Contract Information

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.

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.

Pricing Tab

On the Pricing tab, you can add Hire information, Broker information, and Common Voyage Expenses.

• A pink field indicates an Unpriced Component:_.

Hire Grid

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

Brokers Grid

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.

Note 2:

• 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.

Bunkers Tab

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.

Exposure Tab

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).

Performance Tab

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.

  • When the Vessel Type has Restrict Speeds enabled, the speeds available are only those corresponding to the specific B/L mode, as defined on the Vessel form.

  • 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.

Warranty Tab

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:

  

Notice Tab

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)

  • Proj/Act Dates

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.

Bareboat Tab

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.)

Properties Tab

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.

Linked Trades

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.

Lease Tab

Note: Configuration flag CFGEnableTCLeaseAccounting must be enabled.

On the TC Lease tab, you can set up lease accounting for the contract:

1. 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).

2. 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.

3. 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.