ABSTRACT
Indices are developed to assist practitioners and academics in inter alia forecasting and managing risks that occur in the diverse, high-value environment of the maritime transport sector. According to Hermans et al. (2010), the interest in indices creation and use has increased in recent years, “An index number is a statistical measure that shows the percentage change in a variable from a fixed point in the past” (Collis and Hussey, 2009 p.279). Rodrigue et al. (2009 p.29) point out that: “Indices are more complex methods to represent the structural properties of a graph since they involve the comparison of one measure over another”. An additional “interesting” quote for indices is that given by Jacques (2006 p.184): “Index numbers enable us to identify trends and relationships in the data”. In short, indices that are complex statistical measurements could help the improvement of the maritime transport sector, as according to Harrington (1991 p.82), who has applied the following logic to the industrial sector: “If you cannot measure it, you cannot control it. If you cannot control it, you cannot manage it. If you cannot manage it, you cannot improve it”. Indices have a broad application to the maritime transport sector, from freight rates to environmental performance (Karamperidis et al., 2013). For example, Maersk has applied the management logic mentioned by Harrington and has established some key performance indicators (KPIs) as scorecards. These scorecards measure the energy (environmental) performance of some of the company’s vessels. The measurements recorded since 2009 have helped Maersk to save USD 90 million. It is essential to realise that the scorecards are only a valuable tool if they help facilitate decision making amongst stakeholders (Hellenic Shipping News Worldwide, 2012). One example of those measurements has led to the saving of 160,000 tons of fuel, due only to higher propulsion efficiency (Hellenic Shipping News Worldwide, 2012).
