Vessel Experience Factor
Resolve uncertainty & know what is on board
Industry standard for estimating actual cargo volumes using historical ship-to-shore ratios
As set out in the American Petroleum Institute (API) Manual of Petroleum Measurement Standards Chapter 17.9, the Vessel Experience Factor is a ratio of ship-to-shore ratios, used to determine custody transfer quantitates when shore measurements are not available. As such it is a key tool for cargo owner Loss Control departments and an important tool for inspectors in order to ensure a high level of customer service and data accuracy.
Navarik’s proprietary VEF data collection and reconciliation system validates a vessel’s ship-to-shore ratios across inspections performed by multiple inspection companies and across multiple ship charterers. This means it is much more accurate that the ratio as calculated using just the data from one inspection company of one cargo owner. This ensures that when a VEF figure is used to adjust the ship figures for the purposed of determining custody transfer amounts, this is measured with the most precision available anywhere in the industry.
Navarik VEF enables the accuracy of loss control functions as follows:
- After completing an inspection, the inspector forwards the inspection report to Navarik
- We note the cargo transfer details (e.g. vessel, date, product, port, etc) and match this report against historical reports received for the same vessel.
- We reconcile this inbound data for accuracy and completeness, and sequentially order the reports to determine what qualifies for calculation as per API Manual Chapter 17.9.
- We include validated data which was based off of the VEF as at the time of the inspection for presentation, but not include it in the calculation of the current VEF, also as per API Manual Chapter 17.9.
- We present the relevant data for customer view, including scrubbing all privacy information and confidential data related to the inspection itself. The only data presented is that which is suggested under API Manual Chapter 17.9 to assess the accuracy of the VEF. The individual inspection reports used to calculate the figure are not viewable.
- Should an inspector or ship charterer need access to the VEF for a vessel, they can trust that the ratio will be as accurate and up-to-date as is possible.
Features & Benefits
- Data collected from across the industry, removed from silos
- Data reconciled and corrected to account for duplicated reports & reports issued for a partial transfer
- Premier solution which complies with and support the API guidelines for VEF
- Confidential data not accessible to competitors
- Vessel-specific measurement data mitigates risk