In a TC Relet voyage, the bunker consumption is calculated on the vessel for the entire voyage, including positioning, TC and repositioning. However, the bunker cost included in the TCE is only the portion of consumption assigned to the owner; presumably, the rest is assigned to the charterer.
You will encounter the following bunkers.
Gross Bunkers - the total cost for the vessel in this voyage regardless of whose account
Net TC Bunkers - cost during the TC, typically charterer's account
Net Bunkers - cost outside of the TC, typically owner’s account
Total Delivery Bunkers - amount sold to charterer on delivery
Total Redelivery Bunkers - amount bought back from charterer on redelivery
TC Bunkers - the simple difference between Delivery and Redelivery, ignoring any stems
TC Stems - the value of Stems purchased by the charterer during the TC
Positioning Bunkers - the cost of consumption from the start (open) until delivery
Bunkers PnL - When the vessel is delivered to the charterer, the bunkers on board have an inventory value based on FIFO. When this ROB is sold to the charterer on delivery, the price is not necessarily the same as the inventory value. It may be sold at a market value or a C/P value. Bunkers PNL is the resulting difference.
Off-hire bunkers are the amount chargeable to the head owner for bunkers consumed during the off-hire period. This amount is deducted directly from the total bunkers in the Results panel, which calculates the TCE. If the C/Ps are back to back, then off-hire bunkers additionally need to be deducted from hire revenue with respect to the charterer. This requires a line item in the Revenue section to be manually entered.
Repositioning bunkers - the cost of consumption after redelivery up to the end of the voyage
Redelivery Bunker PNL (should be zero)- Mathematically, there can also be a Bunker PNL on redelivery. However, in the real world, the onboard inventory is always valued at the price paid to the charterer, so there is zero PnL.
Bunkers assigned to the TCE in the voyage is
Net Bunkers - Off hire Bunkers = Bunkers assigned to TCE |
Net Bunkers can calculated in two ways:
Gross Bunkers - Net TC Bunkers = Net Bunkers | Positioning Bunkers + Repositioning Bunkers - Bunkers PNL = Net Bunkers |
The Calculation of Net TC Bunkers (i.e. for charterers account) is as follows.
Total Delivery Bunkers - Total Redelivery Bunkers = TC Bunkers | TC Bunkers + TC Stems = Net TC Bunkers |
If the two methods of calculating Net Bunkers do not match, then most likely, there is a data entry error on Redelivery. Redelivery Bunkers in the TC Bunkers tab of the TC Relet Modal must match the ROB in the Leg on Redelivery. In other words, Redelivery Bunkers need to be the same as the FIFO inventory on Redelivery.
The most robust way to ensure they are in sync is to zero out the FIFO (by adding a negative quantity bunker stem for each FIFO layer at redelivery) and then to a positive quantity stem for each layer of redelivery.
The simple way is simply to insert all bunker stems during the TC at redelivery price. If you do this, then redelivery prices will match with inventory prices, and it should just work.