Vessel Experience Factor (VEF)
Average ratio of ship-measured quantity to B/L quantity across the last 25 voyages - the correction applied to future loaded quantities during custody transfer.
VEF
0.99502 -
Interpretation
Acceptable (±0.5 %)
Formula, assumptions, and limits
$$VEF = \frac{\sum BL}{\sum \text{Ship}}$$
Standard custody-transfer correction. Exclude first 5 voyages post-drydock and any voyage with documented abnormality (water pickup, tank unavailability, pipeline mistakes). Typical VEF 0.995–1.005.
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $\sum BL$ | Sum of bill-of-lading quantities | t | cargo documents |
| $\sum \text{Ship}$ | Sum of ship's loaded figures | t | cargo computer |
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