Create Time Charter Calculations

The Voyage Estimate module allows for an unlimited number of time charter calculations, both simple and complex, in order to calculate profitability of potential voyages in comparison with the cost of a vessel. Each calculation is identified by a unique number, are auto-saved and can be shared, copied and if needed, retrieved at a later date.

The time charter calculation interface consists of four main sections.

• Main Calculation Field:
  
  

  • The full calculation panel - used to calculate and estimate the need of a voyage. Enables quick calculations and will at any time display the most important vessel details, hire details, duration breakdown, relevant fuel consumption and price and a result panel, which at any time displays the contribution, TC equivalent and the profit and loss of a voyage, including a breakdown for all cost and revenue.

• Port Rotation:
  
  

  • Displays all relevant port calls and routing points of an estimated time charter, including delivery port, redelivery port, all port calls prior and after delivery-redelivery,  port cost, etc.

• Duration & Rates:
  
  

  •  Displays all duration and rates of an estimated time charter, including time duration flexibility, if a duration/rate is optional or not, etc. 

• Various Voyage Cost/Revenue Items:

  • Displays all cost/revenue items related to the voyage applicable to the vessel owner.

Voyage estimates are mainly entered either as new or based on the copy of an already existing one. For quick calculations all details need not be entered, but for calculations to become fixtures should be as detailed as possible before freezing. As data is entered different sections of the estimate panels will automatically update and self-populate with data based on elsewhere entered parameters (by user or retrieved from other modules), as will related areas and in the Port Rotation, Duration & Rates and Various Voyage Cost/Revenue Items fields. At any time the panel will display the voyage calculation breakdown of various subtotals and will automatically recalculate and update data whenever parameters change. Also, if rates change in the TC COntract, any offhire amounts will automatically recalculate to ensure correct resultsin the estimate.

An estimate can be simple, for example a delivery port and a redelivery port or consist of a combination of multiple port calls and routing points (Advanced Port Rotation (Routing) (TC)). The Time Charter Equivalent (TCE) is calculated by dividing the contribution by the total voyage duration in days.

All estimates can be frozen and transferred to the Bookings and Operations module for execution, thereby becoming Actual Voyages (or fixtures). Once frozen, Dataloy VMS also automatically generates a voyage number, a schedule and a live copy of a calculation. The original calculation is saved as the Preliminary Calculation displaying all initial estimates - cannot and will not change. A live copy of the calculation form the basis of the Adjusted Calculation. See the Post Voyage Analysis page on how to generate a detailed analysis of the Adjusted Calculation including a comparison with the Preliminary Calculation.

Chapters:

1. Go to Modules > Voyage Estimate. The Voyage Estimate window opens. 
   Note: The most recent calculation will by default display. If no previous calculation has been made - the view will be empty.
   
   Example:
   
   
   

   Open

   

   
   
   
   

2. A new time charter out calculation can be made either by creating a new one or by duplicating an existing one. Each option requires the prior existence of minimum one vessel in Dataloy VMS.

3.  

   1. Create a time calculation by

   2.  

      1. entering a new time charter out calculation
         
         

         1. Either
            
            

            1. click New Time Charter Out
               
               
               

               Open

               

               
               
               
               

            2. or go to the Voyage menu and from the drop-down select New Time Charter Out
               
               

               
               
               
               

         2. A blank time charter calculation window will display. Go to Step 3.

      2. or by duplicating an existing one

      3.  

         1. Either

         2.  

            1. search and duplicate an open voyage

            2.  

               1. Open the voyage to be duplicated:

               2. Click Open Voyage. The Select a Voyage pop-up with a list of previously entered calculations will open.

               3. Double-click the voyage row to be opened. The calculation will open.

               4. Go to the Voyage Menu and from the drop-down select Duplicate. 

                  Open

                  

               5. The duplicated voyage calculation hold the same data as the voyage it was duplicated from - except the calculation number (unique for each calculation) at the top of the tab.
                  
                  

            3. or copy a voyage from the Select a Voyage pop-up.

            4.  

               1. Click Open Voyage. The Select a Voyage pop-up with a list of previously entered voyage calculations opens. 
                  Note: Displays by default only a user's own calculations. Can be filtered to display all previous calculations.
                  
                  Example:
                  
                  
                  

                  Open

                  

                  
                  
                  
                  

               2. Filter (if applicable) to locate the voyage to be duplicated.

               3. Select the row of the voyage to be duplicated. 

               4. Click Copy. The pop-up will close and a copy of the selected time charter calculation display.
                  Note: The copied voyage will show different voyage results depending on the voyage type copied. Estimates and budget voyages that have cargoes with bunker adjustment (BAF) amounts does not have the BAF prices copied rendering the calculated amount zero. Actual Voyages inherits the bunker ROB, the previous voyage's prices in the schedule and the bunker prices. For time charter (TC) voyages any profit/loss will be recalculated.

         3. Go to Step 3.

4. In the left-hand Main Calculation field, fill in the fields as follows (as applicable - duplicated time charter calculations: edit as applicable): 
   Note: As data is entered different sections of the main calculation field panels will automatically update and self-populate as will related areas and in the Port Rotation field.

