About TRACE Shipping and Maritime Initiative

Shipping and Maritime Initiative

Gearbulk – “We believe that TRACE will raise the profile of anti-corruption compliance and increase the level of transparency within the shipping industry.”

Carnival Corporation – “We are pleased to accept TRACEcertification in lieu of our own due diligence review process because it satisfies global due diligence requirements as well as our own standards and procedures.”

The Shipping and Maritime Initiative at TRACE was developed in response to the direct request from vessel owners, shipping agents and freight forwarders for assistance on how to tackle bribery and corruption at ports. TRACE met with leading stakeholders to discuss their specific concerns and to develop practical and innovative solutions that meet the unique compliance challenges of the shipping industry.

Under the Initiative, TRACE conducts the following activities:

  • Partner with leading shipping and freight forwarding organizations to raise anti-bribery compliance standards in the industry 
  • Conduct specialized training and host industry webinars for global shipping and freight forwarding companies 
  • Provide industry intelligence via articles in leading maritime, shipping & logistics magazines and public presentations at major industry events 
  • Facilitate knowledge sharing and benchmarking through the TRACE Anti-Bribery Customs Working Group

As part of this initiative, TRACE has established strategic partnerships with organizations that have made anti-bribery a priority. These partnerships raise awareness of anti-bribery compliance and provide shipping and port agents with access to TRACEcertification, an internationally accepted due diligence review, analysis and approval process for the third parties of multinational companies. TRACE also contributes articles to trade publications and speaks at industry events to advance industry best practices.

This is an ongoing initiative at TRACE that we hope will substantially decrease corruption at ports and benefit investors, principals and their agents, and customers worldwide. Please contact us for more information or if you would like to contribute to this initiative. To view a complete list of ongoing TRACE initiatives, click here.


TRACE – RIGHTSHIP COMPLIANCE RATING FOR VESSEL OWNERS


TRACE, in partnership with RightShip, is pleased to offer a compliance rating and, where appropriate, a due diligence report designed for vessel owners. The compliance rating of vessel owners will result in greater commercial transparency and reduced risk to charterers, who are expected to conduct due diligence on the vessels they charter, beneficial vessel owners and third parties involved with the vessels. A model that avoids duplicative processes, subjecting vessel owners to a single, rigorous due diligence process, benefits vessel owners, charterers and the larger business community by minimizing costs and preventing delays. The compliance rating is determined by the results of a comprehensive due diligence review on the vessel owner which includes sanctions screening and is administered by TRACE.

Compliance Rating: What It Is and How It Can Benefit Shipowners and Charterers?

 

Industry partners of this initiative include:

  • Trade associations
  • Shipping agents
  • Shipping principals
  • Service providers

Stakeholders share common objectives:

  • Avoid delays and extortionate demands at ports
  • Increase commercial transparency
  • Eliminate expensive and duplicative paperwork
  • Spend more time on core business

Support Partners: