RightShip has announced that they launched updated GHG Rating 2.0 with new methodology. We would like to summarize and share it.
RightShip//Press release of GHG 2.0
Date of implementation: 6th of December 2023
Transition Period:
12-month transition period after the GHG 2.0 announcement on 13th Sep 2023. Vessel’s rating under GHG 2.0 will become its primary rating on the RightShip Platform from 6th Dec 2023 although rating under GHG 1.0 will still be visible on platform for reference until 14th Sep 2024.
Key Changes:
- Energy Efficiency Existing Ship Index (EEXI) values, the adoption of a speed-based definition
- Shift to a 5-point rating scale (A-E) from the conventional 7 point(A-G)
Owner’s action:
- Owner can check the new rating by below webpage link from 14th Sep 23 and decide on any improvement measures (Energy Saving Device), if required, based on the new rating.
https://signup.rightstore.com/?utm_campaign=ghg-change - No other action is required from shipowner
- CII does not affect the GHG rating and have no correlation
Methodology in brief:
RightShip updated the methodology and design of its GHG Rating to reflect the maritime industry’s changing environmental, regulatory, and commercial landscape as a result of new legislation from the IMO and other major regulatory bodies being introduced to reduce or eliminate carbon emissions in shipping.
- GHG 2.0 is based on a Vessel Speed definition of emission intensity at a common speed of the slowest vessel in the peer within a cap speed referenced from the Fourth IMO GHG Study 2020. The cap speed is different by its size and type. For example, the cap speed for bulk carriers are in between 8.4kt~10.6kt. You can check such cap speed ’GHG_Update_methodology_Aug2023_V9’, page 14.
- Vessel peer group was considered based on DWT(+/-10%) with minimum of 40 vessels in each peer group. If the minimum number of vessels does not comply, the % band is expanded in steps of 1% until 40 vessels are in the peer group.
- Vessels that invest in eco-efficiency technologies and/or measures such as waste heat recovery systems or propeller ducts are eligible for recognition from RightShip. Approved enhancement measures will have a plus (+) sign adjoined to their GHG Rating, which is same as GHG 1.0.
The Revised Scale(A-E):
- Change from a 7-point (A-G) scale to a 5-point (A-E) scale
- A/B rating scales are the new A scale,
- F/G scales are the new E scale
- Rest all scales move up by one scale
- If the scale has remained the same or has dropped (except old A to new A) between the old and new ratings, it is a drop
Comparison: Version 1.0 Vs Version 2.0
| GHG RATING VERSION 1.0 | GHG RATING VERSION 2.0 |
| Takes into account RightShip’s Existing Vessel Design Index (EVDI) and the IMO’s Energy Efficiency Design Index (EEDI) measures | Incorporates the IMO’s Energy Efficiency Existing Ship Index (EEXI) which was introduced in 2023 alongside Version 1.0 |
| 7-point rating scale (A-G) | 5-point rating scale (A-E) in line with the CII rating scale |
| GHG Rating 1.0 rated a vessel based on engine power, using characteristics of the ship at build, like capacity, engine power, and fuel consumption | GHG 2.0 addresses this issue by moving to a speed-corrected methodology. This approach evaluates all vessels within a peer group at a common speed and focuses on the emissions in the range of a vessel’s market operating speeds, applying a speed cap for calculating the speed-corrected intensity |
| GHG Rating graded vessels according to their efficiency at 75% of the engine power(without EPL) and 83% MCR Lim(limit of 1 EPL) | GHG 2.0 grades vessels according to their efficiency at a common speed |
| Does not take into account multiple EPL. Accepts 1 EPL above MPP* Level 1 | Accepts multiple EPL/ShaPoLi, and below MPP* Level 1 |
| Application of EPL improves the Rating | Application of additional EPL’s does not improve the Rating due to the new calculation methodology |
*MPP(Minimum Propulsion Power) - MEPC.1/Circ.850/Rev.3 Appendix 1.
CII vs GHG Rating
CII DOES NOT AFFECT THE GHG RATING
- CII is a benchmark setting, a reference line that is calculated by IMO whereas GHG rating is a peer-based benchmarking indicating how far are you from the average of your peer group
- GHG is based on how well the ship is designed whereas CII is purely on how well the ship is operated
Update on 7 Dec. 2023
GHG 2.0 has been released on 6 Dec 2023. There will be a 12-month transition period after the GHG 2.0 announcement. During this period, a vessel’s rating under GHG 2.0 will become its primary rating on the RightShip Platform. However, the vessel’s rating under the GHG 1.0 will still be visible on RightSTORE, and a report based on that rating will be made available to the market for 12 months after the launch of the GHG 2.0 on September 13th 2022. However the GHG1.0 report has not been released.
For more details, please find attached explanation file and RightShip webpage.
https://rightship.com/technical-information?nid=97
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