Risk management platform RightShip has announced a change in its vessel inspection age trigger for the ageing dry bulk and general cargo sectors.
Citing “evolving market conditions and continuing safety risks”, RightShip explained in a release today it will take a two-phased approach to the new age requirements.
From the end of March next year, RightShip’s age trigger for the inspection of dry bulk and general cargo vessels will change from 14 to 12 years, moving to 10 years a year later.
“Our decision to lower the inspection age from 14 to 10 years, in a phased approach, reflects the desire from stakeholders for more physical inspections of vessels to counter challenges the dry sector faces in achieving operational excellence. This change reflects our commitment to raising safety standards globally and comes at a critical time as the global dry bulk fleet now averages 14.7 years in age and will continue to rise,” explained Christopher Saunders, chief maritime officer at RightShip.
RightShip data reveals that the dry bulk sector lags in critical safety metrics compared to other sectors, with bulk carriers experiencing the highest incident ratio at 1.49%, followed by oil (0.96%) and LNG (0.89%). Fatalities are significantly more prevalent in dry bulk, showing a 0.42% fatality ratio, surpassing LNG and LPG vessels (0.14%). Additionally, bulk carriers have a Port State Control detention ratio of 4.69%, which is four times higher than that of oil tankers.
RightShip analysis indicates a strong correlation between the age of bulk carriers and general cargo vessels and increased safety risks, particularly after vessels exceed 10 years.
“As we navigate the challenges associated with an ageing fleet, we must collectively strive for safety and transparency across the shipping industry,” said Steen Lund, CEO of RightShip.
As the 2020s progress, there is a clear bottleneck emerging for certain ageing shipping sectors who need to renew their fleets but are faced with busy Asian shipyards full of container and gas carrier orders.
