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This is a Key Topic, with high value for all users.
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Walkthrough: Scheduling a Voyage
These breadcrumbs show where you are in the walkthrough. To move to a different section, click its link:
Create a TC In > Create a Voyage Estimate > Create a Voyage > Hand Off to Operations
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The Time Charter 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.
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To create a Time Charter In, do one of the following:
On the IMOS7 menu, hover over New and then click Time Charter In.
In the Trading , Chartering , or Operations
modulemodule center, click Time Charter In.
On the TC In List, click and then click New TC In.
To copy a Time Charter In, click , then click Copy to TCI. You can also create a Time Charter Out by clicking Copy to TCO.
In 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, IMOS generates a Time Charter Code. 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
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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.
Toolbar
: Add Other Information or comments about a number of aspects of the Time Charter.
(when config flag CFGEnableMultipleReletChildTC is enabled): Open the Child TCs form.
: Add Lifting or Purchase options, if there is an option to extend the contract or to purchase the vessel, and you have to notify the other party by a certain date.
: Open the TC In Hire Statement.
TheThe Hire Statement for
a Timea Time Charter
In listsIn lists all the amounts invoiced or paid; you can make a payment from it. You can also view reports.
: Open the Time Charter Payment form to create Time Charter Payments.
: View and create TC Commission or Claim Commission Payments or (when config flag CFGEnableBrokerRules is enabled) Add Default Brokers.
(when config flag CFGTcJointVenture is enabled): Open the Profit Share form for Time Charters.
(when config flag
CFGEnableContractMirroringCFGEnableContractMirroring is enabled): Open the mirrored TC Out.
: Run the Time Charter Information report or Off Hire Statement Report.
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Contract InformationAdd information about the vessel and the contract.
When an Alert is entered for an Owner (for TC In) or Charterer (for TC Out), the field is highlighted in light red.
Tasks & Alerts or Revisions PanelEither the Tasks & Alerts or Revisions panel appears at the top right corner of the form. To expand or collapse it, click the double arrow. To select what you want to view, click and then click one of the following:
Delivery and Redelivery GridAdd the Delivery and Redelivery ports and times.
Pricing TabOn the Pricing tab, you can add Hire information, Broker information, and Common Voyage Expenses. Hire GridAdd 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 Hire Statement.
Brokers GridAdd information about Brokers and Broker Commissions.
Note: If an invoice spans a change in the Hire Rate, Broker Rate, or both, the amounts due calculate correctly. Common Voyage Expenses GridOn 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.
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:
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.
On the Performance tab, you can enter speed and consumption information from the vessel owner to verify the vessel's performance.
For LNG Vessels
Warranty TabWhen 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.
Notice TabOn 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.
Off Hire TabOn 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 Manager), 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 TabOn the Properties tab, when User-Defined Fields are set up in the Data Center, they can be selected here and values entered for them. Invoice Items TabINTHC 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 TabOn 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 and 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. Lease TabNote: Configuration flag CFGEnableTCLeaseAccounting must be enabled. On the TC Lease tab, you can set up lease accounting for the contract:
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.
At the bottom of the Time Charter form, 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 (if configuration flag CFGEnableVoyageRoles is 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.
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TC In List
All Time Charter In contracts appear on the TC In List. In the Trading , Chartering , or Operations module module center, next to Time Charter In, click List.
The TC In List is a standard IMOS list, so you can sort it, filter it, do a Quick Search, and create custom Views for it.
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Sets up a hierarchy between Company, LOB, and Trade Area on several forms.
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