RightShip has selected IBM to overhaul its newly launched ship vetting information system (SVIS), which will be available in the first quarter of 2014.

The new system, dubbed SVIS 2.0, is powered by IBM’s Cognos Business Intelligence and SPSS Predictive Analytics software.

RightShip claims SVIS 2.0 will allow analysis of more maritime data in a fraction of the time. The system will also be designed for smart phones and tablets.

The advanced predictive analytics and real-time reporting from IBM will allow RightShip customers to access its information to do accurate risk forecasting.

IBM will deliver the next generation risk management system to realise the potential of big data within SVIS.

SVIS analyses more than 50 risk factors, using up-to-the-minute data from around 71,000 ships and several maritime firms.

RightShip chief executive officer said Warwick Norman said risk management in the maritime industry is paramount.

"In today’s business environment, marine industry operators must be able to efficiently and cost-effectively assess the suitability of a nominated vessel," Norman said.

"RightShip is the first vetting company to harness the power of Big Data and predictive analytics will bring a new dimension to our risk management system, including deeper and exciting customer insights."

Norman noted that charterers will be better able to predict a vessel’s performance, while considering emerging risk factors.

"A terminal will benefit from a more bespoke service and ensure physical vessel fit. A ship owner can benchmark its fleet in real time with tremendous accuracy and access more insightful measurement techniques," Norman added.

RightShip has also appointed design specialist Reactive to simplify and enhance the system interface, as well as a marine risk modeller to further refine its risk algorithms and evaluate new and existing risk factors.