The BIMCO Shipping KPI version 4 is expected to be released before the end of September with the aim to provide registered KPI users with improved measures to perform more accurate benchmarking. The new version of the Shipping KPI will feature fundamental changes to the processing of information and include an improved user interface

The biggest changes to the KPI system can be found in the “My Ships” and “Benchmark” sections on the website. The “My Ships” section will address the following:

  • Information overload
  • Customization of targets for individual ships and business units

Fleet and ship levels in the BIMCO Shipping KPI version 4 will be managed at three distinct information layers:

  • Targets
  •  Rankings
  •  Data issues

The separation of information makes it easy to switch layers and simplifies the provided overview.

The ranking colour scheme used at fleet and ship levels and the given values, are now fixed at top 5%, 10%, 25% and 50%. An important change to the colour and value schemes is that the BIMCO Shipping KPI does not define anything, including performance, as being good or bad. Targets, which are used for internal benchmarking are defined as either Exceeded, Achieved or Failed. The colour scheme uses blue, orange and white colours in order not to demotivate improvements.

The default benchmark setting is set to benchmark the user’s fleet against other users’ fleets. However, in version 4, it is very intuitive to define the benchmarking criteria:

  • Drag-and-drop benchmarking criteria makes it easy to adjust benchmarking criteria
  • Benchmarking criteria are consolidated in drop-down lists which clearly highlight the attributes of the user’s fleet
  •  Users have the option to exclude their own fleet from the benchmarking criteria

The Benchmarking result for each KPI includes optional views of Distribution, Trend and a Histogram.

When the new cost related KPI module will be applied, expectedly within 2020 and initially only for reporting of cost, yet another dimension will open in terms of benchmarking.

This newsletter is the final in a series of five newsletters covering the major changes in the BIMCO Shipping KPI version 4. Previous newsletters have explained:

  • The new benchmarking regime
  •  How environmental benchmarking will be simplified
  • The addition of three new Performance Indicators
  • Why a new reporting form will be released at a later stage

Source: BIMCO