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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] A time charter is the hiring of a vessel for a
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 ...
A charter-party for a voyage is a formal agreement made between the owner of the vessel and the charterers, in which they agree that the vessel will load a specific cargo at a specific place—and the ship, once loaded will go directly to a specified place, or to a place to be named at a specified port of call, [5] where the cargo will be ...
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.
Download as PDF; Printable version; In other projects Wikimedia Commons; ... the organisation created the first draft of a standard charter party agreement. [1] By ...
A bareboat charter, or demise charter, is an arrangement for the chartering or hiring of a ship or boat for which no crew or provisions are included as part of the agreement. Instead, the people who rent the vessel from the owner are responsible for taking care of such things and (for commercial shipping) obtaining insurance, usually for a ...