Voyage estimating. This is the activity earned out by owners, charterers, shipbrokers, and/or charterers' agents, to determine the return for any potential voyage on a voyage charter, after deducting, from the freight revenue, the running costs and other expenses during the voyage.

VOLCOA. (See COA.) This is the abbreviation or "Codename" used for the standard form of Volume Contract of Affreightment for the transportation of bulk dry cargoes. It is published by BIMCO and adopted by other shipping organisations including the General Council of British Shipping (GCBS) and FONASBA.

Voyage policy. A contract to insure the subject-matter “at and from” or from one place to another or others (section 25 (1) of the Marine Insurance Act 1906, e.g., “from Liverpool to Hong Kong” (Cargo is generally insured under a voyage policy and ships under a time policy although both type of policy are equally applicable to cargo and ships. Voyage policies can be used for hulls, e.g., on delivery or scrapping voyages.)

Voyage charter. Under a voyage charter shipowners undertake to put a named vessel of a certain description at the disposal of a Charterer for the carriage of a full cargo or part cargo from one or more ports in a specified range of ports to one or more named ports of destination or ports within a specified range at freight rates and conditions agreed between the two during negotiations before the fixture.

Ventilation. Cargo damage due to climatic conditions includes such effects as mould formation, germination of grain, corrosion and rust on metals, and wetting of sensitive materials such as leather. The general cause of such damage is condensation from various sources.

Valued policy. Under section 27(2) of the Marine Insurance Act, this policy specifies the agreed value of the insured subject-matter, e.g., a policy of US$1 million on hull and machinery value at US$7 million. The agreed value may not be the actual value of the subject-matter.