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It’s Time: Key Signals You Need a Commercial Voyage Management System

October 14, 2022

Veson Nautical The Veson Team

5 Minute Read

The decision to adopt a commercial voyage management system is one of the most important decisions a modern maritime shipping organization can make. Amid widespread digitalization, increasingly complex contracts, heightened market volatility, shrinking margins, nuanced environmental considerations, and a multifaceted deal chain, it’s not surprising the majority of maritime shipping organizations have abandoned homegrown or legacy solutions in favor of more agile digital solutions to support their voyage workflows.  

And yet, digital adoption is not universal. Whether you’re an upstart that is starting to feel the growing pains or a tenured organization with a long legacy of success, if you haven’t yet made the leap to a VMS, you’re not alone.  

But how do you know when your organization really needs a VMS? Read on for seven important signals that indicate it may be time for your organization to adopt a capable, digital VMS.    

1. You’re minding internal knowledge gaps more than you’d like.   

As the maritime industry becomes more regulated and your organization becomes more complex, the success of a voyage is dependent upon an increasing number of systems and stakeholders. Without a tightly integrated, accessible solution, organizations can face critical gaps in knowledge that slow things down and cost them money. If you’re finding your chartering team increasingly disconnected from ops, or your accounting team unaware of important voyage P&L data, it’s probably time.  

A proper VMS will integrate seamlessly with your core internal solutions, including accounting systems, to serve as a single source of truth for voyage information. In addition, a cloud-hosted solution provides the accessibility stakeholders require to ensure alignment and access the same, up-to-date information.  

2. Manual data entry is weighing your team down.   

The maritime shipping industry has long relied on manual processes for chartering and voyage operations, impeding efficiency, weighing down team satisfaction, and leaving ample room for oversights. Manual entry comes with its fair share of issues, one of which is the pervasive lack of standardization that makes meaningful analysis challenging if not impossible. Is your team spending a disproportionate amount of time entering the same data, again and again? Do you find that your data is inaccurate, incomplete, and unstandardized? That’s signal number two.  

By adopting a proper VMS, organizations can bring new automation to the voyage management workflow, freeing up busy stakeholders’ time for the most valuable tasks. Instead of juggling hundreds of emails and manual data entry, maritime shipping stakeholders can access the information they need, where and when they need it, in one, connected system. The result? Faster workflows, better information, happier stakeholders, less error… the list goes on.  

3. Your business is growing.   

While a VMS can deliver significant advantages to organizations with just one vessel, its importance only heightens as a business grows. Every voyage workflow has a variety of complex variables that must be carefully managed, from contract details, to claims, bunker costs, and more. This becomes even more challenging as more and more voyages are chartered. If you started with a single vessel and have added one or two more, you’re probably feeling the (growing) pains. For organizations with a few commercial vessels, the shortcomings of spreadsheet-based systems are all too real.  

Fortunately, a proper VMS delivers the automation and integration needed to optimize each voyage’s performance at scale. With full visibility into every voyage—past and present—a VMS enables the organization to learn from historical performance, enhances connectivity between chartering and operations, replicates best practices, and provides a complete view of the business as it grows.  

4. You’re finding inaccuracies in your P&L.   

The P&L is a key indicator of voyage performance, and it has become especially important as the costs of key voyage inputs continue to rise. When relying largely on manual processes or legacy systems, organizations tend to face frequent inaccuracies that prevent a full understanding of performance and inhibit their ability to optimize decisions. Have you found several errors that negatively affected your profitability, or gave you a false sense of performance? It doesn’t have to happen.  

With a proper VMS, organizations can maintain a timely and accurate view of P&L at all times to enhance decision making during and after the voyage. As noon reports are received, the organization can immediately assess P&L impact, enabling them to prioritize voyage profitability and enhance their overall commercial success. 

5. You’re disconnected from what’s happening in the market.   

The bulk commodities markets and, by extension, commercial freight markets, are highly volatile and unpredictable at times. Maritime shipping organizations must have a continual awareness of fluctuations in the market at large as these shifts have a significant impact on contract prices and profitability. Do you find yourself relying on guesswork and gut instinct when looking for market context? If so, you’re seeing signal number five. 

