BIMCO relaunch ship benchmarking system
BIMCO relaunches ship benchmarking system Shipping KPI after two years of redesign. The system helps shipowners and managers make strategic decisions about their fleet.
“The Shipping KPI system enables me, as a shipowner, to make rational strategic decisions on how to run my fleet, by benchmarking with other ships in the segments we compete in. It is an important step for BIMCO in its goal of developing digital solutions for the industry,” says Şadan Kaptanoğlu, owner of Kaptanoğlu Group, President Designate of BIMCO and chair of the Shipping KPI steering group.
Shipping KPI is based on self-reporting by 300 companies and a total of 6000 ships. It enables users to compare performance parameters between ships of similar type, tonnage, trades or flag states, while remaining anonymous.
Users can compare 33 different Key Performance Indicators (KPIs) – for example budget performance, ship availability, contained spills and officer retention. The KPIs are based on 64 individual performance indicators.
BIMCO’s short term target is to get more than 10,000 ships into the system to create an even better foundation for comparison and analysis.
Shipping KPI, a community tool
“We see Shipping KPI as a community effort. It is by the industry for the industry. It is designed for shipowners and ship managers, to help them compare apples with apples, without giving over proprietary data to their competitors. It enables us at Kaptanoğlu Group to manage our fleet better,” Kaptanoğlu says.
BIMCO has improved the reporting tool and made sure that the reporting values conform to IMO-rules and industry-standards. A lot of work has also gone into improving the user experience.
When you benchmark in the Shipping KPI system, the lowest level you can compare your ship or ships with is the data from a minimum of 10 ships, owned by at least three different companies.
The data is hosted with an external company, which is independently audited to verify its ability to safeguard the data. It should be noted that BIMCO does not have direct access to the data provided by the participating companies.
Free of charge
Shipping KPI is run by BIMCO on a not-for-profit basis. New users have to pay a sign-up fee, but thereafter, the tool is free for BIMCO members. Non-members have to pay a sign-up fee and thereafter an annual subscription of €1,975.