Walkthrough: Scheduling a Voyage
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The Time Charter In (TC In) is a contract for a vessel from the perspective of the Charterer; you are acquiring a vessel for your use. Hire is paid in advance, and the Billing Period is usually 15 days. The first payment includes the Time Charter hire for the applicable period, plus Gratuities and bunkers. Typically, you buy the entire amount of bunkers upon Delivery of the vessel. When the vessel is Redelivered, the owner buys back the entire amount, at the price stated on the contract.
The Time Charter In form provides a system for managing the information and payments for vessels chartered in from other parties. A Time Charter In contract for a vessel with ownership type OV is a Head Fixture.
TC In List
The TC In List contains all TC In contracts that you have the right to view.
On the main menu , under Chartering, next to TC In, click List.
On the Trading menu , under Trades, next to Time Charter In, click List.
On the Chartering menu , under Time Charter Manager, next to Time Charter In, click List.
On the Operations menu , under Time Charter In, next to Time Charter In, click List.
In the Chartering quick links, click .
These contracts also appear as positions in the Matching Cargo Book list.
Note: Selecting the Send Notifications button generates outbound messages of type Time Charter Export. You will need to add the target message type tcExport to the notificationsIncludeList configuration flag in order to use this functionality. All the messages generated can be viewed on the Interface Message List.
Time Charter In
To view an existing TC In, on the TC In List, click its row or TC Code link.
To create a new TC In:
Do one of the following:
On the TC In List, click +.
To copy a Time Charter In, on its toolbar, click:
and then click Copy to TCI. You can also create a TC Out by clicking Copy to TCO.
On the main menu , under Chartering, click TC In.
On the Trading menu , under Trades, click Time Charter In.
On the Chartering menu , under Time Charter Manager, click Time Charter In.
On the Operations menu , under Time Charter In, click Time Charter In.
As with any other details view, you can navigate to a different record by clicking its card or return to the list by clicking its Name.
To share a TC In, copy its URL and then share it with any signed-in users in your organization.
TC In details are in the center:
TC In information appears in contract information, Summary Tree, Delivery and Redelivery, Pricing, Bunkers, Exposure, Performance, Warranty, Notice, Off Hire, Bareboat, Properties, Inv Items, Linked Trades, and Remarks and Notes to Operations sections.
You can access additional tools, forms, and information on the toolbar and right panel.
On the Time Charter form, enter the contract details, including Vessel, Counterparty, TC Date, Delivery/Redelivery ports and estimated dates, Hire Information, and Bunkers quantities and prices.
When you save the form, a Time Charter Code generates. You can now select this Time Charter Code when you are creating a voyage; the Time Charter information governs the voyage, and the voyage becomes part of this Time Charter.
When the First Voyage is Scheduled
The Actual/Projected Delivery date and time automatically appear in light blue font, to indicate that those values are projected.
If the Delivery Port in the Voyage Manager (first port in the itinerary) is different than the Delivery Port set in the Time Charter In, the port gets updated in the Time Charter In.
On the Bunkers Delivery/Redelivery tab, the Actual/Projected Delivery quantities and prices are automatically set for each Fuel Type.
When the First Voyage is Commenced - Vessel is Delivered
When the first voyage is commenced, the Delivery information on the Time Charter In is updated to match the information on the voyage, this time as Actual and not Projected: The Delivery Port, Delivery Date/Time, and the bunker quantities are updated according to the operational information from the voyage. The Time Charter In Status is automatically set to Delivered.
When the Last Voyage is Scheduled
To indicate that a vessel is about to be redelivered upon completion of a particular Voyage, select the Last TCI Voy check box in the Voyage Manager. When selected, the Redelivery information in the Voyage Manager updates the Time Charter In:
The Actual/Projected Redelivery date and time automatically appear in light blue font, to indicate that those values are projected.
If the Redelivery Port in the Voyage Manager (last port in the itinerary of the Last TCI Voy) is different than the Redelivery Port set in the Time Charter In, the port on the Time Charter In gets updated.