5.  

   1. In the Vessel panel:

   2.  

      1. Enter either

      2.  

         1. the name of the vessel a calculation is to be made for under Vessel
            Note: Recommended: Need only to enter the first few characters of the vessel name. Dataloy VMS will search amongst available vessels and display the first matching entered characters.  

         2. or click the Triple Dot Selector next to the field. A pop-up with a list of input values will open. Select field and click OK. 
            
            Example:
            
            
            

            Open

            

            
            
            
            

      3. Once a vessel has been the panel's fields will automatically populate with data retrieved from the Vessel Administration module except for the ETD, Ballast port, RoB or DoB.
         Note: Ballast port is NOT automatically retrieved to avoid misleading confusion of it being the current bunker situation.
         
         Example:
         
         
         

         Open

         

         
         
         
         

      4. All the populated fields can be manually entered/overridden - edit if applicable:

      5.  

         1. Enter the ballast speed/day and speed when loaded under Speed.

         2. Enter the fuel oil (FO) consumption/day while idle in port and while working in port under Port/FO.
            
            

         3. Enter the diesel oil (DO) consumption at sea/day under DO/Sea.

         4. Enter the ballast fuel consumption (FO)/day and when loaded under FO.

         5. Enter diesel oil (DO) consumption/day while idle in port and while working in port under DO.

         6. Enter either

         7.  

            1. the estimated voyage start date under ETD (Estimated Time of Departure, i.e. vessel availability date)

            2. or click the Triple Dot Selector next to the field. A pop-up with a calendar will open. Select date and click OK.

               
               
               

               Open

               

               
               
               
               

         8. Enter the ballast port (i.e. vessel starting point) under Ballast. 
            Note: Dataloy VMS automatically verifies port availability in the system. If not verified - please contact Dataloy to add port to system.

         9. Enter the deadweight/metric tonne (MT) under DWT.

         10. The Draft field next to the DWT will activate upon vessel entry and populate with draft data retrieved from the Vessel Administration module.
             Note: Field is always disabled from editing. It can ONLY be edited from the Vessel Administration module.

         11. Enter the fuel consumption in metric tonnes (MT)/day and number of days for cleaning under Clean.

         12. Enter the fuel consumption in metric tonnes (MT)/day and number of days for heating/cooling of cargo under Heat. 
             Note: Indicates fuel consumption for heating/cooling cargo, for example gas cooling. Calculated by multiplying the number of tonnes with the number of days.

         13. Enter the fuel oil (FO) remaining on board at voyage start date (leaving ballast port) under RoB FO (Remain on Board Fuel Oil).

         14. Enter the diesel oil (DO) remaining on board at voyage start date (leaving ballast port) under RoB DO (Remain on Board Diesel Oil).
             
             
             

   3. In the Time Charter (TC) Contract panel:
      
      

      
      
      
      

   4.  

      1. Fill in the fields as follows:

         1. Enter the delivery port under Delivery (RED marking = required field).
            Note: Need only to enter the first few characters of the port name. Dataloy VMS will search available ports and display the first matching entered characters, for example enter "VISAK" and "VISAKHAPATNAM" displays.

         2. Enter the redelivery port under Redelivery (RED marking = required field).
            Note: A minimum of one delivery and one redelivery port must be entered. Once entered, the delivery and redelivery ports will automatically display in the Ports Rotation field, (including reason for call (RED, DEL, etc.) and the distances between ballast, delivery and redelivery ports). To enter multiple port calls, extra ports and/or additional routing points, go to Advanced Port Rotation (Routing) (TC). 

            Example:

            Open

            

      2.  

         1. Enter the charterer (customer) under Charterer. 

         2. Enter all estimated duration and rates under Rates.
            Note: Enter new data as: TIME@PRICE/DAY, for example write "30 days at the price of 10,000/day" as: 30@10,000. Multiple duration and rates entries are separated by a plus ("+"). Example: 30@10,000+60@20,000. To indicate that a duration and rate is optional: entry/entries are preceded by a comma (","). If more than one is optional - enter as multiple entries after the comma. Example: 30@10,000+60@20,000, 30@40,000+60@40,000. Entered duration and rates string automatically displays in the Duration & Rates field, (including duration, time unit (days (D) or months (M)) and rate). Additional non-optional duration and rates entries following optional entries must be entered manually in the Duration & Rates field, which will by default display as optional - uncheck Option to render entries non-optional. Change of time unit (days (D) or months (M)) can only be made in the TC Out Contract... dialogue box. 
            
            Example:
            
            Duration & Rate string: 30@10,000+60@20,000, 30@40,000+60@40,000 (the two latter optional, indicated by checked Option box in the Duration & Rates field)
            
            
             

         3. Enter rate currency in the rate currency field beside the Rates field.
            Note: Defaults to hire currency. 
            

         4. Enter the total of all broker commissions (in per cent) under Commission.
            Note: Broker commissions should be specified if an estimate is to be made into an Actual Voyage (fixture). Usually performed after calculation completion, prior to freezing.
            
