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Friday, September 21, 2018

INTERTANKO needs more figures for effective benchmarking

The cost benchmarking pool started by INTERTANKO needs more figures to cover all tanker segments. 

The graph below shows a rough comparison of the information we have received so far.  Similar cost comparisons can also be provided for different cost items.  The comparisons and analysis will be expanded when we receive more figures.

The black dots represent 34 individual tankers. Some of the black dots are on top of each other as they represent “tanker classes” with the same costs. The five large red dots each represent the average of a different benchmarking scheme which have the following examples.  Each of the red dots represent 28 to 100 tankers.   

For the total operation costs for VLCCs we have a range of $1.84 million to 2.66 million per year.  

The benchmarking project involves a systematic process comparing one’s own company performance with that of other tanker companies. 

The benchmarking project will include a number of cost and other indicators that measure the performance of a tanker operation.   

A comparison of the benchmarking performance indicators will enable pool members to measure the difference between the best and poorest performing companies against their own performance and thus identify gaps and weaknesses.  

If members agree, we will also include performance indicators such as number of incidents, injuries, tonnes cargo carried or others. 

Benchmarking underpins the principle of continuous improvement and should be a tool for every company to achieve a higher level of performance. 

We have received extensive information from other benchmarking projects on how to report to pool members. 

The information received from members will be treated strictly confidentially, and information to pool members will be given on an anonymous basis. 

If you wish to participate in the benchmarking pool, please contact fill in the attached form and send to Erik Ranheim.