register your company

Questions about Concepts & Terminology

  1. What is the KPI Shipping System?
  2. What is a Performance Indicator (PI)?
  3. What is a Key Performance Index (KPI)?
  4. What is the KPI value?
  5. What is KPI Ranking?
  6. Where can I find more information about all of this?

Answers

  1. What is the KPI Shipping System?

    The KPI Shipping System is a standard based on 67 different performance indicators to allow for the most specific and accurate comparison of ships – within each sector and more broadly across the industry. The data collected is anonymized, so it does not compromise commercially sensitive information. It is a global industry system for defining, measuring and reporting information on operational performance in order to:

    • boost performance improvements internally in companies engaged with ship operation activities
    • provide an efficient communication platform of ship operation performance to internal and external stakeholders

    In collaboration with more than 20 shipping related companies and interest organizations a tool comprising Key Performance Indicators (KPI) and Performance Indicators (PI) has been developed.

  2. What is a Performance Indicator (PI)?

    Performance Indicators (PI) are the building blocks for KPI Value calculations. PI are observable parameters (measurements) for each ship under management, example number of dismissed crew, number of collisions and number of fire incidents.

    The Performance Indicator are the only elements that must be reported manually or by means of a software interface. Focus has been made to provide unambiguous definitions of measurable low-level parameters based on existing measurements in the industry. Each PI may be used in the calculation of several Key Performance Indicators (KPI). An example is the PI number of recorded external inspections which is used as a denominator in the calculation of several KPI values.

  3. What is a Key Performance Index (KPI)?

    The Key Performance Indicators (KPI) are expressions of performance within a specific area. The KPIs can be expressed in two ways; a KPI Value which is a mathematical combination of relevant Performance Indicators Values and a KPI Ranking which is an expression of the KPI Value on a scale between 0 and 100 where a high ranking (100) is a result of high/excellent performance. Some PI Values can be included in the calculation of more than one KPI Value. Examples are: budget performance, drydocking planning performance and ship availability.

  4. What is the KPI value?

    Values are either directly measured in case of performance indicators or calculated in case of key performance indicators. Examples are:

    • 5 for the PI 'Number of vetting inspections'
    • 2 for the PI 'Number of vetting deficiencies'
    • 0.4 for the KPI 'Vetting deficiencies per inspection'

  5. What is KPI Ranking?

    See the “KPI Ranking” help topic.

  6. Where can I find more information about all of this?

    All related concepts and detailed definitions of PIs and KPIs can be found on the website called the KPI Standard.

BIMCO Shipping KPIs website uses cookies to ensure you get the best experience. You can find more information about cookies in our Privacy Policy.

Got it!