            

            1. Specify broker commissions (if applicable):
               
               

               1. Click the Triple Dot Selector next to Broker Commissions field. The Broker Commissions dialogue box opens.

               2. Click Create New. An empty broker specification row will appear. 
                  
                  Example:
                  
                  
                  

                  Open

                  

                  
                  
                  
                  

               3. Fill in the row fields as follows:
                  
                  

                  1. Enter the broker under Broker.

                  2. Enter the commission percentage under Percent.

                  3. Enter the commission rate (if applicable) under Rate.
                     Note: Rate is multiplied with cargo quantity.

                  4. Enter applicable lumpsum (if applicable) under Lumpsum.

                  5. Enter the commission under Commission.

                  6. Check Credit Charterer to indicate that the Charterer will pay the commission to the broker (deducted when invoicing).

                  7. Check C/O (care/of) to indicate that invoices should be sent through the broker (i.e. the broker is invoice addressee).

                  8. Basefreight Only checkbox is not applicable for time charter calculations and should be left blank.

                  9. Enter the commission type under Commission Type.

               4. Repeat as applicable until the total broker commission has been split and specified amongst all involved brokers.

               5. Click Close. The dialogue box will close and entered data apply. The total commission percentage according to the display in the Broker Commissions field.

            2. Delete a broker commission specification:
               
               

               1. Click the broker commission row to be deleted - it will highlight.

               2. Click Remove. A pop-up opens asking to confirm removal.

               3. Click Yes. The selected broker commission will delete.

         5. Enter the address commission (in per cent) under Add (Address Commission). 

         6. Enter the start date for lay/can spread under Lay.

         7. Enter the  end date for lay/can spread under Can.

         8. Check field self-populates will state the how much lay/can time is missed by. If within lay/can spread: will state 0.00 and OK.

         9. Enter the agreed ballast bonus lumpsum (if applicable) under Ballast Bonus.

         10. Enter the agreed ILOHC lumpsum (if applicable) under ILOHC (In Lieu of Holds Cleaning).
             Note: Only one ILOHC lumpsum can be entered into the contract.
             
             

6. In the Duration & Rates field enter all applicable duration and rates that have not been entered under Rates (Main Calculation field):
   Note: Duration refers to a time period a vessel is chartered under a TC contract. A duration can have one or more rates and each added duration is numbered in sequential order. The first entered duration will therefore be labeled 1, the second 2, etc. The Duration & Rates field displays as rows the duration and rates string entered under Rates (Main Calculation field) and any manually entered (a new duration and rate and/or a new rate to an existing duration). If no changes are required – go to Step 5.
   
   Example:
   
   
   
    

7.  

   1. Add a new duration and rate:
      
      

      1. Either
         
         

         1. click New Duration
            
            

            
            
            
            

         2. or go to the TCE menu and from the drop-down select New Duration. 
            
            

            
             

      2. A new duration and rate displays as a row in the Duration & Rates field.
         Note: Each added duration and rate are numbered in sequential order. The first entered duration and rate will therefore be labeled 1, the second 2, etc.
         
         Example:
         
         Duration (D#) 2, Rate (R#) 1
         

         
         
         
         

         1. Fill in the row fields as follows (except the read-only D#, R# and Time Unit fields):
            
            

            1. D# field lists the duration number
               Note: Each added duration is sequentially numbered according to order of entry.

            2. R# field lists the rate number.
               Note: Each added rate to a duration is numbered in sequential order according to order of entry.

            3. Enter the rate duration under Duration.

            4. Time Unit displays unit time is to be measured in.
               Note: Defaults to days (D). Change of time unit (days (D) or months (M)) can only be made in the TC Out Contract... dialogue box.

            5. Enter the time duration flexibility (always in days) under +/-.
               
               Example: A vessel is chartered for 90 days +/- 15 days
                

            6. Check Option to indicate if the duration period is optional. 
               Note: CANNOT be used for the initial duration period or if the TC contract only consists of one duration period. Should then be left blank.

      3. Repeat as applicable until all applicable durations have been entered.

      4. Go to Step 5.
         
         
         

   2. Add a new rate to an existing duration:

   3.  

      1. Click the duration to add a rate to - it will highlight.

      2. Either 

      3.  

         1. click New TC Rate/Duration
            
            

            
            
            
            

         2. or go to the TCE menu and from the drop-down select New TC Rate/Duration.  
            
            

            
             

      4. The new rate displays as a row in the Duration & Rates field. 
         Note: Each added rate is numbered in sequential order according to order of entry to the duration it belongs to. The first entered rate will therefore be labeled 1, the second 2, etc.
         
         Example:
         
         Duration (D#) 1, Rate (R#) 2
         

         
         
         
         

         1. Fill in the row fields as follows (except the read-only D#, R# and Time Unit fields):
            
            

            1. D#field lists the duration number 
               Note: Each added duration is sequentially numbered according to order of entry.

            2. R# field lists the rate number.
               Note: Each added rate to a duration is numbered in sequential order according to order of entry.

            3. Enter the rate duration under Duration.