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