Voyager, the operations and demurrage management platform for bulk commodity shipping, is urging shipping companies to take a proactive stance and adopt a number of Best Practices in order to reduce the costs and risks of demurrage. A dramatic surge in port congestion and associated supply chain disruptions have led to longer waiting times and higher demurrage costs, said Voyager co-founder and CEO Matthew Costello. “This issue is particularly severe in the bulk shipping sector, where demurrage costs can exceed 20% of the total freight cost for a voyage,” he said.
“However, demurrage doesn’t have to be a substantial burden on a company’s resources. By implementing three key Best Practices, companies can significantly reduce the cost of demurrage and streamline their operations.”
Voyager says companies should estimate and analyse demurrage in real-time, automate their Statement of Fact (SoF) data processing and logically analyse their charter parties.
“These changes will give your company the necessary tools to stay ahead, making informed, data-driven decisions that result in savings and greater efficiency,” said Costello.