1.0 Introduction
When a user operates a Time Charter Out voyage, there could be two types of preferences on how 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 name of the Module describes, LTTC is for Long Term Time Charter. Below is a visualization of how the two differ from each other 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 users and VMS challenging to manage if you are using TC Voyage. Rather than having the full itinerary in a single TC Voyage, split them up into multiple LTTCs. Each LTTC created represents a complete voyage (Load to Discharge).
Scenario 02: You are time chartering out your vessel to a charterer for 1 Time Charter Trip. 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 have the interest in indicating the Delivery/Redelivery port and its ROB as a form of record.
Items | TC Voyage | TC Out |
Usage | For short TC period generally less than 1 year. | For TC period generally more than 1 year. |
Voyage Structure | The entire TC period is within the same Voyage | The entire TC period is consisting with several TC Out Voyages. For example, there could be 10 TC Out voyages within the long term TC period. |
TCE | Covers only one TC Voyage | Covers multiple TC Out Voyages |
TCE Interface | Located on the Voyage Page | Located inside the "TC Out“ fixture |
Hire Invoice | Created from Revenue> TC Invoicing. It pulls in data of the Delivery data such at Delivery data/time and BOR/BOD for easy invoicing. Please refer to Screenshot 01 for reference. | Created from TC Out fixture> Financial. Under Financial, ‘Period’ needs to setup as a base which includes the main periodic invoice items such as Hire, CVE and Commission. Invoices are created from the period setup. Refers to Screenshot 02. Adhoc items such as BOD/BOR, Offhires are needed to input manually. Unlike ‘TC Voyage’, they do not pull data from the voyage. |
Voyage Number | Follows same voyage sequencing number. | Each of the TC Out voyage follows same voyage sequencing number. |
Module Type | TC Voyage | LLTC |
---To Be Continued----