Since the BIMCO Shipping KPI system was launched in 2011, the system has been based on a rating concept. With the release of BIMCO Shipping KPI version 4 at the end of September, the rating concept will be replaced by a ranking concept as dominant benchmarking concept.
Whereas rating depends on an aggregated calculation, ranking can be compared to a racetrack: individual times are less significant since participants are judged on the podium. SKPI users will have their ranking returned as both a relative and absolute position e.g.:
The ranking target can be adjusted to an absolute position – e.g. 12, 23 or 39 – or a relative position based on predefined values – currently top 5%, 10%, 25% and 50%.
In addition to the new benchmarking concept, the Shipping Performance Index will be removed as the top-level rating mechanism. The BIMCO Shipping KPI will continue to have KPIs grouped similarly to the Shipping Performance Index, however grouping will only serve administrative purposes such as delegating access to internal and external stakeholders.
Changing the concept from rating to ranking, and simultaneously removing the Shipping Performance Index, will increase the transparency and usability in the BIMCO Shipping KPI system, with benchmarking on a foundation of industry standard KPIs. Please note that the rating concept will be optional for users as an interim measure until the BIMCO Shipping KPI version 4 is fully implemented in 2021.
This newsletter is the first of five covering the major upgrades with Shipping KPI version 4. The following newsletters will cover the following:
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