Annual Report 2023

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Annual Review

Year in review 2023

Navigating Forward.
Growth with Purpose.

Year in review 2023

In 2023, INSB Class continued to strengthen its position within the shipping industry, achieving steady growth despite market challenges and fluctuations. We continued to solidify corporate acceptability in the shipping sector by expanding our fleet andenhancing technical service and support offerings.

At the end of December 2023, the INSB Class aggregate tonnage had a slight marginal upward trend, culminating in a total of 3.6 million gross tons (gt), with a total active fleet count increasing to 5174 vessels, that included a balanced and well-diversified combined register of various ship trade patterns as seen below.

When compared to the year 2022 consolidated fleet (4851 vessels), the overall register grew by + 6,6% in 2023.

Fleet Highlights

Operating period 2023

In 2023, INSB Class Fleet Register featured an array of vessels with different flag jurisdictions and operational patterns, demonstrating raising confidence in our classification and survey service scheme by vessel operators engaged in various market segments.

EAGLE

SHIPPING

NAME OF VESSEL: EAGLE
IMO: 9227869
VESSEL TYPE: BULK CARRIER
FLAG: GUINEA BISSAU

BOJI

YACHTING

NAME OF VESSEL: BOJI
LENGTH: 43mts
VESSEL TYPE: COMMERCIAL YACHT
FLAG: GREEK

TAMESIS

OFFSHORE

NAME OF VESSEL: TAMESIS
IMO: 9616228
VESSEL TYPE: MODU
FLAG: ST. VINCENT AND THE GRENADINES

PROTOPOROS XVIII

GREEK SHIPPING

NAME OF VESSEL: PROTOPOROS XVIII
IMO: 1016953
VESSEL TYPE: RO-RO PASSENGER
FLAG: GREEK

“During the 2023 operating period, INSB Class continued to chart a purposeful course defined by resilience, innovation, and a commitment to the maritime industry’s evolving needs.

The vision is clear: to steer the organization towards even greater resilience and operational excellence, ensuring that INSB Class remains at the forefront of global maritime safety, technology and innovation”

Pantelis Chinakis Glaras, President & Managing Director, INSB Class

Performance and safety in various segments

Operating period 2023

Shipping

In 2023, INSB Class noted a positive uptake in its classified services. New vessel registrations increased across key ship categories, while sustained preference by cargo ship operators for INSB Class classifications and statutory services. When compared to the year 2022 consolidated fleet, the total fleet count grew by + 6,6% in 2023.

Offshore

By end of 2023, 16% of our total aggregate registered tonnage was comprised of Floating Installation assets under the INSB Class register. We continued to demonstrate our developing capability to serve Mobile Offshore Drilling Units, Floating Production Storage and Offloading Vessels, FSUs and other specialized types of offshore support vessels.

Yachting

In 2023, INSB Class welcomed several notable yachts to its classification register, reflecting the organization’s growing expertise and reputation in the yachting sector. These additions demonstrate the developing versatility of INSB Class in serving a wide range of yachts, from pleasure crafts to large commercial vessels, while ensuring compliance with applicable safety standards and regulations.

Greek Shipping

In year 2023, the rate of our survey and certification operations for the Greek domestic marine segment remained strong, with the influx of +619 vessels entering anew into the INSB Class register, representing a +12% increase for newly entered vessels when compared against year 2022. Our sustained growth is indicative of our effective strategies and strong service orientation which reflects upon the trust placed in us by domestic ship operators.

Environmental

Throughout the year 2023, INSB Class provided comprehensive solutions to ship operators by delivering various environmental surveys, assessments, and certification services helping vessels meet normative compliance against environmental statutory standards, from MARPOL Annexes and Ballast Water Management system to Greenhouse Gas emissions reduction.

Inter-Industry Engagement

INSB Class increased its inter-industry involvement and extrovert activity in 2023 to promote marine and related cross-sector collaboration and information exchange. INSB Class shared ideas and best practices via conferences, marine events, and industry stakeholder discussion. These initiatives strengthened our classification society status and dedication to bridging industry gaps and driving collective progress.

AR 2023

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Annual Report 2023

Annual Report 2023