The moment you click New Estimate Under the Estimate Module, the below screen appears. This is where the Commercial department can estimate if a particular voyage is profitable to operate. This article will walk through the different items indicated with numbers shown below.

Most of the fields would affect the TCE calculation at no.5.

1.0 Vessel

Search a Vessel to run an estimate by typing into the field. A drop-down list appears for you to select when a character is inputted. Take note that after a Vessel is selected, VMS will pull data from her last port call: Port Name/ Estimated or Departed Date/ Bunker ROB. More details on how to manage this data are further explained in 7.0 Legs and 9.0 Bunkers.

Left-click on the Anchor icon to show more details of the Vessel selected. It is the same view when selecting a Vessel from the Vessel Register.

2.0 Description

This field is for inputting a description of the Estimate calculation. You may input texts that could be helpful for you to differentiate among the rest of the Estimates created. This text is reflected on the Grid View under the Voyage column. Note that this field is limited to 30 characters.

If required to more text than the character limit, you may also input remarks at 11.0 Remarks, however, there is no column to show remarks in the Grid View.

3.0 Hire

Input the vessel daily hire in this field manually. Otherwise, if the Head Contract is recorded in the Vessel Register, the field will reflect the daily hire as per the Head Contract In information.

4.0 Offhire

In some cases, there may be expected offhire that is likely to happen, you can input the number of days of offhire in this field. It can be inputted as decimal.

5.0 Result

5.1 Result Update

The result changes dynamically whenever there are any updates to a field that affects TCE Calculation.

For the example below, a new input of $10,000 under Rotterdam as Port Cost, resulted in a +10,000 increase in Port Cost (Shown in GREEN font for increased value). Simultaneously, it resulted in a decrease in TCE/PnL (Shown in RED font for decreased value). Every subsequent update reflects the impact it would have caused on the TCE Calculation.

You may clear the update shown in GREEN and RED by left-click on clear.

5.2 Revenue & Expense

Left-click on the '+' next to the font Revenue/ Expense to see elaborated details of what consists of the total Revenue/ Expense.

The Expense consists of Commission, Port Cost, Bunker Expense, and other Expense items included in 8. Revenue. The Revenue consists of Freight/ Hire, Demurrage, and other Misc which are included in 8. Revenue.

5.3 Bunkers

To view a quick breakdown of the bunker expenses. To view an even more elaborate breakdown of the bunker expenses. Refer to 9.0 Bunkers.

5.4 TCE & PnL Calculation

5.5 Refill TCE

VMS uses FIFO bunker prices to calculate the TCE of a voyage. Therefore, in an estimate, TCE is calculated basis bunkers on board at the end of the last voyage. If there is insufficient ROB to complete the voyage, a “Refill price” is used to make up the shortfall.

There are times when it is of interest to see what TCE would be at a fixed bunker price instead of FIFO.  In these cases, enter the desired prices in “Refill” and see the result in “Refill TCE”. Examples:

• A market bunker price is used to estimate a competitor’s TCE

• Compare vessels for the same cargo using replacement bunker cost to level the playing field

• Enter a hedge price to see TCE using hedged bunkers

Left-click on Refill TCE to view the detailed breakdown if the calculation is using Refill Bunker Price. Refill Bunker price is inputted in 9. Bunkers.

5.6 Efficiency

Left-click on Efficiency to view the detailed calculation. In any case, if you want to make changes to the number of Ballast/ Laden days because you feel that the vessel may take fewer or more days, you can input the number of days in the fields highlighted as adjustments.

6.0 Fixture

This is where CP Terms are inputted.

6.1 Single or Multiple Fixture

In most cases, Multiple Fixture is used when there is more than one Charterer for a single voyage. In order to switch from Single to Multiple Fixture and vice versa, click the menu button inside of the Fixture, followed by Multiple Fixture or Single Fixture.

There is a difference in how the User Interface appears between the two types of fixtures. Below is the difference. For Single Fixture, you can input the load and discharge port under 7.0 Legs. The rationale behind this is that in multiple fixtures, each fixture could have different sets of load/discharge ports to form the itinerary. Whereas for Single Fixture, there is only one set of load/discharge ports to form the itinerary.

6.2 Main Terms

1. Lay/Can: Input Start and End of Laycan. If the start of the laycan date is later than the arrival load port, the option to select ‘Wait for Laycan’ is available. This is further explained below 6.5 Fixture Summary

2. CP Qty: Input CP Quantity

3. Overage: Value of overage in %. This is automatically reflected on the invoice if overage does exist.

4. Dfrt: Deadfreight is always at 100% of freight value. This is automatically reflected on the invoice if deadfreight does exist.

5. Grades: Input the grade of cargo. There are default list available for selection when you left-click in the field. If there is a grade that does not appear on the list but is already added under Cargo Register, you can type in the first alphabets and a predictive list of options are available for selection.

6. Charterer/ Broker/ Agency/ Co-Broker: Select the Group Entity that is created under the Company Register.

7. Charterer/ Broker/ Agency/Co-Broker: Select the Company that is tagged to the Group created under the Company Register.

