BSM participated for the fifth consecutive year in the study of the Boston Consulting Group (BCG), a world-leading management consulting company. BCG conducts every year an annual benchmarking study across a range of ship types and sizes. The study compares its participants’ daily vessel Operating Expenditure (OPEX) against the overall average OPEX for each vessel segment.
In 2018, 50 leading shipowners and managers participated in the study. Each vessel’s OPEX comprises of the cost categories:
- Crew and crewing related costs
- Lubricating oil
- Maintenance and repair
In 2018, BSM submitted the 2017 annual OPEX of 289 fully-managed vessels, which were benchmarked against the BCG OPEX average, comprising nearly 2,800 vessels. BSM’s average OPEX performance was seven percent below the sample average for 2017.
Through these results, BSM continues to demonstrate that its average OPEX is materially below the BCG sample average. Over this period and a cumulative sample size of close to 12,000 vessels, out of which BSM submitted OPEX data for 1,250 ships under management, BSM’s average OPEX was nine percent below the consolidated sample average.
This consistently strong performance is a result of operational excellence delivered through BSM’s extensive ship management knowledge and experience, combined with purchasing economies of scale.
Noteworthy, is that the average OPEX level of the benchmarking average has improved year-on-year, signaling BSM’s need to continually improve its OPEX efficiency to maintain its leading position.
Whilst BSM has demonstrated its operational efficiency capabilities through the independently conducted BCG study and directly with its satisfied customers, the company remains focused on continuous improvement in this important area for both existing and potential new customers.