Oil Loss

Cargo loss is inherent to the maritime movement of oil and can significantly affect overall profitability if left unchecked.  Loss control groups are responsible for minimizing and controlling loss through monitoring, verifying measurements and attaining compensation for excessive losses.  If you work in oil loss, identifying high loss voyages, determining the leg of the voyage where the loss occurred and initiating corrective action is a key part of day-to-day operations.

Navarik Inspection™ collects the key measurement data on the custody transfers of crudes, products, chemicals and LNG.  Losses are automatically calculated and instant notifications are sent if the quantity actuals fall outside an acceptable range.  Navarik Inspection generates a 4-point oil loss analysis upon completion of every voyage.  This method of calculating and identifying loss claims eliminates time-intensive manual reconciliation and reduces the risk of potential loss claims going unnoticed or getting miscalculated.  The 4-point oil loss analysis highlights:

• Shore-to-ship difference at load
• In-transit loss
• Ship-to-shore difference at discharge
• Shore-to-shore overall summary

Data from multiple voyages can be analyzed together to determine average losses by load port, discharge port, grade and vessel.  High loss risks can be identified for vessels or terminals with consistent measurement biases, and vessel experience factors (VEF) generated for load and discharge to mitigate risk.