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The payment for the use of the vessel is known as freight. A voyage charter specifies a period, known as laytime, for loading and unloading the cargo. If laytime is exceeded, the charterer must pay demurrage. If laytime is saved, the charter party may require the shipowner to pay despatch to the charterer. [1]
Sea Lead Shipping Singapore: 141,202 32 0.5% 17 Unifeeder Denmark: 138,995 86 0.5% 18 IRISL Group Iran: 137,720 31 0.5% [Note 10] 19 Sinokor Merchant Marine South Korea: 122,252 80 0.4% 20 Zhonggu Logistics Corporation China: 120,042 86 0.4% 21 TS Lines Taiwan: 92,655 44 0.3% 22 Antong Holdings (QASC) China: 83,868 84 0.3% 23 Regional Container ...
The voyage charter is the most common charter in tramp shipping. [3] The owner of the tramp is obligated to provide a seaworthy ship while the charterer is obligated to provide a full load of cargo. [1] This type of charter is the most lucrative, but can be the riskiest due to lack of new charterers.
In a time charter, the vessel is hired for a set period of time, to perform voyages as the charterer directs. [102] In a bareboat charter, the charterer acts as the ship's operator and manager, taking on responsibilities such as providing the crew and maintaining the vessel. [103] The completed chartering contract is known as a charter party. [104]
In commercial shipping, laytime is the amount of time allowed, measured in days (or portions thereof), hours, or even tides, within a voyage charter for the loading and unloading of cargo. [1] [2] Under a voyage charter or time charter, the shipowner is responsible for operating the vessel, and the master and crew are the employees of the ...
The freight market consists of shipowners, charterers and brokers. They use four types of contractual arrangements: the voyage charter, the contract of affreightment, the time charter and the bareboat charter. Shipowners contract to carry cargo for an agreed
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