Burmester & Vogel launches AI demurrage platform

Burmester & Vogel (B&V), a maritime technology company based in Boston, US, has announced the launch of a new AI-powered demurrage platform.

Demurrage costs, charges paid by the charterer to the ship owner for charter party laytime breaches caused by delayed cargo loading or unloading, can be created by the existence of inefficiencies in loading and discharging operations.

B&V’s application aims to support stakeholders in reducing these inefficiencies by moving from a manual, time-consuming demurrage process to a digitally enabled workflow where demurrage can be accurately planned for and quickly settled.

The company’s new system, which has been in development over the last two years, supports the automation of specific demurrage activities, allowing key documents such as the Notice of Readiness and Statement of Facts to be digitised and providing audit capabilities for demurrage claims to produce actionable follow-ups for demurrage departments and their counterparties.

The company says that the new tool will enable more accurate claim audits and faster settlement, to make demurrage costs more predictable.

“With recent developments in Artificial Intelligence and Machine Learning, we can now support diverse processes, formats, and data-intensive workflows by incorporating them into a platform that streamlines, automates, and audits the demurrage process without changing the workflows of the people working in the field,” said Evangelos Efstathiou, Chief Executive Officer at B&V.

“By making existing processes more efficient rather than trying to supplant them, we can solve the demurrage problem seamlessly.”

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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