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.
Formula
$$ VEF = \frac{\sum BL}{\sum \text{Ship}} $$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 |
Sources
- API MPMS Ch.17.9.
- OCIMF ISGOTT - Cargo operations.