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IMOS - Time Charter Out
Home > Time Charters > Time Charter Out
This is a Key Topic, with high value for all users.
Walkthrough: Scheduling a Voyage
These breadcrumbs show where you are in the walkthrough. To move to a different section, click its link:
Create a TC Out > Create an Estimate or Voyage > Hand Off to Operations
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.
The Time Charter Out form provides for the scheduling, billing, and receipt of payments for vessels chartered out to other parties.
TC Out List
The TC Out List contains all TC Out contracts that you have the right to view.
On the main menu , under Chartering, next to TC Out, click List.
On the Trading menu , under Trades, next to Time Charter Out, click List.
On the Chartering menu , under Time Charter Manager, next to Time Charter Out, click List.
On the Operations menu , under Time Charter Out, next to Time Charter Out, click List.
In the Chartering quick links, click .
These contracts also appear as positions in the Matching Cargo Book list.
Note: Selecting the Send Notifications button generates outbound messages of type Time Charter Export. You will need to add the target message type tcExport to the notificationsIncludeList configuration flag in order to use this functionality. All the messages generated can be viewed on the Interface Message List.
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.
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.
Scheduling a Voyage
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.
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 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) 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.
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 in the prices, the adjustment goes based on the voyage bunker as the correct price for delivery.
When the Vessel is Redelivered
When the Z port (Redelivery) is sailed, the Redelivery information defaults 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
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.
For Time Charter Out contracts, you can also enter User Group/User (Department/Team) information.
Time Charter Emissions Allocation
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