One of the primary advantages of the VMS is its ability to provide insight into market realities, including AIS data and information that can be used for competitive benchmarking. Ultimately, market context yields better decisions, and better decisions yield competitive advantage.  

6. You’re not sure where sustainability fits.   

What greater impetus to adopt a VMS than the ability to understand the environmental impact of each and every voyage? As the regulatory landscape continues to intensify and carbon accounting comes into focus, emissions-based decision making has emerged as a critical success factor for maritime shipping organizations of all shapes and sizes. Does your existing system consider emissions in your chartering and operational decisions? If the answer is no, the transition to a better VMS is inevitable.  

A proper VMS can couple commercial decision support with environmental decision support, which must be present at all parts of the voyage—from chartering to route optimization, ongoing voyage operations, and more. Emissions reporting sheds light on environmental impact over time, and enables maritime shipping organizations to prioritize emissions reduction in their long-term strategies.   

7. You find yourself looking for metrics you don’t have.   

Commercial maritime shipping generates a wealth of data— up to 120 million unique data points each day. This data is key to decision making, providing insights around emissions, costs, competitor positions, and much more. But without a way to access this information in a usable format, many organizations fail to realize the full potential of their data. Even if you can calculate your business’s KPIs, getting at them might feel like performing surgery using your existing macro-based systems. For today’s maritime shipping organizations, data-driven decision support is a key source of competitive advantage. If you don’t have the insight you need, chances are it’s time for a change.  

A proper VMS centralizes and standardizes critical voyage and market data, providing maritime organizations visibility into key metrics at all times. These data can be used by stakeholders throughout the organization to make more informed decisions, optimize operations, shape market-leading strategies, and maximize success.  

Complex workflows, made simple with Q88 VMS  

If you’re seeing any of these signals in your organization today, it might be time to start thinking about a voyage management system. It’s important to note that the switch to a VMS doesn’t have to be intimidating or hard. It doesn’t have to re-engineer your existing workflows. And it doesn’t have to disrupt your operations.  

  Q88 VMS provides comprehensive tools for complex voyage management workflows, with timely and accurate visibility into voyage performance, custom alerts, robust integration capabilities, and more. In addition, Q88 fast-tracks your path to an effective voyage management system with quick implementation, minimal training, and an intuitive, cloud-based interface so that your organization can begin to realize the value of your VMS investment as quickly as possible.  

Are all signs pointing to Q88 VMS? Request a demo to learn what makes us the best choice for your business.   

About the Author

Veson Nautical delivers maritime freight management solutions that propel the global shipping economy. Trusted by buyers and sellers of bulk marine freight in every region of the world, Veson solutions are responsible for managing $109 billion in freight traded and moving 4.4 billion metric tons in annual trade each year.

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Virgin Voyages Takes Future Sailors on Musically Guided Cinematic Journey at Sea

MIAMI, FL – January 6, 2023  – Virgin Voyages, Richard Branson’s award-winning and five-star-rated cruise and travel brand, celebrates the start of an epic 2023 with the launch of a video inspired by a music video. “The Voyage'' was crafted by visionary director Jonas Åkerlund to celebrate the exclusively adult experience and takes viewers on a cinematic journey through 24 hours at sea. The video is musically guided by a reimagining of Culture Club’s iconic, 1983 song, “Karma Chameleon,” featuring pop-artist Drew Love. Originally released by Virgin Records, the new Virgin Voyages-inspired tropical house tune is debuting during the 40th anniversary of the original song’s iteration, paying homage to its Virgin roots with the iconic tune as backdrop to exclusively-adult sailing experience. 

