ITM boss predicts sea change with TMSA |
| (UAE, 21 January 2006) – ITM eagerly awaits its first inspection under the TMSA (Tanker Management and Self-Assessment) scheme in late January. The specialist in 3rd party tanker management has been preparing for it for many years. ITM's Managing Director Ole Wang foresees significant changes in his industry as expectations for quality and performance rise.
"New regulations – both from within like TMSA and from outside the oil and tanker industry – raise the bar for tanker management. Companies that haven't invested enough in quality, safety, health and environmental performance will go under. Other companies that haven't focused enough on this particular business will give up. We look forward to TMSA, and believe it will make quantifiable and verifiable our commitment to performance," says Wang. TMSA was developed by OCIMF, Oil Companies International Marine Forum, and establishes hundreds of key performance indicators by which tanker managers are to steer and improve their performance. The system depends on honesty in reporting, but is backed up by audits and the threat of stiff penalties. "Some oil companies have already stated that TMSA will steer their choice of operators. Others have said that if one vessel fails an audit, the whole fleet may be failed. Some tanker companies may risk being black-listed by an oil company until they change operator. This is going to separate quality tanker managers like ITM from less serious operators," says Wang. TMSA was supposed to get underway on 1 January 2005. Only 23 management companies were ready for self-assessment; ITM was one of them. Nonetheless, the oil majors directing TMSA offered operators a one year grace period, and it just kicked off this year. "We look forward to getting the chance to prove our worth to our clients' clients, the oil companies, and thereby our shipowner clients," says Wang. "ITM will be using this material in its marketing. TMSA contributes to our goal of being what we call a marine asset manager. In other words, we protect all sides of our clients' interests and ensure the long-term profitability of their marine assets. TMSA helps us prove it," says Wang. ITM manages the marine assets of shipowners located all over the globe. ITM seeks to be a preferred partner to shipowners and oil companies by demonstrating its commitment to quality in health, safety and environmental performance. The company is based in Bermuda with certification from DNV according to ISO 9001 and ISO 14001 management principles. For more information, contact: |
