1.0 Introduction
When you operate a Time Charter Out voyage, there are a couple of ways you prefer to manage the voyage on VMS. The preference dictates which Module Type to create as a voyage. There are two types of Time Chartering Out: TC Voyage or Long Term Time Charter Long Term Time Charter (LTTC) otherwise known as TC Out.
As the module's name describes, LTTC stands for Long Term Time Charter. The following visualization shows how the two differ in terms of their structure.
2.0 Differences
Scenario 01: You are time chartering out your vessel to a charterer for 1.5 years. During these 1.5 years, there are many voyages the vessel will service. Your charterer is operating 20 spot voyages within this 1.5 years. You like to keep a record of your charterer’s full itinerary (Delivery/Load/Discharge/Fuelling/Redelivery Ports).
Suggestion 01: You will have an extensive list of the itinerary in this long TC period, which makes you and VMS a challenge to manage in a TC Voyage. Rather than having the full itinerary in a single TC Voyage, split them into multiple LTTCs. In this case, you may use LTTC. Each LTTC created represents a complete voyage (Load to Discharge).
Scenario 02: You are time chartering out your vessel to a charterer for one Time Charter Trip (TCT). Your charterer will redeliver your vessel upon completion of one Spot Voyage.
Suggestion 02: You may create TC Voyage.
Scenario 03: You are time chartering out your vessel to a charterer for 2 years. During this period, you have no interest in keeping track of the vessel’s full itinerary. You only want to record the Delivery/Redelivery port and its ROBs.
Suggestion 03: Though multiple spot voyages can be stretched across 2 years, you only want to record the Delivery and Redelivery ports. You do not have to rely on LTTC; you only need to use TC Voyage.
Items | TC Voyage | TC Out |
Usage | For a short TC period, generally less than 1 year. | For a TC period generally more than 1 year. |
Voyage Structure | The entire TC period is within the same Voyage | The entire TC period consists of several LTTC Voyages. For example, there could be 10 LLTC voyages within the long-term TC period. |
TCE | Covers only one TC Voyage | Covers multiple LTTC Voyages |
TCE Interface | Located on the Voyage Page | Located inside the "TC Out“ fixture |
Hire Invoice | Created from Revenue> TC Invoicing. Refer to TC Voyage Invoicing | Created from TC Out fixture> Financial. Under Financial, ‘Period’ needs to be set up as a base, which includes the main periodic invoice items such as Hire, CVE, and Commission. Invoices are created from the period setup. Ad hoc items such as BOD/BOR and Offhires must be input manually. Unlike ‘TC Voyage,’ they do not pull data from the voyage. |
Voyage Number | Follows the same voyage sequencing number. | Each of the LTTC voyages follows the same voyage sequencing number. |
Module Type Name | TC Voyage | LLTC |