In line with Vela’s mission to provide Saudi Aramco and its subsidiaries with safe, reliable and high quality marine hydrocarbon transportation services in an environmentally sound, profitable and cost effective manner, Commercial Department is responsible for the chartering and scheduling activities in order to meet Saudi Aramco’s demand for marine transportation services. The fleet performs more than one thousand voyages annually, utilizing various vessel sizes to destinations worldwide. The department is responsible for optimizing the load program to ensure the optimum fleet utilization levels.

Vela mainly ship crude oil and refined products but other types of products (i.e. Sulfur, LPG) are also handled as and when required by Saudi Aramco. Vela’s Owned and Chartered VLCCs are mainly employed between the Arabian Gulf and the Western hemisphere ports. Smaller ships for refined products generally move between Saudi Arabian ports in the Arabian Gulf and the Red Sea.

Chartering

The chartering team is responsible for securing vessels to meet Saudi Aramco’s demand for transportation services. The team ensures timely market entry to negotiate and execute Spot, Time and Bare Boat Charter contracts. In addition, the team is responsible to charter out the controlled tonnage, either to affiliates or third parties to optimize the load program.

Scheduling

The highly trained schedulers are responsible for achieving the best voyage optimization and fleet utilization. To achieve maximum customer satisfaction, they coordinate between internal and external parties, to ensure efficient and timely delivery of cargoes.

 Demurrage & Claims

The Demurrage & Claim team provides post fixture support by managing the commercial completion of all voyages on the controlled and Spot Chartered fleet, in accordance with relevant Contract of Affreightment and charter parties, ensuring accurate analysis of each fixture. This also includes monitoring and reporting on the commercial performance of the fleet for voyage-related activities. The feedback on voyage performance is provided in real time, where possible, to ensure that charterers and schedulers, not only have the latest view of the commercial performance of their fixtures and vessels but also incorporate any lessons learned into their next fixtures.

Related Information:
Chartering Criteria
Vela's Brokers Panel
Chartering Downloads