KPI Project Passes 1,000 Vessel Milestone

The Shipping Key Performance Indicator Project, initiated by InterManager but now administered by the independent KPI Association Ltd, has passed an important milestone: Performance statistics from more than 1,000 vessels are now being inputted into the project’s website – enabling the KPI system to produce informative and meaningful performance measurements for the industry.

“This is excellent progress for the project and indicates a great deal of industry involvement and support,” said Captain Kuba Szymanski, on behalf of the KPI Association. “By collating performance data from a wide range of shipping companies, we are able to calculate key performance indicators to enable benchmarking against industry averages. The more information we have, the more accurate these indicators are, which will help to ensure the standards within our industry are kept high.”

Started by InterManager, together with The Norwegian Research Council , Marintek and Wilhelmsen ASA, the Shipping KPI Project developed standard tools for measuring companies’ and vessels’ performance. Now established as the independent, not-for-profit KPI Association Ltd., the project is working with a wide range of industry stakeholders and aims to develop a standard for ships’ performance measurement common to the industry.

The data which each company inputs is completely confidential and cannot be accessed by any other user of the service. However, the combined data enables the KPI Project to calculate industry averages to enable companies to benchmark their vessels’ performance.

The KPI Project is a voluntary industry initiative which provides user-friendly tools, which can more effectively identify areas to focus on for internal performance improvements in companies engaged in ship operation activities; provides a more effective communication platform of ship operation performance to internal and external stakeholders; increases transparency on quality, safety and environmental performance in ship operation; and enhances governance in ship operation.

The KPI Project now aims to include 2,000 vessels in its database by the end of 2012.