Performance Shipping Inc, a Nasdaq-listed global shipping company, started with container vessels and then made a strategic shift towards tanker vessels in 2019. Performance Shipping is proud to put safety first, as Panos Chatzikyriakos, HSQE Director, explained to Imogen Ward and Hannah Barnett.
The company now boasts a fleet of seven Aframax tanker vessels, and three newbuild LNG-ready, scrubberfitted, LR2 Aframax tanker vessels on order. Performance Shipping has been efficiently managing its growing fleet through its wholly owned in-house ship management company, Unitized Ocean Transport Limited (UOT) since 2013.
Panos Chatzikyriakos, Director of Health, Safety, Quality and Environmental (HSQE) at UOT emphasized the company’s commitment to safety: “HSQE is a major investment for us at UOT, because it’s hard to make a difference. It’s hard to do something unique and compete with the big players in the market. So, what we have
done is, we’ve invested in our people. And for us, people are our most valuable asset.”
UOT plays a pivotal role in the daily operations of the fleet, handling technical operations, crewing, training, maintenance, regulatory and classification compliance, as well as health, safety, quality and environmental management and reporting.
The secret to staff retention
UOT takes pride in its 96% retention rate among seafarers, a testament to its focus on people and their well-being.
“We have one of the highest retention rates in the industry, not because we pay more than everybody else, but because our lines of communication are open 24/7,”
Mr Chatzikyriakos explained. “We interact with our seafarers frequently. We have weekly video calls, and we visit our people in Manila at least three or four times a year, even during the pandemic.”
The company’s open-door policy contributes significantly to its success. As a relatively recent entrant in the tanker industry, UOT has been able to build a strong team with some of the most well-qualified personnel.
“Undoubtedly, qualifications are impor tant,” Mr Chatzikyriakos continued. “However, it’s the years of working together that truly reveal a person’s capabilities. We observe how individuals handle pressure, how they handle routine and emergency situations, and their leadership qualities. It’s about understanding their performance in various aspects, from crew management to financial acumen and interpersonal skills.”
The company remains committed to training, and this has paid off, with the company reporting no major injuries or incidents since its inception. The rigorous training programme ensures that new recruits undergo thorough mandatory training, setting the foundation for a culture of safety and excellence.
“We started off with training in a few different locations in the Philippines and have slowly customised the process,” Mr Chatzikyriakos elaborated. “We finalised the training centre that we want and established the material and the kinds of
courses we want to follow. And so far, we have managed to fully train 67 per cent of our newcomers within our target of a year.”
Exciting events
While Performance Shipping may not be displaying at the exhibition centre at Posidonia, a significant maritime event, it acknowledges Posidonia’s importance.
“It is possibly one of the biggest, if not the biggest, shipping event,” Mr Chatzikyriakos noted. “Regardless of the field or department, we are going to meet a lot of people and there are going to be many new ideas floating about. There are events and seminars for every sector. I attended discussions on crew management and HSQE last time I went. Everybody that is anybody in our industry is going to be there to exchange ideas.
“Shipping, by default, is an international business. We all participate in forums and travel to corporate or technical conferences, but it’s different having the whole
industry gather here in Greece. Besides my Greek colleagues, I like that I can meet with individuals from the UK, Japan, India and the US to exchange ideas. And ideally, I can learn about their approaches to the same challenges that we face.”
Embracing the tech Performance Shipping is known for its innovative approach, investing heavily in finding the safest mooring ropes possible and establishing a strong partnership with Norwegian ship management and marine services company, Wilhelmsen.
“We have recently finalised contracts with a couple of key players in the market,” Mr Chatzikyriakos added. “They have the resources to spend on R&D, as well as the clients willing explore new ventures. It’s very important. We’re living in 2024 and not only will we have to accept technology, but we must adapt and make sure that it doesn’t become a burden. In fact, it’s here to help us.”
The company’s innovation extends to the adoption of an enterprise resource planning (ERP) system, facilitating the integrated management of primary business processes through software and technology. This system collates information ranging from defects and breakdowns to the certifications of the crew and credentials of the engineer using the equipment.
“Combine that with our investment into psychological evaluations, psychometrics and soft-skills development,” said Mr Chatzikyriakos. “We are living in the age of information, and we’ll need to have as much data as we can. The issue is how to manage it all, with the resources we have as a small company with seven vessels. We must find and create smart solutions.”
As a result, the next step for UOT involves using the data gathered to perfect its predictive maintenance tools and elevate them up to a superior global standard.
Mr Chatzikyriakos reflected on the industry’s evolution: “The ships basically
haven’t changed much since the 1950s. There’s a lot of automation now onboard, but essentially, they remain the same. I stopped sailing in 1999 and I can still sail a vessel, nothing’s changed dramatically.
“What needs to happen next is ensuring that we can predict everything that happens on board. And if we fail to predict something, then we must be able to react appropriately and correct it.”
It is clear that the chance to create meaningful change at Performance Shipping is one of the most exciting and motivating aspects of working for the company. “The potential is substantial,” Mr Chatzikyriakos said, in conclusion. “Most of our team members are young and we have established a strong compliance culture. We all respect the customers and go out of our way to make their desired outcomes a reality.
“The major service that we provide to customers is to safeguard their reputation. They rely on us to move cargo from point A to point B efficiently, quickly and without incidents. This is what we do and what sets us apart from our competitors. We are constantly and consistently enhancing our safety and efficiency.” n
