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23 Feb 2018
BIMCO relaunch ship benchmarking system
Credit : TSO Bureau

BIMCO has relaunched its ship benchmarking system, Shipping KPI, following a two-year redesign process. The system assists shipowners and managers with making strategic decisions on managing their fleets based on competing ships in the same segment. Shipping KPI is based on the self-reporting of 300 companies and 6,000 ships. Users can compare 33 different key performance indicators (KPIs), including budget performance, ship availability, contained spill, and officer retention, to ascertain the performance of its ships compared with ships of a similar type, tonnage, trades, or flag state. This can all be done anonymously. “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 Sadan Kaptanoglu, owner of Kaptanoglu Group, President Designate of BIMCO and chair of the Shipping KPI steering group. “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 Kaptanoglu Group to manage our fleet better,” Kaptanoglu adds. BIMCO confirms that the tool provides confidential data. When a ship is benchmarked in Shipping KPI, the lowest level a user’s ships can be compared 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. BIMCO notes that it does not have direct access to the data provided by the participating companies. The tool is free to BIMCO members after a one-time sign-up fee, while non-members must pay the sign-up fee plus an annual subscription of EUR 1,975 to access the service. The redesigned Shipping KPI service has undergone improvements to ensure that the reporting values conform to IMO rules and industry standards. BIMCO reports that its short-term target is to get more than 10,000 ships into the system to create an even better foundation for comparison and analysis
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