Voyager automates demurrage process to deliver faster calculations

(Posted on 29/11/22)

Voyager Portal has launched a new web-based tool for optimising the often complex demurrage process, while streamlining claim calculations and management.

Providing greater insight from port operations, the company’s new Demurrage Module reduces processing time by automatically capturing, logging and registering the data from SOFs (Statements of Fact) to help companies improve contracting and port operations.

“Demurrage has always been a risk factor and a significant cost in bulk and break-bulk shipping, especially during any supply chain disruption when problems with demurrage can be accentuated,” said Matthew Costello, CEO, Voyager Portal, adding that disruptions caused by the war in Ukraine has already seen dry bulk demurrage rates soar to US$70,000 per day for shipments from Russia.

“Extracting data from SOFs has always been a tough problem to solve, until now. Our new Demurrage Module helps our customers unlock insights and demurrage-saving opportunities 95% faster than they could before. Chartering, demurrage, and operations teams will see tremendous value from this new addition to the Voyager Portal product line.”

Demurrage teams would often spend days manually reviewing and processing each claim, but now the process takes minutes. After uploading SOF into the Demurrage Module’s parser, users can access via an easy-to-use dashboard automatically generated insights and metrics, such as port/berth congestion, average load/discharge rates, weather delays, and durations such as NOR to berth. Relevant events are then passed into a laytime calculator to evaluate deductions and create final demurrage estimates.

“With accurate and comprehensive data in hand, insights can really help with demurrage claims and the upfront negotiation of contract clauses for COAs or spot deals,” said Costello.

“Enhancing shipping operations and demurrage through technology has always been Voyager’s core business. But this new tool is a real game changer for charterers, traders, shipowners, brokers, agents, surveyors, terminals, or any other group that makes decisions based on information extracted from Statements of Facts," he said.

Voyager Portal is offering its Demurrage Module on a limited period trial basis where users will have access to the platform and gain invaluable data from port calls on a Proof of Contract type agreement.