The Value of a Digital Solution for Charterers

How to optimize pre-fixture workflows to fix the most profitable business

Quickly and accurately calculating freight is the core function within any Chartering department and forms the basis for the practical and financial performance of a given voyage. The ramifications of one wrong decision – one missed opportunity – ripples throughout the rest of the deal chain.

As the shipping industry continues to evolve, a charterer’s role has become more and more complex. Every day, charterers are hit with massive amounts of data from myriad sources – data sourced from market feeds, emails from counterparties, phone calls from agents or brokers, and requests from internal stakeholders. When data streams in from multiple, disparate data sources, it can be incredibly difficult to manage – not to mention analyze – in order to make informed decisions.

Learn how you can manage your voyage estimation data in one centralized, connected workspace – download the one-pager on Veson’s Chartering module.

As the person responsible for fixing the most profitable business for your organization, the modern charterer must be able to leverage data in a streamlined, organized workflow; capture contracts, evaluate estimates, and schedule voyages.

1.) Capture Contracts

Contracts are the backbone of any Commercial maritime workflow; contract details include freight rate, COA’s, laycan, and more. The freight market keeps evolving, and the underlying contracts grow more complicated with each negotiation. Ideally, your contract capture system will help you understand the terms and impact of each contract each time you move to fix a cargo, and ensure this data remains up to date regardless of contract complexity.

2.) Evaluate Estimates

Many factors can impact the ultimate P&L of a voyage; in order to book the best business, you need to evaluate multiple estimates against each other, to measure the impact of each unique consideration. Ideally, your estimate evaluation workflow includes side-by-side estimate comparison – showcasing variations due to factors such as speed, consumption, or bunker plans – with an estimated P&L updated in real time.

3.) Schedule Voyages

As a charterer, the most important part of your job is matching the right cargo to the right vessel, scheduling your voyages to optimize profit and efficiency. With many available cargoes and vessels, the best match is not always apparent. Ideally, you would be able to optimize scheduling for every vessel you manage, measuring the opportunity cost of each decision against the rest of your fleet in an intuitive, dynamic manner, with real-time updates that reflect changes in your fleet.

A Digital Solution for Charterers

In an increasingly digital world, Charterers need a software platform that integrates information not only within an organization, but also with key external data sources and counterparties. Veson Nautical’s Veson IMOS Platform is the market-leading cloud solution for commercial marine freight and fleet management. The Platform’s Chartering solution combines best-in-class voyage estimation with a full, detailed contract capture – delivering the insight your team needs to take advantage of every market opportunity.

Learn how the Veson IMOS Platform can optimize your chartering desk.

Veson IMOS Platform Chartering Demo Video DEMO VIDEO WATCH THE VIDEO
Blog Author Josh Luby Product Manager