8. Comm: Input the commission % to apply to Revenue invoices

6.3 C/P Done

1. C/P: Input CP date

2. Voy#: The voyage number should not require any input. It should be automatically generated the moment the ‘Acct Code’ in the Vessel Register is set up properly.

3. Fixture#: Free text to allow you to input your preferred Fixture value

4. Cargo: This field reflects cargo that is 'Linked'. Refer to Link Cargo from the action menu.

6.4 Laytime Terms

1. Demurrage: Input the demurrage rate per day

2. Laytime (hrs): Input total laytime allowed for all load and discharge ports. If you are not using feature no.5, you may input the laytime allowed directly here.

3. Time Bar: For recording purposes

4. Other Time Bar: For recording purposes

5. Port Days (mt/day): You may select mt/day or mt/hr option. Trick to use this feature (Overcome a likely bug). Please ensure you have inputted at least one load and one discharge port (make sure the port function is indicated with L/D) under 7.0 Leg. At the same time, remove any initial value at no.2 above.
   
   Once you input the Load/Discharge rate, VMS will based on your input with the CP Qty, calculate for you the value to reflect at no.2. A button ‘Apply’ appears to click. Upon clicking it, it applies to the estimation and to the fixture summary.
   

   

6. Terms: This field only appears if the vessel is ‘Set as Dry’ in the Vessel Register. Options selected here affect the multiplier at no.5.

6.5 Fixture Summary

Main information pertaining to the Main Terms will show up on the Fixture Summary shown in the above screenshot. In any case, the itinerary is updated after the Laytime (hrs) is inputted, left click on L/T (hrs) and a button appears for the user to click to ‘Update Port Days’.

The moment ‘Update Port Days’ is clicked, the itinerary port Days will be adjusted accordingly to the laytime. VMS will distribute the port laytime equally amongst the same port function.

6.6 Fixture Note/ Fixture Remarks/ Voyage Summary When Fixed

Fixture Note: Gives a brief summary.

Voyage Summary When Fixed: Gives an even brief summary

Fixture Remarks: Free text field for user to input additional details

7.0 Legs

1. Port Name: Input the itinerary by entering the Name of the Port

2. Port Function: Select the function of the port call.

   1. "C“: Canal Passage

   2. "L“: Load

   3. "D“: Discharge

   4. "I“: Idle (Bunkering, Repairs, No Cargo Operation)

3. Port Cost: Input estimated port cost when the vessel is to call this port

4. Days: Automatically generated dependent on the value inputted for 6.4.2 Laytime (hrs). You may amend the value manually

5. Speed: Defaulted to the speed recorded in the Vessel Register. The speed affects bunker consumption calculations. Left-click on the Blue Font to open up the 9.0 Bunkers window

6. Wx: Weather Factor. Left-click on the Blue Font, input a % to add consideration of Weather delays, or other possible delays that could happen. This will automatically generate additional days into the itinerary.
   

   

7. Dist: Sailing distance between the previous port to the current port. Left click on the Dist value and a pop-up window appears. VMS will show non-ECA and ECA distance sailed from the previous port to the current port. Note that VMS provides flexibility to allow manual changes.
   

   

8. Arrive/ Depart: ETA and ETD. These are automatically adjusted based on the Speed/ Days/ Dist/ Psg

9. Psg: Passage days (Sailing days) from the previous port to the current port

10. Bunker ROBS: The value here reflects the ROB basis departure ROB

7.1 Leg Options

Left-click on the Blue Font "LEGS“ to enter into Leg Options.

There could be cases where there can be Load or Discharge Port Options in the Recap/Fixture, and that it may come with additional freight. You may indicate them in Leg Options and input new rates. Click on "Add“ to start. Please see the below example with reference to the above screenshot.

1. Upon clicking "Add“, input a description of the option. In this case, you are giving an option to Discharge at Skaw instead of Amsterdam

2. Under Legs, Change port Amsterdam to port Skaw

3. Adjust freight rate to target TCE, and input other expense/revenue item for this port call if there is.

4. View Changes in TCE and Voyage days

5. Hover your cursor over the Option to click dropdown

   1. Copy: You may copy the option to create more options

   2. Swap with Base: Swap the current itinerary to become the base Option

   3. Estimate: Create an estimate using the Option

   4. Remove: Delete away option

7.2 Previous Voyage

Double-click on the line highlighted in Red, and a pop-up window appears "Start Port“. A start port is the first port reflected under Leg.

In consecutive estimates, VMS will indicate the "Previous Voyage“ as the last Voyage Number Transferred. The bunker ROB is the ending ROB value derived from the last Voyage as well. The "Start Date“ is the ending date of the last voyage.

There could be cases where the Estimate is not required to take the data from the last voyage. In this case, you can click the dropdown and select N/A (and manually input ROB/ Start Date) or other voyages.

8.0 Revenue & Expense

Click on the Blue Font "Revenue“ to see the expanded view (Financial). This is where you can input any Revenue or Expense items that are to be incurred for this estimated voyage.

