New Cost Category group added

New Cost Category group added

Overview

BIMCO Shipping KPI opens a new chapter with the implementation of reporting on cost categories. BIMCO has no access nor interest in these data on the user level. We encourage users to apply information for the years 2018, 2019 and 2020 and submit valuable feedback to the BIMCO Shipping KPI team

Please note that on top of the recent launch of the BIMCO Shipping KPI version 4 (first phase of the improved user-interface and the shift to ranking) we have now released phase 1 of the new BIMCO Shipping KPI Cost Group on https://www.shipping-kpi.org/.

The KPI Cost group can be used and accessed independently by either registered KPI users opening for access or new user registering solely for the KPI Cost Group.

The KPI Profile, the User Roles and the Users functions found under “My Company” have been modified and need to be changed by the KPI Account Administrator to allow access for existing or new users to the Cost and/or the Performance KPI’s.

Please refer to the below step by step guidance for granting designated BIMCO Shipping KPI users access to editing or viewing the new KPI Cost Category Group:

  1. Go to the Tab “My Company” and select “KPI Profiles” and use the drop-down menu to choose either “(Built in) All” or “Cost Only” or create your own KPI profile by using the functions buttons displayed.
  2. Then move on to the tab “Company Roles” and use the drop-down menu to select either “(Built in) Cost” or “All and Cost”. The account administrator can create company and staff specific access by using the editing role functions choosing from “No Access”, “View” or “Edit”.
  3. Finally, please go to the “Users” tab, select the user or users granted access to the KPI Group on Cost Category and change the given “Role” in the drop-down menu to the new company role mentioned above.

For further information please refer to the documentation available online. In the left hand frame, select the correct version (4) and KPI profile (All or Cost Only) to see the Cost Category information.

As for the BIMCO Shipping KPI is all the reported data belonging to the BIMCO Shipping KPI users.

Please note that BIMCO has no access nor interest in these data on the user level. BIMCO and other users can only get top level aggregated and average results from the benchmarking under the common rule of a minimum of three users and 10 ships.

We hope that you as KPI users will try it out by reporting real historical cost data for 2018, 2019 and for 2020 when the ship’s accounts have been completed. Comments, feedback, and suggestions will be highly welcomed so we can develop and implement an improved and workable final version of the KPI Cost Group with an anticipated launch of a more complete version in the late spring of 2021.

KPI Cost Group conceptual overview:

  • Measuring and comparing of ships’ costs
  • Overview of costs at either ship and/or fleet level
  • Based on cost categories and cost items
  • Flexible annual reporting based on ownership or management days
  • User defined reporting period (e.g., Rolling, Fiscal, Calendar)
  • Comparison of cost categories at the level reported
  • All data is secured, anonymised, and aggregated for not compromising sensitive information

The KPI Cost group aims at providing an overview and initially internal comparison on owners’ direct operational costs at either ship and/or fleet level (excluding initial investment, owner’s items, voyage expenses and financing).

Costs are reported with a list of predefined cost categories. The total cost of a ship is made up of the total of all (main) cost categories. Cost categories can be broken down into sub-categories. The sum of all sub-categories of a specific cost category equals the cost of the category itself.

The system supports data entry of cost categories on all levels (cost category and cost item).

The BIMCO Shipping KPI Cost Group consist of the following elements:

  • Cost Categories:
    • CC001: Crew
    • CC002: Maintenance and repair
    • CC003: Insurance
    • CC004: Maintenance and repair recoverable
    • CC005: Modernisations
    • CC006: Compliance
    • CC007: General & administration
    • CC008: Non-operational cost
  • Cost Items (37 cost covering the most common ships expenditures)
  • Cost Factor (Days of Ownership or management of a ship)

Finally, please note that the KPI Cost group is not a fiscal standard nor an accountancy tool for handling companies’ nor ships’ budgets and revenues.

Should you need any assistance regarding the above please revert to the BIMCO Shipping KPI team

For more information

Please email any comments and questions to the Shipping KPI team: shipping-kpi@bimco.org.

Johan Conrad
in Copenhagen, DK

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