On the Bunkers Delivery/Redelivery tab, the Actual/Projected Redelivery quantities and prices are automatically set for each Fuel Type.
A TCI Bunkers Adj on Redelivery item appears in the Voyage P&L, in case there is an adjustment.
When the Last Voyage is Completed - Vessel is Redelivered
When the last voyage (marked as Last TCI Voy) is completed, the Redelivery information in the Voyage Manager updates the Time Charter In, this time as Actual and not Projected: The Redelivery Port, Redelivery Date/Time, and the bunker quantities are updated according to the operational information from the voyage. The Time Charter In Status is automatically set to Redelivered.
Use tools on the toolbar to create, retrieve, save, copy, or delete records.
Other Info: Add Other Information or comments about a number of aspects of the Time Charter.
Hire Statement: Open the TC In Hire Statement. The Hire Statement for a Time Charter In lists all the amounts invoiced or paid; you can make a payment from it. You can also view reports.
Make Payment: Open the Time Charter Payment form to create Time Charter Payments.
Report: Run the Time Charter Information report or Off Hire Statement Report.
Additional information for the current workspace is available in panels on the right:
Add information about the vessel and the contract.
E/L Redel: The calculated value for Earliest/Latest Redelivery appears black. To lock it, either edit it or right-click it and then click Lock Date. When the date is locked, it appears red to indicate that it will not be recalculated upon changing one of the parameters (Delivery Date, Min Duration / Max Duration, or −Days / +Days).
When an Alert is entered for an Owner (for TC In) or Charterer (for TC Out), the field is highlighted in light red.
Note when the Contract Type is set to "Trip TC" the "Last TCI Voy“ will automatically be selected within the voyage.
The Summary Tree, at the right, summarizes and provides access to important forms and related information.
To expandor collapse a section, click the arrow next to it.
To open a form, click its name.
You can attach and access documents or links.
Delivery and Redelivery Grid
Add the Delivery and Redelivery ports and times.
Use Local Time: Select to show delivery and redelivery dates in local time instead of GMT in contracts, invoices, Hire Statements, and Profit Sharing forms.
In the first voyage for a TCI/TCO contract, Hire in the P&L considers Commencing time in local time but Ending time in GMT, unless the voyage is marked as Last TCI Voy/Last TCO Voy.
When there are multiple voyages under a TCI, and the last one is marked as Last TCI Voyage, the Commence time for the first voyage and the Ending time for the last voyage are considered in local time, and the rest are considered in GMT for P&L calculations.
The check box can only be changed when no periodical hire invoice has been created.
Duration Basis: The Proj/Act GMT Duration (days) and the Redelivery Difference (in hours between estimated and actual redelivery time) will automatically update when the Basis is set to Min, Min excl Option, Mid, Max, or Custom (based on the Duration entered). If set to Option, then these fields will not automatically update. Configuration flag CFGSetDefaultTCDurationBasis enables you to set the default Duration Basis.
On the Pricing tab, you can add Hire information, Broker information, and Common Voyage Expenses.
A pink field indicates an Unpriced Component:.
Add Hire information: How much to pay for a TC In or charge for a TC Out.
You can set multiple rates on separate lines for different time periods, for example, if you have an escalation clause. This information is used to create the TC In Hire Statement.
From GMT and To GMT are needed to calculate the period the vessel is on hire. Actual redelivery information is retrieved from the voyage.
Default for To GMT: If a Max Duration has been specified, the E/L Redel value from the Max Duration row is used; if Max Duration is zero, the Redelivery date is used.
For the Rate Type, you can select Index to assign the Hire Rate according to the Market Rate on the Index Option form.
P&L does not support multiple index line overlap for the same index. In situations where 2 hire periods are entered for the same index with overlap, this does not translate well into the P&L and should be corrected to just extending the hire period.