8.1 Revenue

1. Revenue Item: Select from the field dropdown the category of Revenue

2. WS: World scale % to the Rate. For example 95% to Rate of USD 100k (If WS is used, no value is required for Qty)

3. Qty: If the billing is via $/mt, input the quantity of cargo

4. Rate: $/mt. Click the Blue Font to see WS FLAT LOOKUP. You can input a Flat rate, select the year to apply to, and click "Apply“. The Flat rate inputted is then saved in VMS until the next manual overwrite. For subsequent estimates, you can select the "Year“ to retrieve the Flat rate easily.
   

   

   "Ctrl + Double Left Click“ in the Rate field to open up Currency selection. The currency Exchange Rate is configured in Company Settings> Currency Exchange Rate. If you do not see this under Company Settings, please approach our Support Team to enable this feature.
   

   

5. Comm: Tick the checkbox if the item is commissionable for Ad Comm/ Broker Comms

6. Accrue: This determines how many % to consider to calculate into the 5.0 Result. For example, you may only wish to use 85% as a safe buffer for an estimated demurrage item inputted under Revenue that could incur in this Estimate.

7. Description: As the selection of 8.1.1 Revenue Item cannot be renamed manually, to indicate more elaboration of the Revenue Item, you may input the description, and the Description can reflect on the invoice when generated.

8.2 Expense

8. Daily: Tick the checkbox if it is a consistent cost that runs on a daily basis. This is for the purpose of easy invoicing.

9.0 Bunkers

Kindly refer to the Bunkers page for more info

10. Emissions

Kindly refer to the Emission page for more info

11. Voyage Remarks

This allows you to input remarks on this estimation. You may utilize this to input Recap details etc. These remarks will also be reflected in Voyage when Transferred.

12. Map (Refer to Another Wiki-Discuss with Team- Antonia’s item)

13. Action Menu

There are other useful features located in the Action Menu.

13.1 Clones

This feature allows you to create different versions of the current Estimate. It allows you to do quick comparisons of different estimates using similar CP Terms, thereby making commercial decisions on which estimate/cargo gives a better TCE. Please see below for a better understanding.

Upon clicking "Add“, Clone 0 is created. Click on the blue font Clone 0 and it will open up a new Estimate tab on your browser. It creates an exact Estimate named after Clone 0.

Change the description to the preferred text. In this case, to show an example, the screenshot is creating a clone which is a potential cargo that is loading from Long Beach as well but has a discharge port at Port Qingdao instead. You like to check if this option brings better TCE. Click Save and this Clone is now created in the estimate list.

You could navigate yourself back to the Original Estimate> Action Menu> Clone> to view the comparison of the original Estimate and the clone created (2nd Opt Long Beach Cargo). Click the hyperlink to view the Clone Estimate.

13.2 Consecutive Estimate

There could be cases where you have already created an Estimate for the upcoming voyage, and you like to plan for another voyage that comes right after the upcoming one.

Existing Running Voyage: Voyage A
Created Estimate for Upcoming Voyage: Voyage B
Planning for another voyage after Voyage B: Voyage C

If you click ‘New Estimate’ after Voyage B Estimate is created, VMS is going to create a new Estimate based on the last Port/ROB from Voyage A as the commencement port. But because you wanted to create an Estimate for Voyage C based on Voyage B’s last Port/ROB, you will have to use a Consecutive Estimate instead. This way, the consecutive Estimate will use Voyage B’s last Port/ROB as the commencement port.

13.3 Save As Template

Below are the steps to create and utilize a template.

1. Create a New Estimate

2. Action Menu> Save As Template

3. A template is created and it will show under the Estimate List, with the Description as "[T]“
   

   

4. Suggest to rename the Description to your preferred text and save. For Example: [T] Charterer’s Common Cargo

5. To utilize the template, Click open the template> Make relevant changes> Action Menu> Save As. Do not click "Save“ as the changes you make will overwrite your template.

6. Upon "Save As“, rename the description and save. A new Estimate is created upon a Save.

13.4 Intake

To access the Intake Calculator, click Action Menu> Intake. Click Vessel and Intake to expand more details shown on the right

1. Input

   1. Max Draft

   2. Cargo Stowage Factor (Unit is based on pointer 1c.)

   3. Unit of Cargo stowage factor

   4. Bunkers: Total Bunker ROB at time of loading

   5. Constant: The constant of the vessel

   6. Draft: Summer/ Winter/ Tropical

   7. Seawater: Salt/ Fresh/ Brackish

2. Calculation of the Max intake based on variables inputted in pointer 1.

3. Vessel details pulled from Vessel Register

4. Apply: The max intake is calculated as 58,000 mt. Upon clicking Apply, 58,000 mt will replace the Qty value under Freight Revenue

14.0 Transfer & Untransfer

1. Click Fixture

2. Transfer

3. A pop-up window appears> Click Okay

To Untransfer, go to the Voyage that was transferred> Fixture> click Untransfer.