Home > Time Charters > Time Charter Out
🔑 This is a Key Topic, with high value for all users.
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Walkthrough: Scheduling a Voyage
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Create a TC Out > Create an Estimate or Voyage > Hand Off to Operations
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The Time Charter (TC) 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.
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Time Charter Out
To view an existing TC Out , on the TC Out List, click its row or TC Code link.
To create a new TC Out:
Do one of the following:
On the TC Out List, click
.To copy a Time Charter Out, on its toolbar, click:
and then click Copy to TCO. You can also create a TC In by clicking Copy to TCI.
On the main menu
, under Chartering, click TC Out.On the Trading menu
, under Trades, click Time Charter Out.On the Chartering menu
, under Time Charter Manager, click Time Charter Out.On the Operations menu
, under Time Charter Out, click Time Charter Out.
Insert excerpt IMOS - Details View - Card Panels IMOS - Details View - Card Panels nopanel true To share a TC Out, copy its URL and then share it with any signed-in users in your organization.
TC Out details are in the center:
TC Out 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.
Enter the required information. This is the same as for the Time Charter In, except for the Charterer field, rather than Owner.
Note: The Charterer field cannot be amended if there is a voyage associated with the contract. To modify the Charterer field, users must delete the linked voyage in the system.Enter any additional information , following the Time Charter In instructions.
To save your changes, click:
A Time Charter code is generated.
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To schedule a voyage, on the toolbar, click Sched a Voy 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.
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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.
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When the Y port (Delivery) arrives, 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.
VIP IMOS uses the voyage’s bunkers to estimate redelivery values , instead of using the TCO contract’s estimate from the Bunker Breakdown, but only when the bunker prices are different between TCI and TCO. The system will use the voyage bunkers because these are actual values entered into the system. If there is a difference with in the prices, the adjustment goes based off on the voyage bunker as the correct price for delivery.
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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.
Options: 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.
Hire Statement: 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.
Issue Bill: Open the Time Charter Bill form to create Time Charter Bills.
Commission: View and create TC Commission or Claim Commission Payments or (when configuration flag CFGEnableBrokerRules is enabled) Add Default Brokers.
Sched a Voy: Schedule a voyage.
Open Mirrored Contract (when configuration flag CFGEnableContractMirroring is enabled): Open the mirrored TC In.
Estimate: Create a Time Charter Out Estimate.
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