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Controlling Inventory by the use

of Software Management
System
Digital Ship
Athens 27th November 2012

N
G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

Company Profile

More than 35 years experience in the Gas Market.


Major LPG Trading House and Vessel Operator.
Fleet of 25 gas carrier vessels of various sizes and
types.
Pioneer of floating storage operations and expert in
ship to ship cargo transfers with more than 120 STS
operations, on a yearly basis (2011).
Use of ERP system for maritime operations since
2006

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
The Need to Control Inventory
Significant value of spare part inventory onboard
sophisticated ships such as gas carrier.
TMSA and Vetting requirement, Element 4.
International Financial Reporting Standards.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
Means to Control Inventory

Traditional way:
Short inventory reports on monthly basis prepared

by Ch. Engineer onboard the vessel.


Complete inventory report at the end of the year.

Use of Software Platform:


Continuous inventory update and data transmission

from vessel to office.


Easy and direct inventory data analysis from shore
side.
G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
Tools to Control Inventory

Specialised software capable of:


Controlling minimum number of ROB spares.
Managing critical spare parts onboard.
Calculating ROB inventory value at a specific date

(using FIFO methodology).


Reporting spare parts consumption at any given time
period.
Controlling storage location for each spare part
onboard.

Periodical Inventory Internal Audit.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
Risks Associated with the use of
Software Inventory Control
Responsible update onboard from the crew
members of spare part delivery and consumption
records.
Defining prices for spare parts that have not been
purchased.
Elimination of duplicate spare parts.
Proper follow-up from shore side on the
processed information.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
Current Company Snapshot
Software Platform selected:
Task Assistant, Ulysses Systems.
Fleet running the application:

16 Gas Carrier vessels

Inventory value calculated as per IFRS standards


using FIFO methodology.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
Current Company Snapshot

Management focused on:

Control of critical equipment spare parts

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
Current Company Snapshot

Management focused on:

Control of ROB spare part inventory value for a specific vessel or across the
fleet, at a specific date.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

N
Current Company Snapshot

Management focused on:

Control of spare part consumption for a specific time period

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

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N
Current Company Snapshot

Management focused on:

Comparison between FIFO average value and last recorded price.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

11

N
Current Company Snapshot

Management focused on:

Management of storage location onboard.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

12

N
Current Company Snapshot

Management focused on:

Various other statistical reports.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

13

N
Current Company Snapshot

Management focused on:


Control of critical equipment spare parts.
Control of ROB spare part inventory value for a

specific vessel or across the fleet.


Control of spare part consumption for a specific time
period.
Comparison between FIFO average value and last
recorded price.
Management of storage location onboard.
Various other statistical reports.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

14

Thank You.

G.P. Perantzakis

Naftomar Shipping & Trading Co. Ltd

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