Note: The number of decimals in the hire rate column are hard-coded and cannot be modified
Add information about Brokers and Broker Commissions.
The Type defaults to % when the rate is 25 or less, or to Daily when the rate is greater than 25.
If Time Charter Broker Rules are defined (when configuration flag CFGEnableBrokerRules is enabled), you can add default brokers to the grid. On the toolbar, click Commission and then click Add Default Brokers.
For Broker Commissions (not XADDCOM), when the Payment Method is "Deduct from hire“, a TC Commission invoice needs to be created and posted in order for this entry to appear in the P&L of the relevant voyage. This is in addition to including the commission in the hire invoice (TCI Payment).
Note: If an invoice spans a change in the Hire Rate, Broker Rate, or both, the amounts due calculate correctly.
Common Voyage Expenses Grid
On the Common Voyage Expenses grid, you can set up additional cost items payable by the Charterer to the Owner, including both one-time and recurring costs. Carrying out this setup causes the applicable items to appear automatically during the Time Charter invoicing process, where you can choose whether they actually apply and should be added to the particular invoice. You can specify a period-based rate for items that do not have a Rate Type of Lumpsum.
Note: ILOHC is applied to nonchemical vessels.
If ILOHC is set as a Lumpsum provisional entry, it appears on the P&L once it has been allocated to a voyage on a hire payment, unless it is the last TCI voyage (where it automatically shows).
If INTHC is set as a Lumpsum entry, it appears on the P&L once it has been allocated to a voyage on a hire payment.
If INTHC is set as a Lumpsum provisional entry, it appears on every voyage P&L estimate under that TC contract.
On the Bunkers tab, you can enter itemized Bunker information, which flows into the FIFO queue.
These tabs are parallel, but from the other perspective, for a TC In and a TC Out:
Last ROB from Operations - shows End ROBs from the last TC voyage, which do not affect existing or new voyages. This information is used only for display purposes on TC contract.
Whenever changes are saved to the initial bunkers in the first voyage in the TC, the changes update this tab as well. If the voyage has not yet been Commenced, the figures are considered Estimated; after the voyage has been Commenced, the changes are considered Actual.
Old records and manually edited quantities are locked and highlighted in pink. Those records are not synced between the voyage and the Time Charter.
To enable an old record to use these new functions, save the voyage.
To unlock a record, right-click it and then click Unlock.
To see or edit information about bunker quantities and prices on delivery and redelivery, open the Delivery/Redelivery Bunker Breakdown form:
Right-click a line item and then click Edit Bunker Breakdown.
Click the Bunker Breakdown button.
On the Exposure tab, you can enter the Exposure information as it will be processed in the Trading module.
The Time Charter Route and Correlation used for the Mark-to-Market of the Time Charter is taken from the Vessel Type if details in the Exposure tab are not completed. Otherwise, if you select a Route in the Exposure tab, this Route will be used for the Mark-to-Market.
Using the TC Exposure Periods table, you can mark your positions to market based on multiple routes for different periods.
Using the Bunker Exposure table, you can track hedging your bunkers for delivery and redelivery against a forward curve: Enter the bunker symbols to be used for the Mark-to-Market of the delivery and redelivery bunkers.
Using the Unavailable Days table, you can specify the number of days that the vessel is planned to be unavailable. This value is reflected as Weighted Days in the Trading P&L Summary and Trade Details list.
When a Ballast Bonus is specified on the Common Voyage Expenses grid, the Ballast Bonus Exposure information appears. Ballast Bonus is always applied to the initial voyage by default. Since the fee is for the vessel to relocate to the initial delivery port, it will apply to the initial port (where the vessel was requested to be delivered to).
On the Performance tab, you can enter speed and consumption information from the vessel owner to verify the vessel's performance.
Speed Consumption table:
Figures are separated into Ballast and Laden.
If there is not a consumption figure entered for the corresponding speed (Ballast or Laden) the system reverts to the closest figure entered within the contract.
