How do you calculate vessel utilization?

Vessel utilization is calculated by dividing the total cargo capacity used by the total cargo capacity available. The formula is: Vessel Utilization (%) = (Cargo Volume Loaded / Total Cargo Capacity) × 100. This metric helps assess how efficiently a vessel is being used, indicating the proportion of its capacity that is actually utilized for transporting goods. High utilization rates generally reflect better operational efficiency and profitability.