DS Athens2012 Naftomar

G.P. Perantzakis Naftomar Shipping & Trading Co. Ltd 1

Controlling Inventory by the use of Software Management

System

Digital Ship Athens 27th November 2012

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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

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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.

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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.

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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.

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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.

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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.

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Management focused on: Control of critical equipment spare parts

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Management focused on: Control of ROB spare part inventory value for a specific vessel or across the

fleet, at a specific date.

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Management focused on: Control of spare part consumption for a specific time period

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Management focused on: Comparison between FIFO average value and last recorded price.

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Management focused on: Management of storage location onboard.

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Management focused on: Various other statistical reports.

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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.

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Thank You.

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Controlling Inventory by the use of Software Management SystemCompany ProfileThe Need to Control InventoryMeans to Control InventoryTools to Control InventoryRisks Associated with the use of Software Inventory ControlCurrent Company Snapshot Current Company Snapshot Current Company Snapshot Current Company Snapshot Current Company Snapshot Current Company Snapshot Current Company Snapshot Current Company Snapshot Thank You.

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DS Athens2012 Naftomar