In Port Consumption table
The Beaufort, Sea State, and Swell Force fields indicate the maximum weather conditions for which the charter party warranties are applicable.
Fuel consumption in conditions exceeding these maximums is tracked separately from fuel consumption under normal conditions, as follows:
On the Noon Report, when the Track Fuel Consumption over Weather Threshold check box is selected in Voyage Reporting System Configuration, the Over Weather Threshold field appears in the ROB control. The shipboard user enters the amount of the daily fuel consumption that occurred in conditions over the weather threshold. This value is:
Sent to the Veson IMOS Platform and stored in the Bad Weather Consumption field on the Extra Information for Report form.
Taken into account by all performance-related reports. That is, this amount of fuel consumption is backed out before carrying out performance calculations.
Note that in case of a TCTO voyage, the TC In and TC Out contracts may have different stipulations on the Performance tab. So, for a TCTO voyage, you can produce the Voyage Performance Report either for the TCI Fixture or the TCO Fixture.
For LNG Vessels
Reliq, GCU/Steam, and Meter Adj consumption table columns replace Heat, Heat+, and Heat++.
You can include Bunker Curve Parameters in the calculation of fuel consumption.
When Vessel Type Code is L (LNG Carrier) and Vessel Type Fuel Warranty Table is other than None, a Warranty tab appears. On this tab, you can record parameters related to vessel performance warranties.
Depending on the Vessel Type Fuel Warranty Table, different fields appear.
FOE by Fuel Cons Mode:
By Plant (ME/DG/Reliq):
FOE + Pilot Fuel:
On the Notice tab, you can track Delivery and Redelivery Notices.
This tab enables you to establish a series of points in time, measured in the number of days prior to delivery or redelivery, at which your company is contractually required to provide notification of its intention to take delivery of/redeliver the vessel. You can also record whether each required notice has actually been sent.
Such notification emails are not automatically sent; this must be done manually. Nor are any alerts generated regarding the need to send such notification emails. This is simply a place where, upon fixing the TC Contract, you can set up the contractually mandated reminders, and then, as each one is sent, track that it has been sent by selecting the corresponding check box.
To record notices, do one of the following:
Manually enter Notices.
In the Delivery or Redelivery field at the top, enter the number of prior days, for example, 20/10/5/3/2/1. Notices will be created based upon the estimated delivery/redelivery time, one line for each number.
To record that you have sent a notice, select its S check box.
You can set Notice dates for notices that have not been sent (S check box not selected) to update automatically as they change in a contract or a linked voyage. In the Sync All Notice Dates With field, select one of the following:
Do not sync (default for existing contracts)
Est Dates (default for new contracts)
Off Hire Tab
On the Off Hire tab, you can view a summary of all the off hire for the Time Charter contract, aggregated across the voyages.
For a delay to appear on a linked Time Charter contract, the TCI%/TCO% field on the Delay form must be populated with a number other than 0.00.
On the Bareboat tab (only on the Time Charter In), you can create and maintain additional related contracts, such as with a crew manager, that might be needed in case of a bareboat charter. (The bareboat-in charter is treated as the main contract.)
On the Properties tab, when User-Defined Fields are set up in the Data Center, they can be selected here and values entered for them.
Inv Items Tab
INTHC items can be billed multiple times in the course of a Time Charter Contract; on the Invoice Items tab, all the INTHC/INTHC rebill items that were invoiced in the contract appear.
On the Linked Trades tab, you can link FFAs so that you can keep track of hedging related to each contract, or Bunker Swap lots (per month) by selecting from those that are not linked to any other contract. To view the linked contract, right-click the line item and then click See Trade Details/See Bunker Swap. If there was no value in the Reference column, the Contract ID is populated in this field.
Linking FFAs to a Time Charter In does not impact the Trading P&L, Trade Details List, or Voyage P&L. However, the linked FFAs can be found in Analytics under the Linked Trades table which can be joined from the Time Charter table.
