Vessel Performance: Transparency in the Eyes of Charterers

In a world that is increasingly dominated by contracts and reports it is clear to see that software solutions, in particular ship performance monitoring applications, are helping to ease the paper stream.

Peter MantelIn a world that is increasingly dominated by contracts and reports it is clear to see that software solutions, in particular ship performance monitoring applications, are helping to ease the paper stream.

It is fast becoming ‘business as usual’ for the performance of every ship to be monitored. This is significantly apparent as an increasing number of ships are being operated under charter party agreements. For the charterers operating ships under the auspices within their ship-specific charter party agreements, the importance of understanding all the vital statistics about a ship’s voyage is crucial.

In this week’s spotlight Fathom spoke to Peter Mantel, Managing Director, BMT Smart Ltd. and event sponsor for both Ship Efficiency the Event and Ship Performance Management Seminar, to ascertain why this pioneering company sought to develop a solution based upon the demand from charterers to have increased reporting tools at their disposal – a move that has seen BMT SMART launch a brand new operational data transparency module for charterers.

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Charterers: The Earliest Adapters?

Peter Mantel believes that charterers are the early adapters and drivers of ship performance monitoring technology. He described how it is from the chartering community that BMT SMART have received most requests and orders for their software solutions and platforms, as Mantel pointed out, due to the fact that “Charterers require greater transparency of what actually happens onboard the ships”.

With an air of realism, Mantel highlighted a primary issue that is central to the uptake of solutions within this field; although ship performance monitoring can offer rife rewards there is still a certain amount of scepticism that needs to be overcome.

Why is Data Transparency so Important?

The pre-emptive nature of the charterer-specific solutions that BMT SMART is offering are based upon the primary fact that a charterer will require ship information to compare the Key Performance Indicators (KPIs) to the charter party agreement. Therefore, the charterers, in Mantel’s experience, are pushing for tools that can monitor and report on the performance of the ship under charter.

Mantel also described the resonating effect that this push will bring into the market. It will ensure performance readings are of greater accuracy and that any human error during the traditional noon reporting process will be reduced or nullified completely.

This new module that BMT SMART has created, following demand from charterers, evolved through consultation with the charterers, and for those that adopt the module, it will allow them and the linked ship owners to compile reports in real time...

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