Starring real Virgin Voyages Crew members and Sailors, the video was inspired by their first-hand experiences on-board. “The Voyage” was filmed on the brand’s first ship in the fleet, Scarlet Lady, and captures the essence of what it’s like to travel with Virgin Voyages, incorporating moments of relaxation such as sunset yoga and the serenity of vacationing at sea. At the helm is acclaimed Swedish director Jonas Åkerlund, whose work has been internationally awarded for feature films, documentaries, music videos, commercials and stage shows. Beyond these projects, Åkerlund has directed music videos for renowned artists from Madonna, Lady Gaga and Beyoncé, to The Rolling Stones, Paul McCartney and Maroon 5. Working together with the team at Virgin Voyages, Åkerlund’s melodic, visually-driven storytelling was the perfect creative match to bring to life the feeling of transformative sailing aboard a Virgin Lady Ship. Alongside this creative vision, the brand partnered with vocalist and songwriter, Drew Love – of the band THEY. – whose sound spans across genres including R&B, pop, dance and hip hop. Apart from THEY., Love pursues independent, solo projects and co-writes for other artists including G-Eazy, The Chainsmokers, SG Lewis, Louis the Child and John Legend. 

Nathan Rosenberg, Chief Brand Officer of Virgin Voyages said , “We have won the hearts and minds of hundreds of thousands of Sailors who have fallen in love with Virgin Voyages because we created an experience everybody could love. As we continue to showcase our ships to the world, we wanted to share what it’s like on-board based on what our Sailors have told us and shared on social. It features real crew and is a celebration of travel and Voyaging. “The Voyage'' music video shows this in such a unique and relatable way, from a quiet and restorative feeling, to a dreamy, curious and energetic state."

Jason Xenopoulos, Co-Chief Creative Officer for North America at VMLY&R said , “We believe that brands should create culture rather than interrupting it. “The Voyage” is an example of how music and entertainment can be used to tell a brand story while delivering an authentic entertainment experience to the audience. Virgin Voyages deserves more than an ad campaign, and we are delighted that we could create an entertainment experience instead – one that will live in culture where this brand belongs.”

Delivered as a methodically-driven short film, Virgin Voyages tells its story through the lens of the Sailor experience, all firmly rooted in the musical DNA of Virgin. This new music video also coincides with the launch of the new brand campaign, “Now We’re Voyaging.” In 2018 Virgin Voyages invited travelers to “Stray the Course” and consider the possibilities and innovations in cruise travel. In 2021, Richard Branson’s new company invited travelers to “Set Sail the Virgin Way,” asking Sailors to expect the unexpected. Often called a disruptor in the travel sphere, Virgin Voyages is elevating the experience yet again. Now We’re Voyaging . The brand campaign exemplifies the duality of excitement and relaxation Sailors can expect aboard Virgin Voyages’ award-winning vessels.

Even as the newest cruise brand to enter the industry, Virgin Voyages has been making waves since its first sailing in 2021. With more five-star ratings than any other cruise line on TripAdvisor and numerous industry awards and accolades , the company welcomes 2023 as its most exciting year to-date . On the horizon, Virgin Voyages will take delivery of two additional ships – Resilient Lady and Brilliant Lady – sailing to exciting new destinations including Greece and Australia.

To enjoy the sounds of Virgin Voyages’ modern take on Karma Chameleon and dive into the world of “Now We’re Voyaging,” visit here . For more information on Virgin Voyages and where the company sails, visit www.VirginVoyages.com or call your First Mate. 

About Virgin Voyages

Set Sail the Virgin Way with Virgin Voyages, the irresistible travel brand founded by Sir Richard Branson. Delivering epic vacations at sea, Virgin Voyages launched at the end of 2021. The brand's four Lady Ships – inspired by 50+ years of Virgin history -- include Scarlet Lady, Valiant Lady, Resilient Lady and Brilliant Lady. Designed for discerning travelers, Virgin Voyages offers relaxing, exclusively adult (18+) sailings. Working with a Creative Collective of the world’s most sought-after designers, performance artists and architects, Virgin Voyages delivers an enchanting boutique hotel at sea with fresh, elevated spaces that strike the perfect balance of nautical chic and glamour. Currently departing from the sun-soaked cities of Miami and Barcelona – and soon to include Athens, San Juan and Melbourne – the fleet offers itineraries to more than 100 awe-inspiring destinations across four continents. Virgin Sailors are spoiled for choice with 20 eateries offering Michelin-star culinary experiences all included, a festival-like line-up of entertainment, stylish and comfortable cabins, Rockstar Quarters, authentic and locally inspired shore excursions, and a dose of Vitamin Sea with well-being naturally intertwined throughout the experience. Promising to Create an Epic Sea Change for All, Virgin Voyages also puts sustainability front and center.

