UC-806
Measure Every Vessel on Hire Against What It Did to find the days that do not earn
Holds every vessel on hire against what it actually did, and shows where a sailing, a standby day or a whole vessel is not earning its rate.
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The Challenge
Norwegian North Sea PSV and AHTS day rates are reported by the trade press, but Westshore's own series is not published and no Norwegian term rate series exists in public, so no market rate is treated as confirmed here. Spot rates reported from Fearnleys for January and February 2025 moved between about NOK 170,000 and about NOK 1.4 million a day within one month, which shows why an external series would settle nothing. The engine therefore measures OMV's own charter rates against OMV's own vessel movements, which needs no external series at all.
How It Works
- The engine holds every vessel on hire with its charter rate and terms and matches it to what the vessel actually did each day.
- It separates sailing, waiting, standby and idle days and shows where a sailing, a day or a whole vessel is not earning its rate.
- It does not release or fix a vessel; the Marine Superintendent decides, and the engine quotes no external market rate because none is published for Norway.
What It Removes
- Utilisation measured against an unpublished market rate
- Standby days that nobody counts
- Vessels on hire with no record of what they did
Input Data RequirementsCharter parties and rate terms, vessel movement and position logs, cargo manifests and backload records, port and supply base call records, the drilling and installation lookahead, and off hire and downtime records.
Output FormatDashboard showing each vessel on hire, its days by activity type and the days that did not earn against the charter.
“I can see my own rates and my own movements, and that is enough to show me where a vessel is idle.”