Create Time Charter In Contracts

A Time Charter Contract records the agreed terms under which a vessel is hired for a defined period. Time Charter In contract must be created in Time Charter Contracts - module.

To create a Time Charter Out contract go to Create Time Charter Out

Before Starting

Confirm the following master data is available in VMS before creating a contract:

• The vessel exists and is active

• The Business Partners (Owner and Charterer) exist in the system

• The Company and Business Unit are configured

Steps:

1. Open Chartering → Time Charter Contracts from the left-hand menu.

2. In the top right corner, click the icon.

3. Select Create Time Charter Contract.

The Create Time Charter Contract modal opens. The modal is draggable — hover over the title bar to reposition it and see information behind it.

3. Enter the required fields.

Field	Description	Required
Vessel	The vessel to be hired.	✅
Delivery Port	The port where the vessel is delivered to the charterer.	✅
Delivery Date	The date the vessel is delivered.	✅
Redelivery Port	The port where the vessel is redelivered to the owner at the end of the charter.	✅
Company	The internal company under which this contract is recorded.	✅
Business Unit	The business unit within the company.	✅
Owner	The vessel owner counterpart.	✅
Charterer	The charterer counterpart.	✅
CP Date	The charter party date — the date the contract was agreed.	✅
Duration	The numeric length of the charter period.	✅
Duration Measurement	The unit of the duration — Days or Months. When set to Days, the Rate Unit is automatically fixed to /day and cannot be changed.	✅
Rate	The hire rate agreed in the contract.	✅
Rate Unit	The time unit against which the hire rate is expressed — /day or /month. Defaults to match the Duration Measurement. When Duration Measurement is Days, or when Index-based Hire is enabled, this field is set to /day and locked. See note below.	✅
Rate Currency	The currency of the hire rate.	✅
Bunker Currency	The currency used for bunker cost recording on this contract.	✅
Bunkers	The Delivery and Redelivery Bunker Terms per Bunker Category

Note: Rate Unit and Duration Measurement can differ. For example, a contract may have a duration expressed in months but a hire rate quoted per day. In this case, set Duration Measurement to Months and Rate Unit to /day. All hire calculations and invoicing will use the Rate Unit, not the Duration Measurement.

Important: If Index-based Hire is enabled on the contract, Rate Unit is automatically set to /day and the field is disabled. This cannot be overridden.

4. Click Create.

The contract is created and opens in the Time Charter Contract drawer, where further details — including TC Duration periods, hire periods, and commissions — can be added.

The Create Modal:

Create Time Charter Contract modal