Pool System acts as an interface between Pool Management Company and Vessel owners.
Pool System (PS) is a web based system which aids the Pool Management Company to publish Pool results on a single click.
It enables seamless communication of information between the Pool Management Company and all the Pool Participants.
Commercial Pool System can be accessed anytime anywhere using any electronic device.
This system has been designed using the latest technologies that drive a rich, responsive User Interface and a powerful back-end engine specially designed to cater to user needs.
In addition, the system has easy to use calculation features in the user interface to calculate the Distribution Key. This functionality will revolutionize how the Pool Points are calculated.
We cherish the fact that we are SME's in Oil Tanker Shipping Domain who understands business in-terms of aligning it to an accurate, consistent and adoptable web based application platform tailored specifically to the needs of our valued customer.
At present we are developing a Web-based platform for a commercial managed pool system with latest technologies like JQUERY, BOOTSTRAP, RESPONSIVENESS, SPRING SECURITY, ORM Templates that drives a rich responsive UI compatible with Desktops and Handheld devices and a powerful back-end engine specially designed to fit to user needs. We are creating an in-house excel like calculation feature in the UI for calculating the Distribution Key with a provision for revising the calculation with zero deployment and instant calculated value. This will revolutionize the way calculation will be done, drafted, recorded or published. We take utmost care to minimize LOC (line of Code), very stringent code quality checks and deliver a healthy stable product with multiple testing cycles.
What is commercial shipping Pool?
Commercial Shipping pool means Ship Owners work together closely to improve the service Quality to the customers. Generally commercial pools are framed and governed by like minded ship owners in providing Better service, Operations of Ship, Safety of seafarers and Maintaining ship at highest standards.
Pools deploy well experienced commercial charterers and operators who would work better in relation with Charterer and Brokers. Whereas Technical management is usually performed by corresponding ship owner.
Pools also mean access to greater market intelligence. Commercial operators in each pool, who work at maximizing profits every single day, depend on market data to make the right chartering decisions.
How Does Commercial Shipping Pool work?
Pool vessels trading in the spot market, each ship earns revenue based on the rates negotiated for a specific voyage. At the end of each Quarter/Month, TCE (time charter equivalent) revenues earned by each ship within the pool are consolidated and allocated to each owner based on a distribution key. The key represents each vessel’s cargo carrying capacity (intake), speed and consumption based on how it performs against a reference voyage of 100 points.
Vessel points are assessed regularly to ensure fairness. The earnings are calculated as follows:
How BSOL will help you making your commercial shipping pool Successful?
Pool System is an application for managing the commercial Pool operations more effectively. In shipping domain a pool is a group of merchant vessels of similar tonnage. Their earnings are pooled and distributed to the vessel owners according to a prearranged agreement. Pool Management company owns the responsibility of managing the vessels in the pool, distributing the earnings among the vessel owners according to the performance of the vessels and providing the owners the details of their vessel's performance.
Benefits of Pool System
- To do comprehensive evaluation of the vessels and rate the vessels based on some predefined criteria.
- This rating system further facilitates the administrator to do a fair and appropriate distribution of earnings among the pool partners (i.e. vessel owners).
- To generate performance report of the pool on demand for any given time period starting from the date pool started operating.
- Pool application helps the pool partners to view the information that has been published by the administrator relating to the performance of the pool, performance of the vessels, earnings by the vessels, earnings by pool, distribution key, cash distribution done etc
- On demand earnings report by vessel, pool and by monthly, quarterly, yearly.
- Distribution Key Calculator.
- Pool Participants of that pool.
- Any time anywhere access to Pool Systems
- Making all the Pool process very transparent to participants
- Access to historic earnings, performance data
- Integration with Voyage Management systems
- Integration with Financial system
- Posting of Cash Distribution to Financial System.
Share of Pool Earnings calculation
- Step 1: Key Entitlement = (Net Revenue Earning days * Distribution Key) / 100
- Step 2: Share of Key Entitlement = (Key Entitlement / Sum of Key Entitlement)
- Step 3: Share of Pool Earnings = (Share of Key Entitlement * Sum of Earnings by all vessels during that period)
The example below depicts two different vessels, one with greater pool points but less revenue days and one with greater revenue days and fewer pool points to show how each ship benefits from the shared revenue earned by the pool.
|Publishing period - Monthly||Vessel 1||Vessel 2|
|Sum of Earnings by all vessels||$500,000||$500,000|
|Net revenue days for the vessel||20||25|
|Share of Key Entitlement||0.47826||0.52174|
|Share of Pool Earnings||$239,130||$260,870|