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Cargill, Voyage Foods partner to scale up alternatives to cocoa-based products

The partnership will help meet consumers' indulgence needs..

courtesy of: Cargill / Noel Barnhurst

With demand for even more sustainable global confectionery products expected to rise, Cargill has announced a new commercial partnership with Voyage Foods to scale up and deliver healthy and more sustainable alternatives to cocoa-based products along with nut spreads without their traditional ingredients: peanuts and hazelnuts.

Cargill will be the exclusive B2B global distributor for Voyage Foods , expanding its traditional chocolate portfolio to bring even more sustainable alternatives for cocoa-based products to its customers for the very first time. These alternatives to cocoa-based products—or the cocoa-free confectionery range—will be used in the recipe formulation for categories such as bakery, ice cream, and confectionery, complementing and diversifying Cargill’s traditional chocolate portfolio to provide a broader range of solutions that are vegan, label-friendly, and produced with no nut nor dairy allergens used in the recipe formulation.

“Cargill is proud to partner with Voyage Foods, investing in the next generation of even more sustainable food solutions. We want to be our customers’ main source of inspiration and growth, setting new standards for innovating and collaborating. To do this, we’re anticipating future trends by focusing on exciting, high-value categories such as ice cream, sweet bakery, and chocolate confectionery,” explains Inge Demeyere, managing director of bakery, ice cream and chocolate confectionery Europe at Cargill.

“Alternatives to cocoa-based products are a great accompaniment to the traditional chocolate solutions that Cargill offers its customers,” she adds. “This partnership is just one of the many ways that we are future-proofing our portfolio and meeting consumer demands and market regulations when it comes to even more sustainable options.” 

Voyage Foods uses its proprietary technology to replicate products and applications with the chocolate flavor that consumers know and love. 

“Voyage Foods has always been focused on solving human and environmental health challenges through food. The best way to accomplish this is by supplying the world's food brands and manufacturers with our impactful ingredients. Partnering with Cargill, a leader in the food industry for over 100 years, is the perfect way to scale these solutions globally to offer food manufacturers the ability to integrate cocoa-free confectionery and spreads, produced with no nut or dairy allergens used in the recipe formulation, into their portfolios. Together, we’re amplifying our impact on people and the planet,” says Adam Maxwell, CEO and Founder of Voyage Foods.

The cocoa-free confectionery range will be available in Europe and will follow shortly in other regions globally. To find out more, click here .

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Liz Parker is the senior editor of Candy Industry  and  Snack Food & Wholesale Bakery,  and has worked at BNP Media since 2012. She has written for CBS Detroit as well as for her own blogs. She earned a Bachelor of Arts in Creative Writing from the University of Michigan. Liz can be contacted at (248) 839-7156 or at  [email protected] .

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First refuelling for Russia’s Akademik Lomonosov floating NPP

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The FNPP includes two KLT-40S reactor units. In such reactors, nuclear fuel is not replaced in the same way as in standard NPPs – partial replacement of fuel once every 12-18 months. Instead, once every few years the entire reactor core is replaced with and a full load of fresh fuel.

The KLT-40S reactor cores have a number of advantages compared with standard NPPs. For the first time, a cassette core was used, which made it possible to increase the fuel cycle to 3-3.5 years before refuelling, and also reduce by one and a half times the fuel component in the cost of the electricity produced. The operating experience of the FNPP provided the basis for the design of the new series of nuclear icebreaker reactors (series 22220). Currently, three such icebreakers have been launched.

The Akademik Lomonosov was connected to the power grid in December 2019, and put into commercial operation in May 2020.

