Discussions are underway for the very first performance-linked charter, in which the rate of hire is determined by a vessel’s actual technical performance. The talks are based on the Vessel Technical Index (VTI), a new recommended practice unveiled by classification society DNV at the end of May. The recommended practice aims to establish an accurate, data-based and standardised method for measuring actual in-service vessel performance (see factbox below) — a world first.

Source: Ethiopian News June 16, 2023 07:55 UTC