 17: A plus + sign is adjoined to a vessels GHG Emissions Rating for recognised retrofits and or upgrades.

RightShip believe it is important to acknowledge and reward owners who have invested capital and systems to operate above compliance and the plus + notation goes a long way in this regard.

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8. RightShip In a Nutshell
RightShip is committed to achieving with our customers a safer and cleaner maritime environment. RightShips major services are:

Online vetting through our proprietary web-based Ship Vetting Information System (SVIS), Physical inspections of ships worldwide, Vessel environmental performance assessments, Hosting and supporting clients own in-house vetting system, and Advice on vetting policy and processes.

9. Contact Information
Warwick Norman Chief Executive Officer Suite 1308 530 Lt Collins Street Melbourne Vic 3000 Australia +61 3 8686 5741 (office) +61 419 582 855 (mobile) warwick.norman@rightship.com David Peel European Manager Floor 15 30, St Mary Axe London EC3A 8BF United Kingdom +44 207 868 1621 (office) +44 778 5921582 (mobile) david.peel@rightship.com Eric Clarke Vice President Americas Suite 300, 2600 South Shore Boulevard League City Texas 77573 United States of America +1 (281) 245 3381 (office) +1 (850) 624 6315 (mobile) eric.clarke@rightship.com Wayne Blumenthal Commercial & Strategic Manager Suite 1308 530 Lt Collins Street Melbourne Vic 3000 Australia +61 3 8686 5747 (office) +61 402 288 187 (mobile) wayne.blumenthal@rightship.com

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