Thorco Projects adds charter party performance monitoring system

Copenhagen-based Thorco Projects has agreed a deal to implement the Bluetracker application package from maritime software company Navis, to be used to monitor and analyse the performance of Thorco’s own ships as well as tracking the performance of contracted vessels in compliance with charter party terms.

The Charter Monitor module included in Bluetracker One will be employed to track charter-party compliance by monitoring vessels’ operational speed versus fuel oil consumption, as agreed upon with the charter party.

The system provides automatic notification if the speed consumption curve exceeds certain limits, which will allow Thorco Projects to work with its ship managers in order to continuously optimise vessel performance.

The scope of the current initial agreement between the companies includes 12 contracted vessels.

“Operating a mixed fleet of own and chartered vessels in a spot-market business is often a challenge, since the operational vessel performance data are being evaluated from different perspectives with different priorities,” said Thomas Mikkelsen, CEO at Thorco Projects.

“Establishing a multi-tenant source of truth that ensures the same level of knowledge about operational data in real-time for different stakeholders is a step towards effective operations in a dynamic market based on collaboration.” The system also runs a ‘plausibility and estimation engine’ to verify data consistency and quality based on data collection sources. This technology was already used successfully at one of Thorco Projects’ ship owners before rolling out at Thorco itself.

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