In the bustling waters of Nigeria’s offshore sector, a new study has shed light on the cost dynamics of maintaining industrial vessels, offering a roadmap for more efficient operations. Charles Ochiabuto Anyadiegwu, a researcher from the Federal University of Technology, Owerri, has delved into the nitty-gritty of maintenance outsourcing and inventory management, providing insights that could reshape preventive maintenance strategies.
Anyadiegwu’s study, published in the ‘Journal of Eta Maritime Science’ (which translates to ‘Journal of Ocean Maritime Science’), scrutinized 15 years of data from five major offshore service vessel operators. The focus was on anchor handling tug supply (AHTS) and security escort vessels, workhorses of the Nigerian maritime industry. The findings are a wake-up call for operators, highlighting the significant impact of maintenance outsourcing (MO) and inventory holding (IM) costs on overall repair expenditures.
The study revealed that MO and IM costs are major drivers of breakdown and repair costs. “Outsourcing of maintenance accounts for 12.4% while inventory holding accounts for 21.6% of the total cost of maintenance per vessel,” Anyadiegwu noted. This means that for every vessel in operation, a substantial chunk of the maintenance budget is tied up in these two areas.
The data also showed some interesting ratios. For every vessel, the average breakdown repair costs were around 67,589,220, while outsourcing expenditure and inventory holding costs stood at 8,380,329 and 14,613,931, respectively. These figures underscore the financial weight of maintenance strategies and the potential savings from optimizing these costs.
For maritime professionals, the implications are clear. Anyadiegwu’s research points to a strategic opportunity: the optimization of outsourcing and inventory management expenditure. By fine-tuning these areas, operators can reduce operational stoppages and improve the sustainability and efficiency of their fleets.
The study also highlights the importance of preventive maintenance. As Anyadiegwu puts it, “The optimization of outsourcing and IM expenditure assumes strategic relevance in improving the preventive maintenance practices in Nigeria’s offshore sector.” This is a call to action for operators to rethink their maintenance strategies and invest in more sustainable practices.
The commercial impacts are significant. By reducing maintenance costs, operators can improve their bottom line and enhance their competitive edge. Moreover, the study provides a data-driven foundation for decision-making, helping operators navigate the complex landscape of vessel maintenance.
In the end, Anyadiegwu’s research is a beacon for the Nigerian maritime sector, guiding operators towards more efficient and sustainable operations. As the industry continues to evolve, such insights will be crucial in shaping the future of offshore vessel maintenance.