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1.0 Create TC Estimate
To create a TC Voyage Estimate, click Estimates.
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Instead of seeing Fixture, the system shows TC.
There is built-in synchronization between TC, Leg (Itinerary), and Hire Days (Revenue).
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2.0 Leg (Itinerary)
2.1 Start Port
The first port under Leg is considered the start/commencement port. Double-click the line item, hover over the first port, and click Edit to view a pop-up window.
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The usage of Previous Voyage and Bunkers are the same as Esitmate (Voyage).
2.2 TC Days/ Leg (Itinerary)/ Hire Days (Revenue)
As mentioned in this article, the TC Days are synchronized between TC, Leg (Itinerary), and Hire Days (Revenue).
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If you would like the Estimate to follow the days stated in the TC, amend the TC to the days you want, and everything will synchronize to those days. This action acts as a restart.
3.0 TC Fixture Details
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When you click open the TC, there are 3 tabs available to navigate.
3.1 CP Details
The TC Fixture CP Details user interface is similar to the fixture in Estimate (Voyage), excluding the following items that are not relevant to a TC Contract:
CP Qty
Overage
Dead freight
Grades
Laytime Terms
3.2 Grades
This is not required for a TC estimation. However, if required, you may input for record purposes in Voyage.
3.3 TC Bunkers
3.3.1 Delivery/ Redelivery Port
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By default, at the very beginning, when you input the Delivery and Redelivery port at 1.0, Create TC Estimate, VMS automatically allocates the Delivery and Redelivery ports to the above screenshot.
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In any case, if the BOR shows a negative figure, you may ignore it. This tells you that if the vessel follows the voyage itinerary with no bunker lifted in between, the vessel has insufficient bunker for propulsion to the Redelivery port. You need to take action at the Voyage level, not the Estimate level.
3.3.2 Delivery/ Redelivery Bunker Qty & Price
The Bunker BOD quantity is derived from the departure of the delivery port. Note that VMS uses the FIFO bunker calculation method to derive the bunker price. In some cases, where you, as the Owner/Operator, wish to deliver the ROB at a different price than the VMS calculated FIFO price, you can overwrite the field with a preferred value.
See the following example: Instead of $100/mt for the HSBF Delivery price, the Owner/Operator wishes to deliver at $120/mt. This would be a form of adjustment, which is recorded as shown in the following image.
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The same is true for adjusting the price of redelivery BOR.
3.3.3 Changing the Delivery/ Redelivery Port
There are several ways to change the Delivery Port. The following example shows how to change the delivery port from Port Hong Kong to Port Yosu.
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The prior six steps apply the same for changing the Redelivery port.
3.3.4 TC Bunker Summary
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Fields
a. Duration: number of days
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i. TC Stems: The value of Stems purchased by the charterer during the TC. Recorded in Voyage.
j. Net TC Bunkers: The cost during the TC, typically charterers account
4.0 Revenue & Expense
4.1 Adding Ballast Bonus
In VMS, the "Freight“ selection under Revenue is used to input Ballast Bonus. You can rely on the Sensitivity Analysis feature here to easily calculate the Ballast Bonus by indicating your desired TCE. Please see the following image for the steps.
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Input a Freight line item underRevenue and leave the rest of its field blank.
Click Fixture 1 to open up a Sensitivity Analysis window.
Input the desired TCE you like to achieve for this Estimate.
Once a desired TCE is inputted, VMS calculates the Ballast Bonus you will need to include to achieve it. In this example, increas the TCE from the original 8,703.30 per day to 9,000 per day, VMS suggested including a Ballast Bonus of 23,000 dollars. Click the hyperlink on 23,000.
Once clicked, VMS automatically adds the value to the Freight (Ballast Bonus). At the same time, considering the newly added Freight (Ballast Bonus), VMS adjusted TCE to the desired TCE of about 9,000 per day.
4.2 Other Revenues and Expenses
You can input other Revenue or Expense items in the same way they are inputted in an Estimate (Voyage).