IMOS On-Prem - Cargo Tolerance Option Types

The Cargo Tolerance Option Type (Opt Type) can be specified on the Voyage Estimate (Cargoes grid), CP Terms Details, Voyage Fixture (Cargoes grid), and Cargo forms.

The logic is as follows: these terms are nominally referenced in most charter party contracts:

• No Option (NOOPT): No cargo tolerance options to declare.
• More or Less Owner's Option (MOLOO): A charter party will have a stated contract quantity to load/discharge, for example, 50,000 MT on a Panamax, basis 10% more or less owner's option. This means that although the contracted quantity is 50,000 MT, the owner is aware that by the time his vessel comes to load the cargo, it may not be able to load 50,000 MT. On the other hand, he may be able to load a little more. Before arriving at the loading port, the ship's master will declare what quantity his ship is actually able to load. This declared, or nominated, quantity must fall within that 10% range.
  • If the vessel cannot load the minimum, or the cargo owner comes with less than the minimum 45,000 MT, then deadfreight is due.
  • If either party goes over the maximum, then overage is calculated on the freight, which is essentially a rebate for the additional cargo loaded beyond the maximum (55,000 MT, in this case).
• More or Less Charterer's Option (MOLCO): Same as MOLOO, except the charterer has the right to declare the minimum/maximum quantities for loading.
• More Owner's Option (MOO): Same as MOLOO, but only considers the maximum (minimum being the CP quantity).
• More Charterer's Option (MCO): Same as MOLCO, but only considers the maximum (minimum being the CP quantity).
• Less Owner's Option (LOO): Same as MOLOO, but only considers the minimum (maximum being the CP quantity).
• Less Charterer's Option (LCO): Same as MOLCO, but only considers the minimum (maximum being the CP quantity).
• Minimum/Maximum Specified (MNMX): There is no option percentage; only the minimum/maximum cargo quantities specified are considered regarding deadfreight/overage.
• Minimum/Maximum Owner's Option (MNMXO): Same as MNMX, but the owner has the right to declare the minimum/maximum quantity.
  • To specify the option to load up to full capacity, enter a minimum quantity to load and enter 0 at the maximum quantity to load. To avoid confusion and to indicate that there is no maximum, the Maximum field is then cleared.
• Minimum/Maximum Charterer's Option (MNMXC): Same as MNMX, but the charterer has the right to declare the minimum/maximum quantity.
  • To specify the option to load up to full capacity, enter a minimum quantity to load and enter 0 at the maximum quantity to load. To avoid confusion and to indicate that there is no maximum, the Maximum field is then cleared.