BIMCO’s Shipping KPI System is a useful and essential tool for performance measurement that allows ship owners and operators to compare their ship’s efficiency against the performance of industry and sector averages.
It’s based on a standard of 64 different performance indicators, and hence it is considered to be unique. As the collected data is anonymized; it doesn’t compromise commercially sensitive information.
Some of the key benefits of the Shipping KPI system are as follows:
- Improves the performance of the company, fleet and ship.
- Provides an efficient communications platform for ship operational performance.
- Increases transparency requirements within the shipping world.
Angus Frew, Secretary General of BIMCO, said, “The Shipping KPI system is unique and valuable to our industry – and we will ensure it continues to be run by industry for industry.”
To make this viable two committees have been formed consisting of BIMCO and Shipping KPI members. The members will meet for the first schedule in the month of September 2015. The prominent elements of discussion include areas of developments and continued progression of the system for users.
Continued efforts along with regular updates will better the system and also increase the importance of a good performance management system. This can lead to a monetary advantage for companies by reducing fuel fills, ship and fleet operations. Transparency on issues facing the industry will also drive policy and benchmark.