Unique Maritime Risk Rating Helps Make Shipping Safer
A uniquely innovative maritime risk rating system is helping to make commercial shipping safer than ever by placing rigorous, reliable data at the fingertips of the industry.
The International Maritime Risk Rating Agency (IMRRA) was founded on request and with the support of several major oil companies in their attempts to unify areas of marine risk assessment and management, making them more transparent and comprehensive.
The commercial shipping industry transports more than 90 per cent of the world’s cargo, and IMRRA – which converts data into professional judgments with complete objectivity – believes it can reflect risk around that huge infrastructure like never before.
It is now set to go public with its oil tanker risk rating system for the first time, employing numerous major industry databases that are then compiled and refined into one field for further analysis and calculations before being assessed against a Risk Criteria Matrix.
As a result, key factors related to tanker safety are pinpointed, assessed and assigned numerical weighting values, providing a one-stop source of precise and timely analysis.
London-based IMRRA provides information on almost every tanker vessel currently operating in the oil shipping industry, allowing direct comparison with aggregated data, industry standards and the average risk calculation to provide an accurate overall score of any given vessel’s risks.
Five international oil majors support IMRRA including LUKOIL Oil Company, Primorsk Oil Terminal, Novorossiysk Commercial Sea Port, Gazprom Neft Trading GmbH, and OTEKO Group (Tamanneftegaz Terminal).
These companies have cumulatively shipped over half a billion tons of hydrocarbons per year under the Risk Rating System – with an impressive record of zero spillages and zero accidents.
Chairman of IMRRA, Captain Andrey Voloshin said: “Amid growing safety and environmental concerns, effective marine risk management requires a structured, comprehensive and sensible approach to ensure that all industry-related risks have been reduced to appropriate levels.
“Thanks to our diverse knowledge, IMRRA prides itself on providing top level advice to support risk-informed decision making that satisfies the most demanding requirements.
“Our risk rating system is completely unique. We came up with a system based on how risk rating was calculated in the financial market. We created a mathematical model which has never been done before in the industry – you won’t find it anywhere else. It’s this model that calculates the risk rating, which then goes out to the public in the form of a reliable figure.
“The division of risk factors enables our users to weigh and emphasise the factors that are more significant for the business and identify the key ‘driving’ factors that are controlling the result.”
He added: “Our objective is to establish an industry standard that promotes better global shipping practices, places health and safety and regulatory peace-of-mind at the top of the agenda, while raising environmental expectations.
“The accumulated knowledge of oil majors’ and oil terminals’ marine experience and risk-based control methods may be effectively applied to other marine sectors such as bulk and container shipping. We see great future potential in the development of this significant store of data.”
Feedback from users of a work-in-progress version of the risk rating system has already been positive.
General Director of the Primorsk Group of Oil Terminals, Andrei Tereshchenko, said: “I would like to express my thanks and acknowledgment for what you have done with the introduction of the Marine Risk Rating System.
“I think we are the one of the first active users of the system since it was introduced. It’s really extraordinary how easy and accessible it is to use, despite the complexity of the data. Thanks to IMRRA, it’s simple to gain a thorough understanding of any vessel. Just one click and you have a comprehensive overview.”