Release Notes 2017

Several new features and enhancements are available in VIP. 

A Look Back at 2017

This year, Veson Nautical delivered 130+ product releases to clients. New features and enhancements appear across the entirety of VIP, including the following areas:

Expanded Task and Alert Functionality
Rules-based Tasks and Alerts can now appear in workspaces associated with specific Cargo Names, Address Book entries, Vessels, and Ports; conversely, you can create Global Tasks that simply appear on the Tasks list. Tasks can automatically calculate Start/Due Dates based on date fields.

Robust Trading Solutions
Requires the Trading module
You can now manage commodity hedge trades, apply the Turnbull Wakeman (1991) approximation, monitor bunker exposure in FFA Trades, realize bunker exposure on Cargo contracts as bunkers are lifted, and analyze the unrealized P&L by line of business.

Powerful Bunker Planning Tools
On the Bunker Planning form, the new Optimize Liftings for Cargo check box enables you to automatically optimize liftings based on bunker prices at fueling ports specified in the Voyage Estimate Itinerary as well as the freight rate of a cargo. To quickly see planned bunker liftings in Estimate Details, hover over the bunker price field of a fuel type to be lifted.

Various Other Usability Enhancements
We implemented many changes intended to make VIP easy to use and integrate with your business practices. For example, all users can benefit from improved list performance and usability, administrators can create custom drop-down menus in User-Defined Fields, Chartering can add vessels from external sources directly to Voyage Estimates, Operations can create and report on custom P&L Snapshot Types, and Finance can set default remittance banks for companies in the Address Book.

Several new features and enhancements are available in VIP.

Key features and enhancements:

Create Custom Reports Using the New Report Designer
The Report Designer, available from the Reports list, enables you to create custom reports. You can apply filters that can decrease loading times, group data, create custom columns, and perform simple calculations. When you are finished, you can export your report.

Efficiently Manage Demurrage Claims
Requires the Claims module; configuration flags CFGShowDemurrageinClaimsList and CFGEnableDemTBTasks must be enabled
If you are in charge of Demurrage Claims, you can now view them in the Claims List. Tasks are automatically generated in the Demurrage Time Bar Task List to help you capture Demurrage Claim revenue in a timely manner.

Track Profit Sharing in the Voyage P&L
When profit sharing is enabled, on the Voyage P&L, you can now monitor Profit Share, Net Voyage Profit, and Net Daily Profit (Loss).

In Onboard, Manage Berth-Level Attachments
Requires Onboard
When viewing a berth, Onboard users can now add berth-specific attachments to the Documents panel. 

Create Custom Drop-Down Menus with User-Defined Fields
For a string type User-Defined Field, you can now create a predefined set of Values on the User-Defined Fields form, so that in the applicable object, the value of the field can only be selected from the predefined list.

Link Claims to FOB Cargoes
Requires the Claims module
On the Claims form, if the CP Reference is FOB Cargo, you can search for and select the specific FOB Cargo contract using the Reference No. field. When an FOB Cargo ID is selected, you can open the contract by clicking the Reference No. field link.

Several new features and enhancements are available in VIP. 

Key features and enhancements:

Value Trade Options Using the Turnbull and Wakeman Approximation
Requires the Trading module
On the Trading Profile form, in the Option Valuation Rules grid, you can now select Turnbull Wakeman (1991) for Delta and Pricing on the different option types.

Account for Bunker Exposure When Booking FFAs on $/ton or Worldscale Routes 
Requires the Trading module
On the FFA/Option Trade form, when a $/ton or Worldscale Route is selected, a new Bunker Exposure tab appears, on which you can track tonnage of bunker exposure for specified Fuel Types.

For Voyage Estimates, Optimize Planned Bunker Liftings
On the Bunker Planning form, a new Optimize Liftings for Cargo check box appears. When you select the check box and then enter bunker Prices for one or more fueling ports, suggested lifting amounts automatically populate at the ports with the lowest price. Optionally, when running bunker optimization, you can take into account the freight rate of one of the Cargoes on the Voyage Estimate.

On a Voyage Estimate, View Planned Bunker Liftings on Hover
If planned liftings exist on the Bunker Planning form, when you hover over a Price field on the Estimate details fuel grid, the Weighted Average prices of all Fuel Types appear as well as details about all Planned Liftings for the voyage.

View a Schedule of Open Positions
Requires the Cargo Matching module
In Matching, view Vessel Positions and Cargo Book in a new schedule view. Click the Gantt bars to open Voyages and Cargoes.

Minimize ECA or Piracy Routing on the Voyage Map
On Voyage Manager map view, you can now select Minimize ECA/Piracy Routing as part of the ECA and Piracy overlays; these options have the same effect as enabling ECA or Piracy Routing on the Voyage Properties panel. When these options are deselected, ECA and Piracy zones are avoided based on the vessel's routing preferences.

Manage Voyages in Operations Overview
Enabled by configuration flag Enable Voyage Manager Operations Overview, Voyage Manager Operations Overview displays bunkers, cargo handling, and voyage tasks organized by port call.

Set Up User-Defined Fields to Track Data Points Unique to Your Business
Administrators can now set up User-Defined Fields to be completed by users in the Voyages and Address Book workspaces.

Several new features and enhancements are available in VIP. 

Key features and enhancements:

More Standard Shipping Tools Now Available on the Web
Create Task & Alert Rules to automatically generate Tasks and Alerts that help your team to be productive.

• On the Pricing tab of a contract, select the Advanced Pricing check box to set up rules-based contract pricing.

• On a contract toolbar, click Add Unpriced Elements to record index-linked components.

• Access Port, TC Payment, TC Billing, Bareboat Payment, and (with the Barging module) Equipment Payment Schedules (Gantt charts).

• Create custom views of the Trading P&L Summary and Trade Details list and run built-in Trading Reports. Requires the Trading module.

• Add attachments to various forms by clicking Attachments on the toolbar.

On Cargo Contracts, Realize Bunker Exposure as Bunkers Are Lifted
Requires the Trading module, and configuration flag Auto Update Bunker Exposure on Voyages must be enabled
VIP can be configured to automatically update the Bunker Exposure Breakdown grid on the Cargo Exposure tab with consumption quantities from the associated Benchmark Estimate or Voyage.

Add Vessels from External Sources to Estimates
Configuration flag Enable Vessel Import from Estimate must be enabled, and additional licensing is required for vessel data feeds
VIP can be configured so that you can add vessels from Baltic99, Fairplay, and Q88 to Estimates, even if they do not yet exist on your Vessel List.

Select a Default Remittance Bank for a Company
Configuration flag Show Remittance in Cargo must be enabled
On the Bank Links tab of a Type W Address, to select a default Remittance Bank for each Currency, select the Default check box. On a Cargo, Cargo COA, or Time Charter Out, when the Company and Currency are selected, the Remittance Bank field autopopulates with the default value; you can choose a different bank, if needed.

Easily Access the Contract Associated with a Claim
Requires the Claims module
On a Claim, to open the contract it is linked to, click the Reference No. field link.

The following is a recording of the VIP webinar that was offered to clients on February 21 & 22, 2017. During these one-hour sessions, Veson Nautical’s Product Team presented and demonstrated highlights of VIP.