Gearbulk Integrated Report 2023 - Report - Page 94
GEARBULK
MANUFACTURED CAPITAL
YEAR
IN REVIEW
Enhancing operational e昀케ciency
Investing in our current 昀氀eet
Gearbulk has continued its commitment to enhancing oper-
The total CAPEX investment for 2023 amounted to 120 MUSD
ational e昀케ciency across its 昀氀eet. Through meticulous plan-
(2022: 43 MUSD), in addition to Drydock investments of 17.4
ning, strategic investments, and innovative initiatives, we
MUSD (2022: 16.5 MUSD).
have optimised vessel performance, minimised turnaround
times, and reduced fuel consumption. Leveraging advanced
The investments are key to ensure our vessels operate and
technologies and data-driven analytics, we have implemented
furthermore our commitment to ESG to reduce our impacts
predictive maintenance programs to proactively address
on the environment.
potential issues, ensuring seamless operations and minimising downtime.
Expanding our 昀氀eet
We expanded our managed 昀氀eet with the addition of 15
Gearbulk, improved on its Ton per mile (TPM) for 2023. TPM
vessels. This strategic investment underscores our commit-
is a key indicator of the e昀케ciency of the shipping industry, as
ment to growth and operational excellence in the maritime
it measures ton of cargo transported per mile. Gearbulk’s
industry. With a total investment of 120 MUSD, these vessels
TPM increased by 5% compared to 2022. This was driven by
boast an average age of approximately 17 years, re昀氀ecting
a combination of factors, such as improved market condi-
our dedication to maintaining a relatively young and e昀케cient
tions, increased cargo demand, optimised 昀氀eet utilisation, and
昀氀eet. The operated 昀氀eet is tailored to support our Open Hatch
enhanced operational excellence. Gearbulk’s performance
business, as these vessels represent a valuable asset in our
on TPM demonstrates its ability to deliver value to its joint
ongoing mission to deliver exceptional service and meet the
ventures, shareholders, and stakeholders in a challenging
evolving needs of our Joint ventures. During 2023 we have
and competitive environment
recycled one vessel however with the additions we have a
net increase change of 14 vessels in our 昀氀eet.
Performing on our Operating Expenditure
The costs of our operations are subject to external challenges,
We look forward to leveraging the newly acquired vessels to
such as in昀氀ation rates, volatility in exchange rates, and regu-
further enhance our capabilities and solidify our position as
latory changes, etc. Gearbulk remained committed to keeping
a leading break bulk shipping company in the global market.
its vessel operational expenditure (OPEX) competitive and
e昀케cient. As a result, Gearbulk achieved a modest increase
of 2.5% in OPEX per day from 2022 to 2023, well below the
in昀氀ation indexes in the regions where we operate.
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PART 4 – HOW WE CREATE VALUE
