Virtual Arrival agreement
To facilitate the implementation of the VA, there is a need for contractual arrangements either as part of the current charter party agreement or a new agreement. This new arrangement is referred to as “VA agreement”. As part of the VA agreement, the charterer and owner/operator will be able to change the “Required Time of Arrival” at the destination port (or new ship itinerary) and also agree on the methodology for calculating voyage data and the associated reporting requirements. For estimation purposes, the parties to a VA agreement may choose service providers such as the weather routing service providers to support the implementation. At the end of the voyage, or based on the terms of the VA agreement, the voyage estimates are made and the financial and contractual arrangement is settled. To reduce post-voyage disputes, it is important that there is a clear understanding of, and agreement to, the method of calculation of the vessel's voyage performance, the speed and other data to be used, the reports to be issued and the timing of these reports. Therefore, the charter party agreement will need amending to allow for the additional VA agreement. It should be noted that VA aims to create win-win scenarios for all parties that have influence/impact on the ship itinerary and operation via creating not only workable methodologies but also shared financial incentives (MariEMS 2017).