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If laytime is saved, the charter party may require the shipowner to pay despatch to the charterer. [1] A time charter is the hiring of a vessel for a specific period of time. The owner supplies the vessel and crew, but the charterer selects the ports, route and vessel speed, the last being a significant determinant of carbon dioxide emissions.
The act is commonly known as bareboating or bareboat charter. There are legal differences between a bareboat charter and other types of charter arrangements, commonly called time or voyage charters. In a voyage or time charter, the charterer charters the ship or part of it for a particular voyage or for a set period of time.
The shipowner manages the vessel but the charterer gives orders for the employment of the vessel, and may sub-charter the vessel on a time charter or voyage charter basis. In a voyage charter, the charterer hires the vessel for a single voyage, but the shipowner provides the master, crew, bunkering and supplies. [4] A bareboat charter operates ...
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 shipowner, not the charterer. However, once the vessel has "arrived" at a port the charterer then assumes responsibility for the loading and unloading of cargo and has a period of laytime in which to ...
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 a time charter, the owner provides a vessel that is fully crewed and equipped. The owner provides the crew, but the crew takes orders from the charterer. The owner is also responsible for insuring the vessel, repairs the vessel may need, engine parts and food for the ship's personnel. The charterer is responsible for everything else.
The time charter-party usually names a place where the vessel must be re-delivered to the owners at the end of the term, and the freight is payable until then. The owner almost always pays the wages of the master and crew, and the charterers provide coals and pay port charges. The freight is usually fixed at a certain rate per gross register ...
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 price per tonne while the charter market hires out ships for a certain period.