Voyage Freight • TCE • Time-Charter Hire • Bunkers • Port Costs • Ballast • Demurrage • Off-Hire • Owner OPEX • Sensitivity
Time Charter vs Voyage Charter Earnings & Risk Tool
Compare owner earnings under a voyage charter and a time charter on a like-for-like time basis. Simple mode converts voyage freight and voyage costs into TCE, then compares it with net time-charter hire after off-hire and owner OPEX. Advanced mode builds the voyage from ballast, laden, port and waiting time, bunker consumption, commissions, demurrage/despatch and additional voyage costs, then stress-tests freight, bunkers, delays and time-charter hire.
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Fast commercial comparison: 10 inputs.
Simple treats total voyage expenses as a single owner-paid amount. Advanced splits out duration, bunkers, port/canal costs, demurrage/despatch and other voyage expenses.
Voyage charterFreight-to-TCE conversion
Time charterNet hire after off-hire
OwnerContribution after vessel OPEX
Fixture Comparison Snapshot
Metric tonnes.
Currency/tonne.
Days including ballast, sea, port and waiting.
Bunkers, ports, canals and other voyage costs.
Positive = owner income; negative = despatch/other time adjustment.
% of gross freight + positive demurrage basis in this screen.
Currency/day.
% of hire revenue.
Days during the same comparison period.
Currency/day, borne by owner under both structures.
Common Vessel / Owner Basis
Metric tonnes.
Currency/day.
Currency/year; allocated per comparison day.
Days used only to allocate annual overhead.
Voyage Charter Freight & Time
Currency/tonne in per-tonne mode.
Currency, used in lump-sum mode.
% of gross freight plus positive demurrage in this model.
Voyage Bunkers & Port Exposure
Currency/tonne.
t/day.
t/day.
Currency/tonne.
t/day across loading, discharge and waiting time.
Currency total.
Currency/day.
Currency/day paid by owner if applicable.
Other Voyage Costs
Use this for canal surcharges not already included, ice dues, emissions costs, extra tugs, war-risk voyage costs, security, cleaning or other voyage-specific owner expenses.
| Use | Cost item | Amount |
|---|
Time Charter Alternative
Currency/day.
Days over the same total comparison period.
Currency; positive = owner income.
Currency over comparison period, excluding normal vessel OPEX.
Commercial Risk / Sensitivity Inputs
% per matrix step.
% per matrix step.
% used in downside summary.
Days with owner cost but no extra freight/demurrage.
Additional off-hire days.
Fixture / Commercial Checks
Commercial boundary: this tool models owner economics, not legal entitlement under a charterparty. Freight, hire, commissions, demurrage, despatch, off-hire, bunker allocation, port costs and delay responsibility depend on the actual fixture and contract wording. TCE is a comparison metric, not a guarantee of realized earnings.