Cargill Acquires Stake in RightShip

07/09/06 The Australian-headquartered ship vetting company RightShip Pty Ltd today confirmed that Cargill has acquired a one third stake in the company. Shares were sold in equal amounts by founding partners, BHP Billiton and Rio Tinto.

Cargill, the international food, agriculture and risk management company, is one of the world’s major users of shipping, especially dry bulk vessels. RightShip’s CEO, Warwick Norman, welcomed Cargill’s decision to become a one third partner as a vote of confidence in RightShip’s vetting services, and praised their practical commitment to raising shipping standards.
 
“The decision by Cargill to invest in RightShip is a great boost to us, and recognition of how relevant and useful our vetting services are to shipping businesses of all sizes. Cargill’s involvement widens our network, increases our capacity and expertise while strengthening our ability to further improve global shipping standards,” he said.

All RightShip partners believe that a more standard and uniform vetting system across bulk trades can benefit the shipping industry as a whole. By leading the adoption of screening standards across the dry bulk segment, RightShip is positioned to make a significant step forward as the major global vetting platform for bulk trades.

The combination of vetting information and experience provided by all three stakeholders will deliver a more comprehensive, integrated and user friendly vetting system for all RightShip partners and clients. Equally important, it will provide an excellent shop window for owners offering their quality vessels.

Warwick Norman concluded, “It’s great news for our business, our customers and the wider industry”.