Electricity generation from the FNPP at the end of 2023 amounted to 194 GWh. The population of Pevek is just over 4,000 people. However, the plant can potentially provide electricity to a city with a population of up to 100,000. The FNPP solved two problems. Firstly, it replaced the retiring capacities of the Bilibino Nuclear Power Plant, which has been operating since 1974, as well as the Chaunskaya Thermal Power Plant, which is more than 70 years old. It also supplies power to the main mining enterprises located in western Chukotka. In September, a 490 km 110 kilovolt power transmission line was put into operation connecting Pevek and Bilibino.

Image courtesy of TVEL

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For the first time Rosatom Fuel Division supplied fresh nuclear fuel to the world’s only floating nuclear cogeneration plant in the Arctic

The fuel was supplied to the northernmost town of Russia along the Northern Sea Route.

The first in the history of the power plant refueling, that is, the replacement of spent nuclear fuel with fresh one, is planned to begin before 2024. The manufacturer of nuclear fuel for all Russian nuclear icebreakers, as well as the Akademik Lomonosov FNPP, is Machinery Manufacturing Plant, Joint-Stock Company (MSZ JSC), a company of Rosatom Fuel Company TVEL that is based in Elektrostal, Moscow Region.

The FNPP includes two KLT-40S reactors of the icebreaking type. Unlike convenient ground-based large reactors (that require partial replacement of fuel rods once every 12-18 months), in the case of these reactors, the refueling takes place once every few years and includes unloading of the entire reactor core and loading of fresh fuel into the reactor.

The cores of KLT-40 reactors of the Akademik Lomonosov floating power unit have a number of advantages compared to the reference ones: a cassette core was used for the first time in the history of the unit, which made it possible to increase the fuel energy resource to 3-3.5 years between refuelings, and also reduce the fuel component of the electricity cost by one and a half times. The FNPP operating experience formed the basis for the designs of reactors for nuclear icebreakers of the newest series 22220. Three such icebreakers have been launched by now.

For the first time the power units of the Akademik Lomonosov floating nuclear power plant were connected to the grid in December 2019, and put into commercial operation in May 2020. The supply of nuclear fuel from Elektrostal to Pevek and its loading into the second reactor is planned for 2024. The total power of the Akademik Lomonosov FNPP, supplied to the coastal grid of Pevek without thermal energy consumption on shore, is about 76 MW, being about 44 MW in the maximum thermal power supply mode. The FNPP generated 194 million kWh according to the results of 2023. The population of Pevek is just a little more than 4 thousand, while the FNPP has a potential for supplying electricity to a city with a population of up to 100 thousand people. After the FNPP commissioning two goals were achieved. These include first of all the replacement of the retiring capacities of the Bilibino NPP, which has been operating since 1974, as well as the Chaunskaya TPP, which has already been operating for more than 70 years. Secondly, energy is supplied to the main mining companies in western Chukotka in the Chaun-Bilibino energy hub a large ore and metal cluster, including gold mining companies and projects related to the development of the Baimsk ore zone. In September 2023, a 110 kilovolt power transmission line with a length of 490 kilometers was put into operation, connecting the towns of Pevek and Bilibino. The line increased the reliability of energy supply from the FNPP to both Bilibino consumers and mining companies, the largest of which is the Baimsky GOK. The comprehensive development of the Russian Arctic is a national strategic priority. To increase the NSR traffic is of paramount importance for accomplishment of the tasks set in the field of cargo shipping. This logistics corridor is being developed due regular freight voyages, construction of new nuclear-powered icebreakers and modernization of the relevant infrastructure. Rosatom companies are actively involved in this work. Rosatom Fuel Company TVEL (Rosatom Fuel Division) includes companies fabricating nuclear fuel, converting and enriching uranium, manufacturing gas centrifuges, conducting researches and producing designs. As the only nuclear fuel supplier to Russian NPPs, TVEL supplies fuel for a total of 75 power reactors in 15 countries, for research reactors in nine countries, as well as for propulsion reactors of the Russian nuclear fleet. Every sixth power reactor in the world runs on TVEL fuel. Rosatom Fuel Division is the world’s largest producer of enriched uranium and the leader on the global stable isotope market. The Fuel Division is actively developing new businesses in chemistry, metallurgy, energy storage technologies, 3D printing, digital products, and decommissioning of nuclear facilities. TVEL also includes Rosatom integrators for additive technologies and electricity storage systems. Rosenergoatom, Joint-Stock Company is part of Rosatom Electric Power Division and one of the largest companies in the industry acting as an operator of nuclear power plants. It includes, as its branches, 11 operating NPPs, including the FNPP, the Scientific and Technical Center for Emergency Operations at NPPs, Design and Engineering as well as Technological companies. In total, 37 power units with a total installed capacity of over 29.5 GW are in operation at 11 nuclear power plants in Russia. Machinery Manufacturing Plant, Joint-Stock Company (MSZ JSC, Elektrostal) is one of the world’s largest manufacturers of fuel for nuclear power plants. The company produces fuel assemblies for VVER-440, VVER-1000, RBMK-1000, BN-600,800, VK-50, EGP-6; powders and fuel pellets intended for supply to foreign customers. It also produces nuclear fuel for research reactors. The plant belongs to the TVEL Fuel Company of Rosatom.

