What is BIMCO Shipping KPI?
The BIMCO Shipping KPI System is a global shipping industry tool for defining, measuring and reporting information on operational performance. The Shipping KPI System is used by shipping companies to:
- compare their ships performance against the industry standard and potentially identify where efficiency improvements could be made
- communicate their ship operational performance, both internally and externally
- gain specific and accurate comparison of both own and other users’ ships or groups of ships
- utilise filtering of benchmarking results in terms of: age of ships, Class, DWT, flag, ship status, ship type, etc.
The Shipping KPI Standard is built up hierarchical with 3 different levels:
- Key Performance Indicators groups (KPI groups)
- Key Performance Indicators (KPIs)
- Performance Indicators (PIs)
There is a mathematical relation between the last two levels. In basic terms, Key Performance Indicators are calculated from Performance Indicators (lowest level) using a KPI formula.
On the lowest level you find the PIs, 63 in number, which are based on data capture (measurements or counters) directly from a ship or from the shipping management. Data is collected once and re-used within the Shipping KPI Standard in order to reduce the amount of data.
Data security is paramount, and the reported data is not only anonymous but also only used in an aggregated average for benchmarking. The benchmarking rule is based on not less than 3 other KPI users and a minimum of 10 ships. BIMCO does not have access to any reported performance data.
It is a system for the industry – developed, maintained and operated by the industry.
What is the History?
- 2006: Shipping KPI was developed by a cross-industry group
- 2011:Shipping KPI was launched to the public at IMO
- 2015: BIMCO took ownership of the Shipping KPI
- 2018: BIMCO launched Shipping KPI version 3.0
- 2020: BIMCO Launched Shipping KPI version 4.0
- 2020 BIMCO Launched a new Shipping KPI Group on Cost
- 2021 BIMCO launched improve user report generation functionality
What are the key advantages and functions?
- across industry performance benchmarking
- all functions and formulas are fully transparent
- filtered internal & external benchmarking
- graphical overview of ship/fleet status and KPI performance
- easy generation of status KPI and benchmarking ranking reports
- increases transparency within the shipping industry
- measures ships’ performance data
- monitoring of internal performance improvement
- online platform (no download required)
- only using aggregated data for benchmarking
- performance Indicators being accumulated into KPI’s
- quarterly reporting as recommended minimum interval
- secure and anonymous for all users
- size of data pool equals data quality (crowd sourcing)
How does it work?
The Shipping KPI offers shipping organisations the ability to produce a visual representation of how a ship or group of ships performs during a specific time period. It uses a unique standard of Key Performance Indicators (KPIs) and the Ship Attributes that allows users to filter information according to different type and sector of ships. This will allow the user to produce ship reports and benchmark ships across different types and sectors.
- Health and Safety
- HR Management
- Navigational Safety
- Port State Control
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.
The BIMCO Shipping KPI Cost Group consist of the following elements:
- 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.
For more information please click here
How do you sign up?
BIMCO members - free annual user fee
For all registered owner member companies of BIMCO who would like to use the KPI System, a one-time setup fee will be charged.
For non-member companies an annual subscription fee and set-up fee will be charged.
up to 9 ships
10 ships and above
Sign up process
If you are already a BIMCO member, your ship and company registration details will be added automatically when you enter your BIMCO membership company registration number.