Note: Configuration flag CFGEnableTCLeaseAccounting must be enabled.
On the TC Lease tab, you can set up lease accounting for the contract:
To enable Lease Accounting, select the check box. It is selected by default for saved contracts greater than 365 days and either fully or partially past the lease transition date (the value of configuration flag CFGTCDefaultLeaseTransitionDate).
To create a Lease Service Schedule, for each Period From/To, add a row to the grid that includes an Interest Rate %, Service Fee, and Rate Type.
If the lease is modified, you can update the Hire Rate, Duration, Duration/Basis (Days), Address Commission, Service Fee, or discount rate to reflect the changes.
Lease Value History displays Time Charter Period Journals that have been created for the contract.
For more information about the lease accounting workflow and IFRS 16, see Compliance with IFRS 15 and 16 Regulations.
Remarks/Notes to Operations/Roles
At the bottom of the Time Charter, you can enter general, free-text Remarks to print on the Time Charter report, enter Notes to Operations to appear on the Voyage Manager, and (with configuration flag CFGEnableVoyageRoles enabled) assign Controller and Finance Coordinator Roles for the Time Charter.
You can also enter Notes to Operations within the Fixture of the voyage under Remarks.
For Time Charter In contracts, you can also enter Owner's Commissions information.
When the Enable TC Emissions Allocation flag (CFGEnableTCEmissionsAllocation) is enabled in an IMOS environment, a new Emissions tab will become visible on the Time Charter In and Time Charter Out contracts. This tab is to be used to capture the contractual details that were agreed to with the counterparty on the contract for how emissions expenses will be settled over the life of the contract. Clicking on this Emissions tab on a Time Charter Contract will show the following three fields:
Settlement Type - Defines how the contract is structured to settle emissions expenses.
Options are N/A (default), CASH, ALLOWANCES and HYBRID
Billing Period - Defines the period frequency that the emissions expense will be invoiced, which can be different from the billing period for hire
Payment Terms - Defines the terms for how the invoices are to be paid/settled following receipt or delivery
Uses the Payment Terms as they are defined in the Data Center
Add Unavailable Start and End Days on TC
When enabled, two new columns appear in the Unavailable Days grid in the Exposure tab of the Time Charter Contract form. These fields allow you to capture specific start and end days for unavailable days.
Add Exchange Date to TCIP and TCOB Forms
When enabled, a new Exchange Rate Date column will be added to the Time Charter In Payment and Time Charter Out Bill details grid, allowing you to capture a unique exchange rate date for each line item and apply a different exchange rate to each line item. The Exchange Rate Date will flow down to the Transaction Data Entry form on posting to the matching details line item.
Use Company Lob Trade Area Hierarchy
Sets up a hierarchy between Company, LOB, and Trade Area on several forms.
Clear Company Lob on Copy
Clears the Company, LOB, and Department values when copying a Voyage Fixture or contract.
Default TC Status
Sets the default status of Time Charter contracts.
Bill by Natural Month
Always ends the monthly Billing Period at the 1st of the next month, so every next invoice period is a complete month; otherwise, the Billing Period is always a complete month from the delivery date.
Always Prorate Monthly TC Rates
When enabled, monthly rates in Time Charters are always prorated, so an exact month may not yield a round number. All Monthly rates will be prorated, without considering the months included in the specific billing period.
Use Absolute Min Max on TC
Uses the Less Days and More Days values for Min and Max Duration.
Enable TC Operations Coordinator
Adds an Ops Coordinator field.
Enable TC Chtr Specialist
Adds a Chtr Specialist field. The value will be copied to the TCO Contract when fixing a TCO Estimate.
TC Joint Venture
Adds a Profit Sharing button to the toolbar to enable entering Owner Profit Share details manually in both TCI and TCO. These profit-sharing items will be included in the Time Charter Invoices.
Enable TC Write Off
Adds a Write Off field to the Hire Table in Time Charter In and Time Charter Out contracts. The Write Off amount is automatically added to the Hire on the invoice and is subject to the different commissions and Off Hire.
