Make your vessel voyages more profitable

Make your vessel voyages more profitable

The fragmented nature of many shipping companies creates a complex landscape of competing objectives, key performance indicators and decisions. Reconciling impacts of decisions taken by the chartering desk, the operations desk and the fleet management desk consumes major part of any day in life of a shipping company.

As the shipping market continues to evolve, operators must make decisions at a faster pace, sometimes without the chance for multiple teams to agree on the most beneficial strategy. Whenever objective of one team affects objectives of another, opportunities to profitability and efficiency rapidly diminish.

Since the voyage is the keystone block of shipping company performance, great attention is paid to fulfil the promised objectives of the charter contract, while optimizing a series of controllable and uncontrollable events arising in the course of each voyage. Delays at cargo origin port, weather-related routing changes, or delays at the freight destination port require operators to juggle charter commitment, vessel performance, and bunker inventory.

While the most common approach to accumulate data from all voyage-related events in a voyage management system, the complex dependencies between the data preclude operators’ efficiency in maintaining originally estimated voyage profitability, not to mention improving the yields from each voyage by adjusting vessel sailing strategies and vessel bunkering strategies. For this reason, operators benefit greatly from prescriptive form of analytics, where an algorithm mimics the thinking of the human operator, but considers many more factors and many more scenarios than a human operator would do. The area of the greatest impact from employing a specialized planning optimization solution is not surprisingly the bunker procurement area. While bunker generates in excess of 50% of a typical voyage cost, shipping companies long considered bunkering strategies as impossible to digitalize. Lack of transparency, opaqueness of decisions and bunker pricing dynamics were long cited as key obstacles to employ smart technology solutions in this area. No longer. Clever technology startups like BunkerMetric brought to market bunker procurement planning tools that seamlessly integrate with voyage management systems to improve voyage KPIs and influence major corporate-wide KPIs.

Learn how a specialized bunker strategy planning tool complements any typical voyage management system: Download “Is having a voyage management system enough?” briefing

In an increasingly competitive freight shipping world, operators need advanced planning optimization platform that integrates bunker-related information from within the shipping company, as well as, external data sources. The BunkerPlanner platform is the market-leading cloud solution for bunker procurement strategies. The bunkering optimization platform integration with the voyage management solutions ensures that chartering, voyage and bunkering strategies are aligned and that all key performance indicators are improved.

BunkerPlanner tie together all planning and execution processes required to improve voyage yields from optimizing the most costly component of voyages. As one of the BunkerMetric customers summed up “[Having BunkerPlanner daily prescription] facilitates a good starting point for bunkering discussions between bunker trader, the operator and the master.”

Learn how a major ship owner/operator empowered their vessel and bunker operators: Download “Top 4 Signs that your Shipping Business is ready to Profit from Optimized Planning”