MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 106 KEY DEVELOPMENTS To align with the Group’s MISC2020 strategy, a five-year master plan named Fleet 2020 is in place. With a focus on optimising operational efficiency and ensuring our operating assets perform in a superior manner, the Fleet 2020 initiatives serve to strengthen MISC’s business in the long-run. Fleet 2020 also aims to strengthen the capabilities and skill sets of the Group’s Sea and Shore staff in incremental steps to ensure their ability to deliver a superior performance. The segment’s focus on delivering highly efficient and sustainable operations resulted in several notable accolades in 2017. These included MISC being named "Tanker Operator of the Year" 2017 at the Lloyds List Asia Pacific Awards event, underscoring the segment's commitment to operational excellence, high standards of safety and leadership in sustainability. On top of this, 54 crude vessels received the Chamber of Shipping of America’s (CSA) Annual Environmental Achievement Awards while the CSA also accorded 55 of our crude vessels the Jones F. Devlin Awards for Safety Excellence. The award is given to all manned merchant vessels that have operated for two full years or more without a crew member losing a full turn at watch because of an occupational injury. Moreover, AET vessels, Eagle Lyon and Eagle Le Havre, gained recognition for their green performance from the Maritime and Port Authority of Singapore. MISC was also lauded for maintaining a high overall vessel availability rate of above 99% for our LNG, Crude and Chemical fleets. These rates surpassed the industry benchmark across all segments of the shipping sector. Today, via its Centre of Excellence, Eaglestar is leveraging upon common synergies as well as the combined resources and experience of some 60 years’ in the shipping industry to better serve key vessel segments in various markets. As a multi-discipline shipmanagement arm, Eaglestar is able to operate with more agility and scalability while exercising the wealth of technical and commercial expertise of personnel both on shore and at sea. By consolidating price agreements, service contracts, volume rebates and bulk purchases for machinery spares, lubricants, ships stores and logistics arrangements under the banner of the Eaglestar Group, the segment continues to derive effective cost savings. MANAGEMENT DISCUSSION & ANALYSIS INTEGRATED MARINE SERVICES