Today we started the academic portion of our trip. We started strong with 3 companies and 3 site visits. Starting off with BSM, we sat in a classroom type area learning about their company, specifically the training section. We learned about IMOs (International Maritime Organizations) which develops a regulatory framework for shipping. We also learned to how these relate to STCWs (Standards of Training, Certification, and Watchkeeping) which sets qualification standards. I found it interesting that out of the 650 vessels that they operate, they own 80 of them. As a business major, this level of owner’s equity is impressive to me.
After BSM, we went to another ship management company called Columbia Ship Management. I enjoyed this one more not just because I came in with prior knowledge about ship management, but also because I felt it was more interactive. This presentation was more focused on the company as a whole rather than the previous presentation which was about training. At CSM, we learned about their vertical integration. I found it interesting that they said that they have become vertically integrated with services not on purpose, but because they are just providing the services that their customers want. Since they are a private company, they are able to pivot and constantly diversify their offerings. This vertical integration is only under management, not building, because they outsource the buying of most of their materials to other companies.
After an hour and a half of free time near the Marina, we went to our last site visit of the day called Medochemie. This was the company that my group researched during our pre-departure meetings so I was well prepared with information and questions. The person presenting to our group was the director of supply chain so his presentation was extremely information in our area of study. First we learned about the operational, tactical, and strategic planning of their company which I found very interesting. One thing that he mentioned that stuck out to me later in the lecture was that you will always have losses but the goal is to minimize them. This really stuck with me personally because it changed my mindset. I have always thought that everything had to be perfect but this made me realize that since everything will not always go the way it is planned, I have to focus on minimizing the stuff that does not go the way I imagine.
My favorite part of the day was when we went on their warehouse tour. Not only was it cool to see the 2500 palettes, but he said something very interesting. He mentioned that they use a FIFO (first in, first out) inventory system. As an accounting major, I have studied the FIFO and LIFO systems extensively so it was really cool to see a real life example up close. I can’t wait to attend more site visits and learn things that relate to what I am learning in school!
