IMOS - Time Charter Out

 This is a Key Topic, with high value for all users.

Walkthrough: Scheduling a Voyage

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Create a TC Out > Create a Voyage Estimate or Voyage > Hand Off to Operations

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.

Creating a Time Charter Out

• 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, point to 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.

If a Z port (Redelivery) is also specified in the voyage:

• The Actual/Projected Redelivery date and time are 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 is defaulted 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 is defaulted 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.

Toolbar

• : 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.
•  (when config flag CFGEnableContractMirroring is enabled): Open the mirrored TC In.
• : Create a Time Charter Out Estimate.

For Time Charter Out contracts, you can also enter User Group/User (Department/Team) information.

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.