Vessel Experience Factor (VEF)
Average ratio of ship-measured quantity to B/L quantity across the last 25 voyages - the correction applied to future loaded quantities during custody transfer.
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Formula, assumptions, and limits
| Symbol | Meaning | Unit |
|---|---|---|
| Sum of bill-of-lading quantities | t | |
| Sum of ship's loaded figures | t |
Source: API MPMS Ch.17.9; OCIMF ISGOTT - Cargo operations
In short
Average ratio of ship-measured quantity to B/L quantity across the last 25 voyages - the correction applied to future loaded quantities during custody transfer.