November 16 - TRACE International has extended its partnership with RightShip - a provider of a comprehensive online maritime safety and environmental risk management system - to support anti-bribery compliance in the maritime industry.
HLPFI reported in July 2015 that TRACE and RightShip had collaborated to develop a compliance rating for vessel owners.
The new partnership aims to support compliance in the shipping industry through TRACEcertification of vessel owners, which involves a due diligence review, analysis and approval process, based on internationally accepted standards and administered by TRACE.
TRACE says that completion of the certification process underscores a vessel owner's commitment to commercial transparency and aims to reduce the risk to charterers.
Meanwhile, RightShip's vetting platform - RightShip Qi - harnesses big data, predictive analysis and real-time risk assessments, which allow charterers to make well-informed decisions about the vessels they choose to use.
TRACEcertification intends to reduce the cost of compliance throughout the shipping supply chain; saving vessel owners time and money by not having to complete due diligence reviews for multiple charterers, and allowing charterers to have pre-vetted companies available to them.
"Shipping is considered a high-risk industry and we are pleased to partner with RightShip to increase commercial transparency in a traditionally opaque industry," said TRACE president Alexandra Wrage.