One of the challenges that operators face is how to pick the ship which will have the best performance, and how to monitor chartered vessels in different contracts.
The new software monitors the operational costs and evaluates the performance towards benchmarks like the Charter Party contract, and will try to give the operators the ability to monitor and track their vessel's performance from a set dashboards and reports.
The Charter Party Monitoring features warnings of any issues that could result in disputes towards the Charter Party contract. Once the contractual terms are inserted in the software and applied to the vessel, the monitoring will be operating during the voyage, where the vessel is sailing under the terms. When the voyage ends, the voyage overview is delivered via a report.
The reported data are based on what is sent from the vessel and in addition. Moreover, the software will include weather data, to verify the vessel data or deliver weather information.