IMOS On-Prem - Time Charter In

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 In > Create a Voyage Estimate > Create a Voyage > Hand Off to Operations

The Time Charter In is a contract for a vessel from the perspective of the Charterer; you are acquiring a vessel for your use. Hire is paid in advance, and the Billing Period is usually 15 days. The first payment includes the Time Charter hire for the applicable period, plus Gratuities and bunkers. Typically, you buy the entire amount of bunkers upon Delivery of the vessel. When the vessel is Redelivered, the owner buys back the entire amount, at the price stated on the contract.

The Time Charter In form provides a system for managing the information and payments for vessels chartered in from other parties. A Time Charter In contract for a vessel with ownership type OV is a Head Fixture.

Creating a Time Charter In

To create a Time Charter In, do one of the following:
- On the IMOS7 menu, hover over New and then click Time Charter In.
- In the Trading , Chartering , or Operations module center, click Time Charter In.
- On the TC In List, click and then click New TC In.
- To copy a Time Charter In, click , then click Copy to TCI. You can also create a Time Charter Out by clicking Copy to TCO.
In the Time Charter form, enter the contract details, including: Vessel, Counterparty, TC Date, Delivery/Redelivery ports and estimated dates, Hire Information, and Bunkers quantities and prices.
When you save the form, IMOS generates a Time Charter Code. You can now select this Time Charter Code when you are creating a voyage; the Time Charter information governs the voyage, and the voyage becomes part of this Time Charter.

When the First Voyage is Scheduled

The Actual/Projected Delivery date and time automatically appear in light blue font, to indicate that those values are projected.
If the Delivery Port in the Voyage Manager (first port in the itinerary) is different than the Delivery Port set in the Time Charter In, the port gets updated in the Time Charter In.
On the Bunkers Delivery/Redelivery tab, the Actual/Projected Delivery quantities and prices are automatically set for each Fuel Type.

When the First Voyage is Commenced - Vessel is Delivered

When the first voyage is commenced, the Delivery information on the Time Charter In is updated to match the information on the voyage, 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 In Status is automatically set to Delivered.

When the Last Voyage is Scheduled

To indicate that a vessel is about to be redelivered upon completion of a particular Voyage, select the Last TCI Voy check box in the Voyage Manager. When selected, the Redelivery information in the Voyage Manager updates the Time Charter In:

The Actual/Projected Redelivery date and time automatically appear in light blue font, to indicate that those values are projected.
If the Redelivery Port in the Voyage Manager (last port in the itinerary of the Last TCI Voy) is different than the Redelivery Port set in the Time Charter In, the port on the Time Charter In gets updated.
On the Bunkers Delivery/Redelivery tab, the Actual/Projected Redelivery quantities and prices are automatically set for each Fuel Type.
A TCI Bunkers Adj on Redelivery item appears in the Voyage P&L, in case there is an adjustment.

When the Last Voyage is Completed - Vessel is Redelivered

When the last voyage (marked as Last TCI Voy) is completed, the Redelivery information in the Voyage Manager updates the Time Charter In, 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 In Status is automatically set to Redelivered.

Toolbar

: Add Other Information or comments about a number of aspects of the Time Charter.
(when config flag CFGEnableMultipleReletChildTC is enabled): Open the Child TCs form.
: 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 In Hire Statement. The Hire Statement for a Time Charter In lists all the amounts invoiced or paid; you can make a payment from it. You can also view reports.
: Open the Time Charter Payment form to create Time Charter Payments.
: View and create TC Commission or Claim Commission Payments or (when config flag CFGEnableBrokerRules is enabled) Add Default Brokers.
(when config flag CFGTcJointVenture is enabled): Open the Profit Share form for Time Charters.
(when config flag CFGEnableContractMirroring is enabled): Open the mirrored TC Out.
: Run the Time Charter Information report or Off Hire Statement Report.

Contract Information

Add information about the vessel and the contract.

E/L Redel: The calculated value for Earliest/Latest Redelivery appears black. To lock it, either edit it or right-click it and then click Lock Date. When the date is locked, it appears red to indicate that it will not be recalculated upon changing one of the parameters (Delivery Date, Min Duration / Max Duration, or −Days / +Days).

When an Alert is entered for an Owner (for TC In) or Charterer (for TC Out), the field is highlighted in light red.

Tasks & Alerts or Revisions Panel

Either the Tasks & Alerts or Revisions panel appears at the top right corner of the form. To expand or collapse it, click the double arrow.

To select what you want to view, click and then click one of the following:

Show Tasks & Alerts: View the Tasks & Alerts panel, which displays the Tasks and Alerts that apply to the contract. The heading bar includes the icon for the most urgent Alert or Task. If none are urgent, the Task that is in progress appears.
Show Revisions: View the Revisions panel, which displays a chronological list of changes to the form. You can also click Revision History to view the same information in a list.