RightShip, a major global ESG-focused digital maritime platform, announces its collaboration 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 will integrate LSEG’s World-Check into RightShip’s digital maritime platform and vetting workflows. This will allow end-users, including charterers, financial institutions, traders, port authorities and ship owners to comprehensively screen and assess vessels and the maritime companies that they do business with for risks associated with sanctioned or embargoed vessels.
This will also provide businesses with the necessary information to make informed, secure and sustainable business decisions, in line with global regulations and directives.
RightShip's vetting processes
To address this, World-Check will enrich RightShip's vetting processes with a well-organised database
In recent years, many shipping companies have been caught evading trade sanctions related to oil, arms, and other restricted items, as well as broader international sanctions. To address this, World-Check will enhance RightShip's vetting processes with a well-organised database containing more than four million records.
Additionally, its team of 400+ specialists is equipped to track emerging risks globally in real-time, offering companies improved oversight and clarity on their risk exposure.
Specifically, the integration will encompass all maritime vessels listed on sanctions, watchlists, and enforcement lists. This includes information 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 connected to these vessels, ensuring comprehensive coverage and transparency.
Partnership with LSEG
Steen Brodsgaard Lund, Chief Executive Officer, RightShip, said: “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."
Steen Brodsgaard Lund adds, "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.”