Friday, September 15, 2000
Chris Chasty, head of Moore Stephens shipping group, says, "Modern accounting techniques make it easier for shipowners to see where their money is going on running costs. But knowing how much you are spending is only part of the picture. It is much more difficult to know how much you should be spending. Opcost [the data base] will help owners and operators to budget properly and to identify areas where savings can be made."
Moore Stephens' worldwide network acts for a substantial number of owners, operating almost all common types and sizes of ships. The raw data makes up a mountain of detailed but anonymous information on actual running costs. Now Moore Stephens has used the power of modern computers to mine that data mountain, and produce accurate industry average running cost information.
Opcost is the result of a three-year project during which input of all accounting information for running costs was standardized, and outputs defined. Any information for which there is not a statistically valid sample is filtered out.
The database has been used inhouse, to
assist in benchmarking, and as an authoritative source of information
to underpin expert witness services. Opcost's data allow Moore
Stephens to alert clients to areas where costs do not appear
reasonable, and to investigate apparent anomalies. The whole
shipping industry can now benefit by sharing this unique data
source, which is based on certified actual accounts, but which
will not identify individual owners. It is backed by over sixty
years of experience in accounting for shipping. So far, it is
built on the information from some 750 vessels. Over the next
year it will be expanded to include over a thousand.