marking continued progress
In 2023, the Executive Management Team continued to drive the organization’s growth and strategic objectives and marked another year of continued progress and sustained operational performance for INSB Class.
We continued to increase our fleet dynamics, strengthen brand recognition and market preference, while aligning our strategic course with key maritime industry shifts. These trends included the acceleration of decarbonization efforts, rapid digitalization, and an intensified focus on safety and security, all of which shaped the maritime landscape in 2023.
New Strategy. New Course.
Throughout 2023, the dedicated efforts of the Executive Management Team ensured that INSB Class direction maintained its commitment to delivering high-quality services and solutions that support the safety, security, and environmental performance of maritime assets.
A cornerstone of our last year’s achievements was the launch of a new strategic plan, designed to guide our organization through the next triennial period from 2024 to 2026.
This plan focuses on strengthening INSB Class’s role in ship safety, corporate development, digital transformation, and increased industry engagement. Key areas of emphasis include continued regulatory compliance and technology monitoring, operational digitalization and business continuity.
The Executive Management Team has also acknowledged the development of human capital as a core component of INSB Class’s continued success. Through focused and selective internal training programs and professional development initiatives, we continued to invest in our people, so that surveyors, auditors, and technical experts remained relevant as the industry’s regulatory context advances.
Focus on the human element is also amongst the key areas of our new strategy to position INSB Class offer growing technical support to its clients and enhancing confidence in INSB Class classification services.
Through these strategic initiatives, INSB Class is positioning itself to not only meet current industry needs but also proactively address future challenges.
A Stronger Team
During year in review, the INSB Class Board of Directors underwent changes in its composition. These adjustments were made to enhance the board’s function and assisting the society in identifying additional dynamics and potentials.
The unique bond shared among the Board members is a testament to their extensive service with INSB Class and their deep understanding of our corporate culture and evolving operational profile. This collective synthesis will be a key factor as we move forward with our renewed strategic direction.
The Board of Directors in compliance with the provisions of the applicable legislation and following the provisions of its Internal Regulations met seven (7) times in quorum, in year 2023.
Operational Performance
Despite global challenges such as geopolitical tensions and economic uncertainties, INSB Class’s operational performance remained positive throughout 2023. We achieved year-on-year growth, conducting 4121 surveys and inspections worldwide. Our reputation for reliability and responsiveness was further cemented by these efforts.
Our collective dedication to provide timely and reliable service, as well as, our drive to go beyond what is required by regulatory compliance, has resulted in an increased total survey activity of 4121 assignments and a +4,5% increase when compared to year 2022 figures.
We also progressed our work towards digital innovations aiming to streamline our processes, for the design and development of an integrated platform for our operations including dedicated modules for e-survey instructions, reporting and e-certification. These advancements shall not only will improve our operational efficiency but also enhance the user experience for our clients, solidifying their trust in our services.
In addition, the addition of new plan approval software “Maestro Marine” to our technical software arsenal has enhanced our engineering review and approval capabilities, ensuring that INSB Class remains at the cutting edge of classification services.
Maintaining high safety and security standards for our certified fleet is a constant priority for INSB Class. Our overall sustained performance in various PSC MoU regions underscore our commitment to operational excellence and fleet safety.
Fleet Evolution
Throughout 2023, we continued to enhance our fleet’s capabilities, integrating advanced technologies and ensuring compliance with the latest regulatory standards.
The global push towards decarbonization and sustainability significantly influenced our strategic initiatives. We expanded our services to support environmentally friendly operations, offering comprehensive solutions that facilitate compliance with new emissions regulations.
The trust and preference of the maritime market for INSB Class services have continued to grow. In 2023, we expanded our client base, marking a 8,61% increase in new -entry vessel registrations.
At the end of year 2023, our total fleet count reflected 5174 vessels of various types and trades in our register, marking a year-to-year growth by +6,6% when compared to the year 2022 and resulting to a slightly increased aggregate tonnage of 3.6Mgt.
Activity on new building projects primarily stemmed from the resilient Greek domestic market. A total of 76 new building supervision assignments were entrusted to INSB Class, while 86 received initial certification within the year 2023. By year end, the supervision of 26 projects remained ongoing, with delivery completion expected within the year 2024.
Adding drive
towards Decarbonization
Decarbonization continues to be a critical focus for both the maritime industry and INSB Class. Throughout 2023, we provided tailored solutions to help clients comply with new emissions regulations, supporting the industry’s broader efforts to reduce carbon footprints.
Our decarbonization services saw increased adoption, reflecting the growing demand for environmentally sustainable operations. As part of this commitment, we worked closely with shipowners to implement energy-efficient technologies and ensure compliance with emerging environmental regulations.
Strengthening Global
Partnerships
INSB Class remains committed to play an active role at the forefront of our industry, promoting ship safety and regulatory compliance while engaging with stakeholders in a creative and collaborative spirit for supporting our customers operations and contribute towards a greener and more modern maritime world
Our active engagement and participation in international maritime forums and conferences in 2023 has significantly elevated our profile, allowing INSB Class to contribute to addressing emerging challenges and initiatives for shaping the future of the industry.
A particular highlight of year 2023 was the validation of a Memorandum of Understanding with Biro Klasifikasi Indonesia (PERSERO), establishing a framework for collaboration between the two classification societies. This partnership aims to enhance ship safety, foster marine innovation, and promote technical resource sharing, best practices, and research development programs.
At the same time, efforts to foster dialogue and relationships with maritime authorities remained constant as we delivered RO services acting on behalf of 40 Flag Administrations.
Future Outlook
INSB Class remains committed to sustaining its growth trajectory and continuing to be an active member of the industry in maritime safety and sustainability.
Our renewed strategic priorities are set towards to enhancing fleet capabilities, leveraging digital technologies, and expanding our global presence, while capitalizing on emerging opportunities and fostering innovation. We will also remain agile and adaptable, ready to meet the challenges and opportunities that lie ahead in the ever-evolving maritime landscape.
The Executive Management Board extends its deepest gratitude to our dedicated team, valued clients, and esteemed partners, whose support and commitment have been integral to our success in 2023. Together, we will continue to drive positive change in the maritime industry, ensuring a safe, sustainable, and prosperous future.
