Skip to main content
Skip table of contents

What are the calculations behind each CVE "Rate Type"?

There are three "Rate Types" that a user can choose for the Common Voyage Expenses when creating a contract in the Veson IMOS Platform as can be seen in the below screenshot (Per 30 days, Average Monthly and Monthly):

And below you can find the methodology each "Rate Type" uses to calculate the final amount:

  • Per 30 days

    • (Rate/30) * Days in Hire
      i.e. if the Rate for Victualling is 1500 USD and the Days in Hire is 31 days it will look like this:
      (1500/30) * 31 = 1550 USD

  • Average Monthly

    • Days in Hire * Daily Rate, where Daily Rate = Rate * (12/365)
      i.e. for the same numbers as previous example:
      31 * [1500 * (12/365)] = 1528.77 USD

  • Monthly

    • when an invoice spans over part of one month and part of the next, the amount will be prorated by how much of each month is covered by the invoice:
      [(% of MonthA included in invoice) * Rate] + [(% of MonthB included in invoice) * Rate]

    • The flag CFGAlwaysProrateMonthlyTCRates needs to be switched to Y to consistently prorate the Monthly CVE

JavaScript errors detected

Please note, these errors can depend on your browser setup.

If this problem persists, please contact our support.