Developments in 2023

Bahri Ship Management delivered several key achievements in 2023. During the year, 2 VLCC were sold and 2 secondhand VLCCs were bought. Moreover, 4 chemical vessels and 3 product tankers were sold, while 2 Ultramax bulk carriers were bought from the secondhand market and added to the dry fleet.

We supported the expansion of Bahri’s fleet by completing the construction and delivery of the last (10th) of a series of advanced chemical tankers. As a result, we have improved our fleet’s age profile and enhanced our commercial operations. This also coincides with new legislation from the IMO, where BSM continued to ensure that our fleet is up to date to align with these standards.

In addition, we extended our reach to the polar areas, as one of our fleet vessels operated in Alaska for a period charter after obtaining polar code certification. We have undergone a rigorous process to earn this certification which allows us to safely operate in the challenging and environmentally sensitive regions.

Our success in 2023 is reflected in the improvements in our scoring across several metrics. With Port State Control (PSC), we have improved our performance in PSC deficiencies per inspection ratio with 0.56 observations per inspection compared with the industry average of 2.68 for Paris MoU and 1.96 for Tokyo MoU. With regards to the Ship Inspection Report Program (SIRE), our average observation and inspection is 2.31 compared with the industry average of 2.33. Our score from the Chemical Distributions Institute (CDI) is 1.48 (CDI statutory) observations per inspection and 3.00 in total. The total figure has improved from 2022 at 3.47, demonstrating an upward trend in performance.

This year, we also met the EEXI requirements across all the vessels. This included the installation of a Shaft Power Limiting System on several of the vessels to comply with the requirements. As per the plan laid out in 2022, a dashboard that updates the CII rating based on daily noon reports was developed and made available to the Ship Management team, as well as to commercial operators for planning purposes.

We also improved the monitoring of energy consumption on board our ships, with additional dashboards developed for tracking the CO2 and other GHG emissions from the vessels. These were installed to support decarbonization measures that take place during the dry docking of the existing vessels.

BSM’s strategy is to adopt the best practices for emission reduction, encompassing the evaluation of energy-saving technologies and alternative fuels, thereby fostering environmentally friendly maritime operations. Also, our rigorous process for enhancing fleet efficiency includes integrating energy-saving devices and exploring innovative technologies such as air lubrication systems and advanced hull coatings. This balance between operational excellence and environmental conservation is a testament to BSM’s commitment to sustainable maritime practices.