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Pophouse, the Swedish company behind ABBA Voyage buys KISS’ music catalog for $300 million

The rock band KISS is selling its song catalog, as well as its name, image and likeness, to Pophouse Entertainment Group AB, the Swedish company behind the popular ABBA Voyage live avatar performance.

Pophouse is paying more than $300 million, according to a person familiar with the matter who asked not to be identified discussing the terms of a private deal. The agreement includes master recordings and publishing rights.

Pophouse wants to turn KISS into an act that remains popular in culture long after its members stop making new music and performing. The company has announced plans to make a biopic about the group, as well as a live music show featuring avatars of its members.

Pophouse has already made a live show featuring the members of ABBA, the legendary Swedish pop group. That show, called ABBA Voyage, is making more than $1 million a week in London. Tens of thousands of fans flock to an arena purpose-built for the show to watch avatars of the group perform hits like  Dancing Queen  and  Chiquitita . ABBA’s Bjorn Ulvaeus founded Pophouse with Swedish investor Conni Jonsson.

Bassist and KISS co-lead singer Gene Simmons and his band mates started talking to the team at Pophouse a couple of years ago in the midst of their final tour, the  End of the Road  World Tour. The rock band, formed by Simmons and Paul Stanley in the early 1970s, has sold more than 100 million albums worldwide, and their final tour stretched over five years. 

KISS and Pophouse and have spent many months working through future projects, and the members of KISS have already flown to Walt Disney Co.’s Industrial Light & Magic to put on bodysuits and have cameras capture their performances for the avatar show.

“Kiss the touring band is over — we’ve stopped touring after 50 years,” Simmons said in an interview. “What Pophouse will do with our images, our music and our personas is unlike anything anyone has ever seen.”

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Beer brewers like Carlsberg and AB InBev expect taps to flow this summer but for spirit makers, it doesn’t look as rosy

A German law protecting Sundays is forcing a supermarket chain to close even its robotic shops. But experts aren’t sure that’s sustainable

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$2.3 billion hedge fund manager on his move from New York to Florida: ‘I know of no business that has generated long term success by driving away its highest paying customers’

The Trump donor whom Biden can’t fire is running the U.S. Postal Service directly into the ground—just what everyone warned about when he was confirmed during the pandemic

Billionaire and Virgin Group founder, Richard Branson’s wealth has tumbled by more than half since 2021 to $3bn as SPAC problems gave him ‘a big jolt from the side through COVID’

Air Canada pilots land a Boeing 737 in Idaho after another in-flight emergency

Donald Trump booted from prestigious list of billionaires after Truth Social parent’s swan dive

America is debating whether to raise the retirement age—but boomers are already working well into their sixties and seventies