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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 Out > Create a Voyage Estimate or Voyage > Hand Off to Operations
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The Time Charter Out is a contract for a vessel from the perspective of the Owner; you are allowing a Charterer the use of your vessel. Hire is paid in advance, and the Billing Period is usually 15 days. The first bill includes the Time Charter hire for the applicable period, plus Gratuities and bunkers. Typically, you sell the entire amount of bunkers upon Delivery of the vessel. When the vessel is Redelivered, you buy back the entire amount, at the price stated on the contract.
The Time Charter Out Manager provides for the scheduling, billing, and receipt of payments for vessels chartered out to other parties.
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To create a Time Charter Out, do one of the following:
In the Chartering or Operations module center , click Time Charter Out.
On the TC Out List, click and then click New TC Out.
On the IMOS7 menu, hover over New and then click Time Charter Out.
To copy a Time Charter Out, click and then click Copy to TCO. You can also create a Time Charter In by clicking Copy to TCI.
Enter the required information. This is the same as for the Time Charter In, except for the Charterer field, rather than Owner.
Enter any additional information, following the Time Charter In instructions.
To save your changes, click . IMOS creates a Time Charter code.
Scheduling a Voyage
To schedule a voyage, click and complete the Create New Voyage form. Typically, a single Voyage is scheduled for a single Time Charter Out, so in this Voyage when scheduling it from the Time Charter Out.
When the Voyage is Scheduled
A Y port (Delivery) and a Z port (Redelivery) are automatically created.
The Actual/Projected Delivery date and time appear in light blue font, according to the Y port, to indicate those values are projected.
If the Delivery Port in the Voyage Manager (Y port) is different than the Delivery Port set in the Time Charter Out, the port is updated in the Time Charter Out.
On the Bunkers Delivery/Redelivery tab, the Actual/Projected Delivery quantities and prices are automatically set for each Fuel Type.
A TCO Bunkers Adj on Delivery item appears in the Voyage P&L, in case there is an adjustment.
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The Actual/Projected Redelivery date and time automatically appear in light blue font according to the Z port, to indicate those values are projected.
If the Redelivery Port in the Voyage Manager (Z port) is different than the Redelivery Port set in the Time Charter Out, the port gets updated in the Time Charter Out.
On the Bunkers Delivery/Redelivery tab, the Actual/Projected Redelivery quantities and prices are automatically set for each Fuel Type.
When the Vessel is Delivered
When the Y port (Delivery) is arrived, the Delivery information defaults to the Time Charter Out, 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 Out Status is automatically set to Delivered.
When the Vessel is Redelivered
When the Z port (Redelivery) is sailed, the Redelivery information defaults to the Time Charter Out, 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 Out Status is automatically set to Redelivered.
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Add Other Information or comments about a number of aspects of the Time Charter. | |
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 Out Hire Statement. The Hire Statement for a Time Charter Out lists all the amounts invoiced or received; you can issue a bill from it. You can also view reports. | |
Open the Time Charter Bill form to create Time Charter Bills. | |
View and create Time Charter Commission or Claim Commission Payments or (when config flag CFGEnableBrokerRules is enabled) Add Default Brokers. | |
Schedule a voyage. | |
Note: Configuration flag CFGEnableContractMirroring must be enabled. | |
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For Time Charter Out contracts, you can also enter User Group/User (Department/Team) information.
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TC Out List
All Time Charter Out contracts appear on the TC Out List. In the Trading, Chartering, or Operations module center, next to Time Charter Out, click List.
The TC Out 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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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. 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 Uses the consumption rates from the Vessel form instead. 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 Voyage Roles On the Voyage Manager, adds a Roles tab 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. Enable TCO Bunker on Owner Adds an Owner's Account check box on the TC Out Bunkers Tab.
Also, when this check box is selected, the Rebillable check box can be selected, which causes the Bunker Consumption in the voyage P&L to be net zero by adding a Rebill line for the Bunkers Consumption. This amount can be billed in the Time Charter Out Bill. Always Show TCO Bunker Adjustment Causes TC Out Bunker Redelivery Adjustments to be calculated regardless of the status of the linked TC Out Fixture. 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.
Default Claim Commission Invoice Setting This flag controls the default setting for broker commissions on Claims by setting the default value of M on TC In, TC Out, Cargo, Cargo COA, VC In, and VC In COA broker grids. Possible values:
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 When enabled, Cargo Broker Rules and Time Charter Broker Rules can be defined to add default brokers to contracts. 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), Voyage Estimate, Voyage Fixture, Voyage Manager, and contract forms. Enable TC Lease Accounting Note: Requires IMOS v7.11.7333 or later. When enabled, the TC Lease Accounting functionality is available. TC Default Lease Transition Date Note: Requires IMOS v7.11.7394 or later, and 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. | Sets the default Duration Basis on Time Charter contracts (In and Out) from the following options: Min, Min Excl Option, Mid, and MaxSet Default TC Duration Basis
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