Just-in-Time (JIT) and Virtual Arrival
Just-in-Time (JIT) concept and practices originate from the manufacturing industry where it is used to improve business performance via reducing the inventory levels and associated costs. This concept then moved to other industries and today normally refers to process improvements for the reduction of the unnecessary and idle periods of capital assets. In the case of shipping, JIT normally refers to process improvements that reduce the unnecessary waiting and idle periods of ship operations.
A ship itinerary optimization refers to deciding on the best ship operation schedule/profile for a certain purpose via adjustments to voyage durations; thus voyage average speeds. Itinerary optimization for energy efficiency normally means the choice of ship schedules that would yield an overall lower ship average speed and fuel consumption. Itinerary optimization for energy saving may conflict with the commercial aspects of shipping as dictated by the market dynamics and the wishes of shipping clients (cargo owners or passengers).
Voyage management refers to all ship management activities that lead to the optimal planning and execution of a voyage. To ensure best-practice voyage management, all aspects of planning, execution, monitoring and review of a voyage are included in this concept.