Default TC Comm Payment Method
Sets a default Payment Method for brokers.
Check Redel Bunker Vs Hire
Enables Alerts for partial bunker deductions, to make sure charterers can collect the value of redelivered bunkers.
Exclude TC Consumption from Bunker Calcs
When enabled, the operations bunker calculations use the consumption rates from the Vessel form instead of those specified in a Time Charter. This can be used for performance at the end of the charter.
Enable Vessel Bunker Grade
Specifies the Fuel Grade in a G (Grade) column on the Vessel or Time Charter In/Out form, which defaults the value on the Bunker Requirement; it can be overridden but is required for Confirmed status.
Enable Contract Mirroring
Enables the following types of intercompany contracts to be mirrored: Cargo COA, VC In COA, Cargo, VC In, Time Charter In, Time Charter Out, and FFA/Option/Bunker Swap Trade. When a contract of one of these types is created with internal counterparties, a mirrored contract is automatically created from the opposite perspective, so that users from both legal entities can manage the contract and include it in both their operational planning and their trading exposure and P&L.
Flex Hire Periods
When enabled, it is possible to set overlapping hire Periods with specific accounting Codes on TC contracts. The following changes appear on the TC Pricing tab:
Show Remittance in Cargo
Adds Remittance Bank, Invoice %, Payment Terms, and Balance % fields to the CP Terms Details, Cargo COA, Cargo, VC In COA, and VC In forms. Also adds a Remittance Bank field to Time Charter Other Information. Remittance information flows between these places; for example, fixing an Estimate will transfer the remittance information.
Enable Voyage Roles
On the Voyage Properties panel, adds a Users section to set and view the five Key Users of the voyage: Chtr Coord (defaults from Cargo form), Ops Coord, Ops Coord 2, Controller, and FD Manager (Freight and Demurrage Manager).
On a Time Charter, adds a Roles tab to set the Controller and Finance Coordinator.
Default Claim Commission Invoice Setting
Enforce Operations Ledger Code Commissionable Property
When enabled, the Commissionable setting of an Operations Ledger Code alone determines whether claim and freight adjustment line items are commissionable. When enabled, the commissionable setting cannot be overridden in invoices or per broker.
Enable Commission Sharing
When enabled, you can share commissions between internal broker companies. For more information, see Sharing Commissions with Internal Brokers.
Also adds an Internal Counterparty column to the TCO Estimate Broker table.
Enable Broker Rules
Also adds Add Default Brokers to the TCO Estimate toolbar to default internal brokers by applicable rules.
Enable Operations LOB
If enabled, displays an LOB (Line of Business) field on the Address (Type W), Estimate, Voyage Fixture, Voyage, and contract forms.
Enable TC Lease Accounting
When enabled, the TC Lease Accounting functionality is available.
TC Default Lease Transition Date
Note: CFGEnableTCLeaseAccounting must be set to Y.
The default lease transition date to use for Time Charter contracts.
Fix Index Linked Hire Pricing Period
When enabled, index-linked hire rate is calculated for pricing periods predetermined by hire start time and period length. Pricing periods should not be affected by individual invoicing periods. This configuration should only be enabled when CFGEnableGeneralUnpricedComponent is Y.
Set Default TC Duration Basis
Sets the default Duration Basis on Time Charter contracts (In and Out) from the following options: Min, Min Excl Option, Mid, and Max.
Link Trades on a Quantity Basis Instead of Just a Period Basis
When enabled, paper trades can be linked to physical trades on a quantity basis within a period, providing a more granular level of linking and allowing for one paper trade to be linked across multiple physical contracts within the same period.
Allocate TCI Hire to Voyage
When enabled, voyage number is a required field for all hire-related lines in TCI; block incremental payment completely.
TC Use Proj Redel Date
When enabled, IMOS will use projected redelivery date for TC invoices and hire statements if such date is available.