What does Vessel experience factor mean in shipping?

Vessel experience factor

VEF

Meaning

The vessel experience factor (VEF) is the average ratio between a ship's measured cargo figures and shore figures, used to correct ship quantities.

Vessel experience factor explained

Every ship's measurements differ slightly from shore meters. The VEF is calculated from recent voyages and applied to ship figures to compare them fairly with shore figures, which helps resolve cargo shortage claims.

Related terms

Ullage
Ullage is the empty space between the surface of the liquid cargo and the top of the tank, measured to work out how much cargo is on board.
Cargo shortage
A cargo shortage is a difference between loaded and discharged quantities; many tanker charters let charterers deduct losses above 0.5%.