Vessel Performance Solutions launches a tool for Charter Party Monitoring

Sarah Carter
Sarah Carter

17 May 2018


Vessel’s owners that have their vessels in a tough charter market either on the spot market or in longer charter contracts wants to be sure to meet the contractual terms at all times.

The charter contract is normally given at a speed/consumption value for the vessel and to avoid costly claims, the owner wants to monitor the performance of the vessel very closely.

Operators face the challenges of selecting the best performing vessels in the market and subsequently monitor chartered vessels in different contracts.

The software tools from Vessel Performance Solutions keeps track of the operational costs and evaluates the performance towards benchmarks like the Charter Party contract. Through a consolidated software tool, the operators will have the ability to monitor and track the vessels performance from a set of easy accessible dashboards and reports.

The Charter Party monitoring module includes early warnings of any issues that could cause disputes towards the Charter Party contract. Once the contractual terms are inserted in the software and applied to the vessel, the monitoring is running continuously during the voyage/the time where the vessel is sailing under the terms. When the voyage ends, or at any given time interval, the full voyage overview is delivered through a report.

The reported data are based on what is sent from the vessel and in addition, Vessel Performance Solutions includes weather data from external providers (hindcast data). Either to verify the vessel data and/or deliver weather information at a higher frequency than what normally is given.